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- US stocks recouped losses with the Dow closing up 20.4 points at 11,691.2
- US investors were encouraged by the FOMC statement that signalled that buying of US bonds would continue until the recovery strengthens. The Federal Reserve is concerned about US unemployment which stands at 9.8%.
- Sterling is modestly higher at €1.1768 and $1.5606
- US crude oil prices fell 56 cents to $88.84
- HMV is to close 60 UK stores after a weak Xmas performance which saw 11.9% sales decline in the UK and a 10.2% drop in overseas operations. The board has identified £10m of annual savings.
- Qantas is to resume Airbus A380 flights between Australia and Los Angeles from January 17th 2011.
- It has emerged that Facebook's $50bn valuation, attributed to it by Goldman Sachs is approximately 25x Facebook annual revenues.
- Next has confirmed its profit forecast for the year ending January 2011 with pre-tax profit between £540m-£555m. Next estimates it lost £22m due to the snow.
- Panmure Gordon said its US and UK performance improved during the second half of 2010.
- EU corporate default costs rose slightly this morning - the iTraxx Crossover index was 4bp wider at 415/419 bps.
|Highlights of the day|
- Some Asian stock indices have closed lower, the Nikkei fell 17.3 points to 10,380.8, the South Korean KOSPI index fell 2.6 points to 2,082.6
- Barclays is planning a 10 year euro covered bond.
- BHP shares are down 40p at 2513p on concerns over the Queensland floods
|Brit Airways||DB ||Buy ||330p |
|Next ||Altium ||Buy ||2600p |
|Imp Tobacco ||Investec ||Buy ||2200p |
|Aegis ||RBS ||Hold || 150p |
|BSkyB||RBS ||Buy || 840p |
|Compass ||MS ||Equalweight || 610p|
|St James Pl||UBS ||Buy || 334p |
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|Key Data Releases Today|
| || ||Prev||Fcst||Cons|
|15:00|| US ISM Non-Manufacturing Index||55 ||56 ||55-57 |
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