This Morning in London the FTSE-100 opened in fine fettle and was further boosted after publication of The Bank of England's Monetary Policy Committee minutes, showing that the members voted unanimously to hold rates at 5% this month. However, the MPC was split over the balance of risks for the outlook of inflation. Some members put more weight on risks to higher inflation such as the housing market, whilst pointed to the downside risks, like falling consumer spending. The MPC also decided that it was prudent to wait and see what effect the August and November rate rises would have on the economy. The see-saw movements in the mining stocks continued today. Yesterday they were down and today... up they go. BHP Billiton (BLT.L) climbed 14p, Kazakhmys (KAZ.L) put on 26p, Rio Tinto (RIO.L) added 38p and Xstrata (XTA.L) gained 46p. All of which have since succumbed to profit taking. AstraZeneca (AZN.L) was out of sorts again today, following on from yesterday’s news from the EU drug regulators and the shares lost 18p, but have since rallied and are actually up 1p on the day at 2739p. At 11:30 the FTSE-100 was up 26.5 at 6230.4.
A real-pushme-pullyou?
Scientists in China say that they have discovered a 145-million year old fossil... of a 2-headed 'dragon'. Reports suggest that the creature was not a fire-breathing monster, but was in fact a deformed baby lizard. Researchers say it had two distinct heads and necks and is believed to be the earliest example of a creature developing in such a way. Experts think it belonged to an ancient family of now-extinct reptiles that grew up to 3-feet long. This fossil however is less than 3-inches long, suggesting that it probably died shortly before, or just after it was born. The fossil comes from the choristodera family of reptiles which evolved crocodile-like characteristics. Lead researcher Dr Eric Buffetaut from the Centre National de la Recherche Scientifique in Paris, said that this 2-headed reptile seems to be unique in the fossil record.
You Dope!!!!
A woman in North Carolina was arrested after she complained to a police officer about a batch of... "bad" crack cocaine she bought. Fifty-year old Eloise Reaves, stopped a police officer last Friday in the car park of a convenience store in Putnam County and told him she had been sold poor quality crack and wanted his help getting her money back. According to reports, she then took the crack from out of her mouth and placed it on the boot of Deputy Pedrick's patrol car. The sheriff's deputy, Jeffery Pedrick, warned Reaves that if the substance tested positive, she would be arrested. After a test came back positive, Ms Reaves said the crack was a poor mix of wax and cocaine and that the man who sold it to her should give her money back. She was arrested and booked into the local jail and has since been released. Police also searched the man Reaves accused of selling her the crack, but say they found no drugs or money on him.
BROKER RECOMMENDATIONS
ABN reiterates hold easyJet (EZJ.L) (raising the price target to 580p from 530p).
Bridgewell reiterates neutral on Aegis (AGS.L) and says buy Corporate Services (CSV.L).
The broker has overweight on Grafton (GFTU.L) and underweight on George Wimpey.
Cazenove has downgrade AstraZeneca (AZN.L) to in-line from outperform.
Citigroup reiterates buy Hanson (HNS.L) (raising the price target to 850p from 765p) and says sell Colt Telecom (COLT.L).
The broker says hold Cookson (CKSN.L) (raising the price target to 630p from 560p), Irish Life (IPM.L) (raising target to €21.50 from €20) and Vodafone (VOD.L).
Citigroup says buy Regus (RGU.L) and sell Wilson Bowden (WLB.L).
Credit Suisse has downgraded Northern Foods (NFDS.L) to neutral from outperform.
The broker has underperform on Hanson (HNS.L) (raising the price target to 600p from 500p) and neutral on Carnival (CCL.L) (raising the price target to 2300p from 2100p).
Daniel Stewart has initiated coverage of Inspicio (INP.L) appending a buy recommendation and a 175p price target.
Deutsche reiterates buy AstraZeneca (AZN.L) and says buy Burren Energy (BUR.L) (cutting the price target to 990p from 1035p) and BHP Billiton (BLT.L) (1235p target).
Dresdner Kleinwort says sell British Energy (BGY.L) and Centrica (CNA.L).
Evolution reiterates buy AstraZeneca (AZN.L) (3120 target) and says buy Avocet Mining (AVM.L) (176p target).
The broker says reduce Gallaher (GLH.L) (1140p target) and add HMV (HMV.L) (170p target) and George Wimpey (WMPY.L) (595p target).
Goldman has upgraded Britvic (BVIC.L) to neutral from sell.
HSBC reiterates overweight on AstraZeneca (AZN.L) (cutting target to 3560p from 3650p).
Lehman reiterates underweight on Gallaher (GLH.L) (raising the target price to 1121p from 890p) and has equal-weight on Wood Group (WG.L) (raising the price target to 310p from 290p).
