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Latest Market Comment 09/08/2007

US

  •  The Dow up 153.56 at 13,657.86, the S&P up 20.78 at 1,497.49 and the NASDAQ up 51.38 at 2,612.98
  • Shares were ahead on Wednesday as a solid profit and outlook from Cisco Systems aided technology shares. Investors were also relieved by the Federal Reserve's message that the housing slump would not stall economic growth and hit corporate profits.
  • News Corp - Media Company earns $890 million or 28c a share on a combined Class A and B basis, boosted by its SKY Italia unit, international cable channels and its Fox Interactive Media unit.
  • AIG - American International Group's 2Q net income rises to $4.28 billion or $1.64 a share. Excluding after-tax net realised investment gains and losses and other items, EPS comes to $1.77. Analysts expected EPS of $1.61.
  • Blackstone - Asset manager and financial adviser closes the largest buyout fund ever raised at $21.7 billion, shares rose 3%.
  • Cisco - Shares climb 6% to a six-year high after the network-equipment maker reports strong earnings growth for its 4Q and raises its long-term growth forecast.


Japan

  • NIKKEI up 141.32 at 17170.60 Hang Seng currently up 117.05 at 22653.72
  • China Shipping Container Lines Co. said Thursday its first-half net profit jumped sharply to CNY1.16 billion from CNY81.2 million a year earlier
  • Hong Kong-listed Chinese developer Beijing Capital Land Ltd. said Thursday it is planning an initial public offering of up to 1.4 billion new A-shares to list on the Shanghai Stock Exchange


Europe

  • European equity markets are seen opening higher after Wall Street extended gains in late trade in yet another volatile session as bargain hunters scooped up recently battered stocks.
  • Aegon - Q2 Net profit was €655 million, down from a re-stated €857 million last year, but above analysts' estimates of €515-551 also announced a €1 billion share buyback scheme.
  • AXA – 1H Underlying earnings were €2.688 billion, up from €2.079 billion, and net profit was €3.180 billion, up 16 pct from €2.732 billion
  • RWE - Germany's largest power producer says high power prices in Germany and Europe boosted its 1H net profit and profit rose 59% to €2.63 billion on the year, exceeding analyst expectations of €2.36 billion.
  • Deutsche Telekom - says net profit in the 2Q fell 40% to €608 million from €1.02 billion a year earlier, although the figure was ahead of analysts' forecasts of €563 million.


UK

  • FTSE100 has opened down 41 points at 6352.90
  • Aviva - said operating profit for the six months to June 30 came in down 8% at £1.541 billion, from £1.699 billion stg in the same period last year. Analysts had expected £1.563 billion.
  • BAE Systems - The group's sales increased 8 percent to 6.9 billion from 6.4 billion, while its first half operating profit increased to £643 million from £540 million previously.
  • International Power - said Thursday that first half pre-items pre-tax profit was £276 million, compared to £280 million in the year before. Chairman said "in line with expectations".
  • Ladbrokes - Thursday announced an interim pre-tax profit of £156million for the six months to June 30, compared to £158.6million for the same period last year.


Brokers

  • Lehman Bros lifts Scottish & Newcastle price target to 600p from 585p
  • UBS upgrades Smiths Group to Buy from Neutral
  • JP Morgan cuts Marks & Spencer’s09/08/2007 to Neutral from Overweight

 

This document has been issued and approved by Barclays Bank PLC. Although information in this document hasbeen obtained from sources believed to be reliable, we do not represent or warrant its accuracy, and such information may be incomplete or condensed. This document does not constitute a prospectus, offer, invitation or solicitation to buy or sell securities and is not intended to provide the sole basis for any evaluation of the securities or any other instrument, which may be discussed in it. All estimates and opinions included in this document constitute our judgement as of the date of the document and may be subject to change without notice. This document is not a personal recommendation and you should consider whether you can rely upon any opinion or statement contained in this document without seeking further advice tailored for your own circumstances. This document is confidential and is being submitted to selected recipients only. It may not be reproduced or disclosed (in whole or in part) to any other person without our prior written permission. Law or regulation in certain countries may restrict the manner of distribution of this document and persons who come into possession of this document are required to inform themselves of and observe such restrictions. We or our affiliates may have acted upon or have made use of material in this document prior to its publication. You should seek advice concerning any impact this investment may have on your personal tax position from your own tax adviser.

Barclays Bank PLC 2006. All rights reserved. Issued for companies including Barclays Bank PLC (Reg. No. 1026167), Barclays Stockbrokers Limited (Reg. No. 1986161), a member of the London Stock Exchange and OFEX, Barclays Sharedealing Limited (Reg. No. 2092410); Barclays Bank Trust Company Limited (Reg. No. 920880), Barclays Private Bank Limited (Reg. No. 1957770) and Gerrard Investment Management Limited (Reg No. 2752982), a member of the London Stock Exchange. All of the companies are registered in England and have their registered office at: 1 Churchill Place, London E14 5HP. All firms are authorised and regulated by the Financial Services Authority.

 
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