Eurozone: no signs of stabilisation

<p>It appears the ongoing turmoil in the Eurozone made no signs of stabilisation despite the formation of a new government in Greece. And market focus […]</p>

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  • It appears the ongoing turmoil in the Eurozone made no signs of stabilisation despite the formation of a new government in Greece. And market focus has shifted to Spain, Italy and now even Cyprus, indicating the contagious impact of the sovereign debt crisis in the region.
  • Investors also showing signs that they’re possibly losing hope that any game-changing outcome will be announced after the EU summit later this week. So having started the week with a 1% fall yesterday, the FTSE is trading higher by 16 points at 5465, German DAX up 16 points at 6150 and French CAC up 6 points at 3033.
  • Oil and gas provider Petrofac are amongst the biggest risers so far, after posting 1H trading update and announcing they remain on course to deliver net profit growth in 2012 of at least 15%. Their shares are 2.4% higher at 1389.
  • The biggest loser is Serco Group. Despite forecasting strong revenue growth is 2012, they still expect to take a hit from tough conditions in America. They’re trading 2.4% lower at 527.
  • Gold is still flat today at 1585. And the dollar index slightly lower against major currencies, with the Cable up 0.3% at 1.561 and the EUR/USD up 0.1% at 1.2512.
  • In major economic data, keep your eyes open for US consumer confidence figures later in the afternoon.
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