| | | Today's News | - The National Institute of Economic and Social Research further downgrades Britain's growth forecasts today and predicts that the Chancellor will break his mandate to eliminate the structural deficit by 2015-2016.
- Investors worldwide sold out of equities amid widespread worries of stalling global growth and renewed eurozone tension.
- Bond yields in Germany and US fell to new lows this year, while UK gilts yields were at a record low as Italian and Spanish 10 year government bond yields climbed decisively above 6% to euro-era highs.
- UK market drives Rightmove's growth. Revenue in the first half of 2011 was up 20% to £47m from £39.2m the year before.
- Balfour Beatty wins street lighting gig contract from Northamptonshire County Council. The 25 year concession is worth £230m.
- Crude for September delivery declined $1.10 to settle the day at $93.79 a barrel on the New York Mercantile Exchange.
- The US Commerce Department said consumer spending eased 0.2% in June, the first decline in almost two years. Personal income rose a seasonally adjusted 0.1%, the weakest increase in eight months.
- Gold for December delivery hit another record high on Tuesday of $1,664.50 up 2.6% an ounce on the Comex division of the New York Mercantile Exchange.
- Kazakhstan focused miner Eurasian Natural Resources Corporation said that production for the second quarter was effectived full capacity, with volumes in line with expectations.
- Societe Generale SA, France's second largest bank, said the company may miss its 2012 earnings target after second quarter profit fell 31% because of a writedown on Greek government debt.
- Asian shares fell, extending the global stock-market selloff to six days, and regional currencies sank on concern the US recovery is faltering. The MSCI Asia Pacific index sank 2.2 % at 3.08pm in Tokyo.
- Italian Prime Minister Silvio Berlusconi, facing record bond yields and calls for his resignation, will seek to reassure the nation that his government can prevent Italy from becoming the next victim of Europe's debt crisis.
- Thomas Cook CEO has been replaced and the group has unveiled plans to cut debt by £200m.
- Moody's has upgraded four UK building societies, Yorkshire, Nationwide, Coventry and Principality.
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| | | Highlights of the day | - Standard Chartered, the bank focused on emerging markets, topped market expectations with record first half profits for the ninth successive year. Half year profits before tax of $3.64bn were up from $3.12bn the year before.
- Barack Obama attempted to undo the damage to his reputation caused by the long running debt standoff. Speaking minutes after the senate joined the House in approving the deal to prevent the US going into default, Obama offered an olive branch by putting tax rises back on the table, writes the Guardian.
- The FTSE 100 has opened down 79.4 points, or 1.39% and is currently trading at 5639.0 points.
| | | | Co. | Broker | Recommendation | Price Target | | Anglo | Alpha | Add | 3,341.7p | | HSBC | RBS | Hold | 640p | | BSkyB | RBS | Buy | | | Shire | JP Morgan | Neutral | | | Next | RBS | Buy | 2,600p | | BTG | Jefferies | Hold | 250p | | | | | | | | | | | | | | | |
| | | | Key Data Releases Today | | | | Prev | Fcst | Cons | | 09.30 | UK Manufacturing Output | 53.9 | 53.2 | | | | | | | |
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| | | | FTSE 100 |  | | | | ENRC |  | | | | |  | | When you invest in Shares you may not get back your original investment. With regards to CFD and FX margin trading, there is the potential to actually lose more than your initial deposit. |
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