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09:40GMT 17Dec2007-UK retailers plunge on Christmas trade jitters
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Shares in British general retailers fall sharply in early trade on
downgrades amid signs they are suffering from poor trade in the crucial run up
to Christmas.
Seymour Pierce analyst Andrew Wade downgrades Next <NXT.L> to "underperform"
from "buy" and Debenhams <DEB.L> to "hold" from "outperform".
Debenhams falls 8.9 percent, Next falls 4.6 percent, Home Retail Group
<HOME.L> falls 5.8 percent, DSG International <DSGI.L> falls 4.7 percent and
Marks & Spencer <MKS.L> falls 2.6 percent.
"Those we see most at risk are the fashion retailers, big ticket and the
commodity-type gift retailers," says Seymour Pierce's Wade.
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09:39GMT 14Dec2007-Reports of FSA probe, tepid research notes hit S. Life
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Shares in insurer Standard Life <SL.L> are down almost 6 percent in early
trade, hit by lukewarm analyst research and a weekend report that the Financial
Services Authority is investigating leaks of price sensitive information during
the battle for rival Resolution <RSL.L>, analysts say.
Standard Life made a cash-and-shares bid for Resolution but pulled out last
month, hit by market turbulence, handing the victory to unlisted rival Pearl,
which had made a cash offer.
"Standard were rapped over the knuckles by the Takeover Panel during the
sale, so people are afraid they could lose further face or be fined," one
analyst says. "Though on the whole it would make little sense, since Standard
Life was the last one that had anything to gain from Resolution's share price
going up".
Separately, HSBC starts Standard Life with a "neutral" rating in research
titled "inexpensive but unattractive".
At 0920 GMT, the stock is down 6 percent at 242.5p, underperforming a weak
European insurance sector. The DJ Stoxx index of insurance shares <.SXIP> is
down 2.5 percent.
Reuters Messaging: rm://[email protected]
08:15GMT 17Dec2007-European Shares fall on U.S. inflation fears
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European stocks drop in early trade, tracking falls in U.S. and Asian shares
as strong U.S. inflation data dispel chances for another prompt interest rate
cut by the Federal Reserve.
Banks are among the biggest losers, with HSBC <HSBA.L> down 1.1 percent and
Royal Bank of Scotland <RBS.L> down 2 percent.
At 0805 GMT, the FTSEurofirst 300 <.FTEU3> index of top European shares is
down 1.3 percent at 1,497.02 points.
Data on Friday showed the U.S. consumer price index jumped by the sharpest
amount in more than two years in November. Stripping out food and energy prices,
the core CPI advanced the most since January.
Reuters messaging rm://[email protected]
07:50GMT 17Dec2007-Pernod's CDS widen on Stolichnaya bid talk
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The cost of insuring the debt of Pernod Ricard <PERP.PA> against default
rises after weekend media reports that the French wine and spirits group is
close to buying vodka brand Stolichnaya. The Financial Mail reported on its Web Site that Pernod Ricard was close to
acquiring Stolichnaya from Russia's SPI Group for 1 billion pounds ($2.03
billion).
Pernod Ricard is not immediately available for comment.
Five-year credit default swaps on Pernod Ricard widen 10
basis points to 110 basis points, according to Deutsche Bank
prices.
Reuters Messaging rm://[email protected]
($1=.4931 Pound)
07:00GMT 17Dec2007-European shares set to drop on U.S.
inflation fears
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European stocks are set to open lower, tracking a drop in
U.S. and Asian shares after strong U.S. inflation data tempered
hopes for another prompt interest rate cut by the Federal
Reserve.
Financial bookmakers, or spread betters, in London expect
Britain's FTSE
100 <.FTSE> index to open between 77 and 94 points lower, or
down as much as 1.4
percent, the German DAX <.GDAXI> 95 to 109 points lower, or down
as much as 1.3
percent, and the French CAC 40 <.FCHI> 68 to 90 points lower, or
down as much as
1.5 percent.
Data on Friday showed the U.S. consumer price index jumped
by the sharpest
amount in more than two years in November. Stripping out food
and energy prices,
the core CPI advanced the most since January.
Macroeconomic data (GMT time):
0900 EZ RBS/NTC Comp PMI Dec
0900 EZ RBS/NTC Manuf PMI Dec
0900 EZ RBS/NTC Serv PMI Dec
1330 US Current account Q3
1330 US NY Fed mfg Dec
1800 US NAHB housing market index Dec
Company update:
Danisco Q2 <DCO.CO>
Informa PreClose Final Tr <INF.L>
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rm://[email protected]
Keywords: MARKETS EUROPE STOCKSNEWS