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Good Morning ShareCrazies
This Morning in London major shares opened down although a strong resource sector limited the downside. Later today, retail sales figures are expected to show growth stagnated in December as retailers discounted goods heavily during the key Christmas trading period in the face of slowing consumer demand. The median forecast is for sales to be flat on the month after growing 0.4% in November, while the year-on-year rate is expected to drop to 3.5% from 4.4%. At 9:10 the FTSE-100 was down 24.2 points at 5,878.2 with the FTSE-250 off 98.7 points at 9,563.9.
BROKER RECOMMENDATIONS
Bear Sterns has outperform on Home Retail (HOME) (cutting the price target to 340p from 510p).
Citigroup has upgraded Morgan Crucible (MGCR) and United Business Media (UBM) to buy from hold and downgraded Taylor Nelson Sofres (TNS) to sell from hold.
Deutsche says buy Anglo American (AAL), BG Group (BG.) (raising estimates and EPS estimates by 2% – 3%), HMV (HMV) and Kesa Electricals (KESA) (cutting the price target to 300p from 340p) and hold Home Retail (HOME) (cutting the price target to 300p from 380p).
HSBC has upgraded Kazakhmys (KAZ) to overweight from neutral.
ING has initiated coverage of Aegis (AGS), appending a hold recommendation.
Lehman has initiated coverage of Shanks (SKS) appending an overweight recommendation and a 270p price target, and has overweight on Aegis (AGS) and WPP (WPP).
NEWS ROUND-UP
Last Night in New York stocks sold off for a third straight day, with the Dow sinking to a 10-month low in its worst day since 7th November, after Federal Reserve Chairman Ben Bernanke spoke about the country's economic trouble and a regional measure of economic activity contracted. Up about 50 points after the start, and then down more than 100 points in early morning trade, the Dow Jones shed 307 points to end at 12,159.2, with all 30 of its components finishing lower. The S&P declined 39.94 points to 1,333.26, while the Nasdaq fell 47.69 points to 2,346.9.
On this day in:-
1996 - In what was dubbed the ‘Third Battle of Newbury', six environmentalist groups added their support to an anti-bypass campaign in Newbury, Berkshire.
1991 - The Israeli cities of Tel Aviv and Haifa came under attack from Iraqi Scud missiles during the Gulf War.
1985 - U.S. officials walked out of a World Court case concerning U.S. paramilitary activities against the Nicaraguan government.
1972 - Two leading campaigners from black majority rule in Rhodesia (Zimbabwe), the former Prime Minister of Southern Rhodesia, Garfield Todd and his daughter, Judith, were both arrested upon the orders of Rhodesian Prime Minster, Ian Smith.
1967 - In the U.S.A. Albert DeSalvo,'The Boston Strangler', was sentenced to life in prison.
1963 - The leader of the Labour Party, Hugh Gaitskell died suddenly from a heart condition.
1944 - World War II: Soviet forces managed to break the siege of Leningrad (Saint Petersburg).
1919 - World War I: The Paris Peace Conference opens in Versailles, France.
1919 - Bentley Motors was established in London.
1915 - World War I: Japan issued the 'Twenty-One Demands' to China, which sought to increase Japanese power within China.
1871 - Wilhelm I was crowned the first German Emperor at the Versailles Palace, in the aftermath of the Franco-Prussian War.
1788 - Great Britain established a penal settlement at Botany Bay in Australia.
1778 - English navigator Captain James Cook became the first European to visit the Hawaiian Islands. Cook and his crew were welcomed by the native Hawaiians, who attached religious significance to the Europeans' arrival. In 1779, the expedition returned to Hawaii for a month, during which time tensions mounted. When rough seas forced a third return, misunderstandings lead to violence. Peace negotiations with the Hawaiian king collapsed, and on 14th February 1779, a mob descended on the Englishmen. They fired at the angry Hawaiians but were overwhelmed, and Captain Cook was amongst the crew members who died in the surf during the retreat to the ship.
1701 - Prince Elector Frederick III of Brandenburg was crowned Frederick I, King of Prussia.
1670 - Welshman, Sir Henry Morgan captures Panama.
1520 - King Christian II of Denmark and Norway defeated Swedish forces at Lake Asunden, leading to him successfully conquering Sweden.
WEEKLY DIARY
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Compiled in association with HB PLC and WH Ireland Ltd
