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Equity Market News 05th July 2008

Equity Org Headlines:

Crude prices gain but precious metals decline

Barratt announces 1,000 job losses

Investment banking jobs get the chop at Goldman and Citigroup

ECB raises Eurozone interest rates

7,000 jobs to go at American Airlines

General Motors shares slump to 54-year low

Crude oil, copper in new highs

M&S warns of tough times ahead

Taylor Wimpey fails to secure funding, shares fall 46%

USD, pound weaken

19/09/05

Permalink 07:29:53 pm, Categories: Europe Eurofirst, Technology, Energy & Power, Electronics, 189 words  

Eurofirst makes small gains as Xetra Dax down

In Europe on Monday, the FTSE Eurofirst 300 gained 0.21 percent to 1,216.44. In Germany, however, the outcome of elections there on Sunday sent the Xetra Dax down 1.2 percent to 4,926.13.

The business community was especially disappointed that the candidate and party they backed, Angela Merkel and the Christian Democratic Union party won only 3 more seats in parliament than did Gerhard Schroeder’s Social Democrats.

Two of the biggest losers were utilities Eon and RWE, which had stood to gain in the event of a big Christian Democratic win, as Ms. Merkel had promised to continue the use of nuclear power. Mr. Schroeder, on the other hand, plans to phase out the use of nuclear power over the next 20 years. RWE lost 3 percent to €55.22, while Eon fell by 2.3 percent to €77.74.

The semiconductor sector saw gains on the day. STMicroelectronics was up 0.8 percent to €14.27 as CSFB reiterated its rating of “outperform” and raised its stock target price from €15 to €16.50. Infineon had its rating upgraded to “outperform”, gained 0.6 percent to €7.98.

Deutsche Post lost 2.2 percent to €19.54 after it said it would purchase UK logistics company Exel for £3.7 billion (€5.47 billion) in a combination of shares and cash.

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