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September 30, 2009    

Enterprise Inns leads London travel & leisure lower

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by Elaine Frei
Enterprise Inns leads London travel & leisure lower

European equities markets were lower Wednesday after a measure of manufacturing activity in the Midwest United States showed a decline into contraction in September.

The Chicago Purchasing Managers’ Index dropped to 46.1 in September, against an expected rise to 52 after being at 50 in August.

The FTSE 100 was 0.5 percent lower to 5,133.9 in London, while the FTSE 250 dropped 0.79 percent to 9,142.31, with the travel and leisure sector having a hard time of it during the session.

Pubs operator Enterprise Inns (LSE: ETI) fell 6.81 percent on the 250 for the worst performance of the day in the sector, while fellow pubs operator Mitchells & Butlers (LSE: MAB) was down 5.8 percent.

Travel agents also had a bad day as TUI Travel dropped 4.29 percent as it turned in the worst performance of the day on the 100, while Thomas Cook Group (LSE: TCG) fell 3.53 percent.

Brokerage Man Group (LSE: EMG) had the best day on the 100 as it gained 7.5 percent.

The FTSE Eurofirst 300 was down 0.58 percent to 996.47 while the CAC-40 fell 0.49 percent to 3,795.41, the Dax was 0.67 percent lower to 5,675.16 and the IBEX dropped 0.82 percent to 11,756.1.

Markets were mixed in the Asia-Pacific region after the Nomura/JMMA Manufacturing Purchasing Managers’ Index was reported at 54.5 in September, up from 53.6 in August and a Purchasing Managers’ Index for China sat at 55 for the month, nearly the same as its reading of 55.1 in August, indicating that manufacturing remains in expansion in the region.

Tokyo’s markets were higher on some good forecasts for first-half profits, but the real estate sector was down on broker downgrades to “neutral” from “buy” within the sector.

The Nikkei 225 added 0.33 percent to 10,133.23 while the Topix index was up 0.65 percent to 909.84 and the Mothers market was 0.32 percent higher to 451.62.

Other gainers included the Straits Times Index, which added 0.35 percent to 2,672.57 while the Shanghai Composite was up 0.9 percent to 2,779.43, the Taiex was 1.07 percent higher to 7,509.17 and the Sensex gained 1.63 percent to 17,126.84.

Australia’s markets were lower on the session as the Sydney Ordinaries fell 0.17 percent to 4,739.3 while the S&P/ASX200 dropped 0.2 percent to 4,743.6.

The Hang Seng was down 0.28 percent to 20.955.25 in Hong Kong, while South Korea’s Kospi was 1 percent lower to 1,673.14.

In midday trade in New York, the Dow Jones Industrial Average was down 0.67 percent to 9,676.98 while the Nasdaq Composite had fallen 0.4 percent to 2,115.44 and the S&P 500 was 0.66 percent lower to 1,053.59.

The declines came on the declines for the Chicago Purchasing Managers’ Index, which showed a contraction in factory activity in the Midwest US rather than the expansion that had been expected.

Crude oil prices were up in New York after a new report from the US Energy Information Administration which showed that gasoline inventories fell more than expected last week, while metals prices were also higher in midday trade in New York.

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