Merrill reiterates neutral on AstraZeneca (AZN.L) and has neutral on Cadbury (CBRY.L) (cutting estimates) and has neutral on Amvescap (AVZ.L) (raising estimates).
Morgan Stanley has upgraded Experian (EXPN.L) to overweight from equal-weight (raising the price target to 676p from 632p) and has reinitiated coverage of Aviva (AV.L) appending an overweight recommendation (1000p target).
The broker reiterates underweight on WH Smith (SMWH.L) (raising the price target to 310p from 310p) and has equal-weight on AstraZeneca (AZN.L).
Numis has upgraded Aegis (AGS.L) to add from hold (158p target), Bodycote (BOY.L) to add from hold (price target of 267p) and HMV (HMV.L) to reduce from sell (130p price target).
The broker has downgraded George Wimpey (WMPY.L) to hold from add (550p price target).
Panmure Gordon reiterates buy Electric Word (ELE.L) (112p price target) and reiterates hold HMV (HMV.L) (reducing numbers and lowering the price target to 125p).
The broker says buy Renewable Energy (REH.L) (65p target) and reiterates buy Mitchells & Butlers (MAB.L), raising target to 800p from 725p following an upbeat in-house meeting with the company yesterday.
Seymour Pierce has downgraded HMV (HMV.L) to underperform from hold and reiterates buy Bulgarian Land Development (BLD.L).
The broker reiterates outperform on Avocet Mining (AVM.L).
UBS has neutral on Gallaher (GLH.L) (raising the price target to 1140p from 1200p) and says buy Persimmon (PSN.L), Cobham (COB.L) and Regus (RGU.L).
The broker says reduce AstraZeneca (AZN.L) (cutting the price target to 2600p from 2700p).
NEWS ROUND-UP
Last Night in New York shares closed mixed, with the Dow Jones recording a new record close, as higher crude oil prices lifted energy stocks, counteracting earlier weakness prompted by a surprise rise in producer prices and with the technology sector being knocked by disappointing results from Oracle. The Dow closed up 30.05 at 12471.32 (a new record close), recovering from a low of 12397 during the day, the Nasdaq fell 6.02 to 2429.55, while the S&P put on 3.07-points to 1425.44.
On this day in:-
1989 - The United States invaded Panama in an attempt to overthrow military dictator Manuel Noriega. The American government originally favoured Noriega because of his anti-communist beliefs, but U.S. policy changed in 1989 as communism collapsed in Europe and it was no longer as important to give unqualified support to anti-communist regimes. In the attack, the U.S. invaders promptly crushed Noriega’s Panamanian Defence Forces, and the dictator himself sought asylum in the Papal Nuncio in Panama City. He surrendered in January and was taken to the United States, where he was indicted on drug trafficking charges and accused of suppressing democracy and endangering U.S. nationals. Noriega was found guilty of drug trafficking and sentenced to 40-years in prison.
1979 - The introduction of the Housing Bill in Great Britain, forcing local councils to sell their houses to any tenants who wished to buy them.
1973 - Spanish Prime Minister Admiral Luis Carrero Blanco was assassinated in a bomb explosion while driving back from church. The Basque separatist movement, ETA claimed responsibility.
1971 - In Pakistan, Ali Bhutto became President following the resignation of Yahya Khan, after Pakistan was defeated in a 2-week war with India and lost control of East Pakistan, which became the state of Bangladesh.
1964 - In the Congo, in Africa, rebels massacred 15 Great British missionaries.
1960 - In West Germany, the last Commandant of the Auschwitz Concentration Camp was arrested.
1957 - American rock 'n' roll star Elvis Presley was called up to join the US Army.
1956 - Israel said it would not return the territory of Gaza to Egypt.
1955 - Cardiff was officially named the capital of Wales.
1949 - American film actor Clark Gable married the former Lady Ashley.
1945 - In Rome, Edda Mussolini, the daughter of Italian dictator Benitto Mussolini, was jailed for 2-years for aiding Fascism.
1936 - At least 200 people were reported dead in an earthquake in El Salvador.
1933 - Flying Down To Rio, the first film to feature dancing partners Fred Astaire and Ginger Rogers, is first shown in New York.
1928 - The England cricket team scored a record 636 against Australia in Sydney including 251 scored by Walter Hammond. England won the Test match by 8-wickets.
1928 - In Great Britain, Harry Ramsden opens his first Fish and Chip shop.
1924 - The leader of the German Nationalist Party, Adolf Hitler was released from prison, after serving 8-months for high treason.
1910 - The General Election produced a tie with the Liberal Party and Tory Party each winning 272 seats.
1860 - South Carolina seceded from the American Union and joined the Confederacy.
.gif)
