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August 3, 2010    

BlueBay Asset Management drops most in London

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by Elaine Frei
BlueBay Asset Management drops most in London

Most European equities markets were lower Tuesday on new US data showing that pending home sales are down and that consumer spending there was flat in June.

The FTSE 100 was down 0.01 percent to 5,396.48 in London, while the FTSE 250 dropped 0.25 percent to 10,135.87.

The biggest decline in London came from BlueBay Asset Management (LSE: BBAY), which dropped 6.12 percent on the 250, while the worst performer on the 100 was chipmaker ARM Holdings (LSE: ARM), which dropped 5.99 percent on the session.

The best performance came from Taylor Wimpey (LSE: TW) after the homebuilder said it entered profit in the first half after it cut costs.

Over on the 100, electricity and gas utility Centrica (LSE: CNA) was up 3.58 percent to lead both the index and the utilities sector.

Financial services group Investec (LSE: INVP) dropped 5.72 percent after it sold 22 million new shares, while HSBC Holdings (LSE: HSBA) dropped 1.26 percent to lead most of the banking sector lower after Royal Bank of Scotland cut its recommendation on the bank from “buy” to “neutral” and lowered its target share price by 18 percent.

Meanwhile, the only bank to see a gain in London on the session was Standard Chartered (LSE: STAN), which added 1.93 percent.

Broadcaster ITV (LSE: ITV) was down 3.64 percent for the worst performance in the media sector after sales were slightly lower than analysts estimates in the first half and it called the outlook for advertising “uncertain” in the fourth quarter.

Shire (LSE: SHP) added 1.03 percent after making an offer for a Belgian drug maker, while GlaxoSmithKline (LSE: GSK) was up 1.2 percent.

Miners and the energy sector were both mixed on the session.

The FTSE Eurofirst 300 was down 0.15 percent to 1,069.33 and the CAC-40 dropped 0.12 percent to 3,747.51, but the Dax added 0.25 percent to 6,307.91 and the IBEX was up 0.33 percent to 10,871.4.

Despite gains on the Frankfurt index, pay TV group Sky Deutschland AG (FWB: SKYD), which is 45.4 percent owned by News Corp (NAS: NWS), dropped more than 19 percent on plans to raise at least €340 million after losses in the second quarter.

Most markets in the Asia-Pacific region were higher, but the Straits Times Index was 0.34 percent lower to 3,014.77 while the Shanghai Composite dropped 1.7 percent to 2,627 on new data showing China’s manufacturing activity contracting and as China’s banking sector saw declines.

The Nikkei 225 was up 1.29 percent to 9,694.01 in Tokyo, and the Topix index added 1 percent to 859.18 but the Mothers market dropped 0.77 percent to 390.62.

Banks and brokers were higher, with Sumitomo Mitsui Financial Group (TYO: 8316) adding 0.8 percent while Mizuho Financial Group (TYO: 8411) was up 1.4 percent, while Nomura Holdings (TYO: 8604) was 3.7 percent higher after Citigroup raised its recommendation on the broker.

The energy sector was also higher after oil prices rose yesterday as Japan Petroleum (TYO: 1662) added 1 percent and Inpex Corp (TYO: 1605) gained 2.4 percent.

India’s Sensex added 0.19 percent to 18,114.83 while the Hang Seng was up 0.21 percent to 21,457.66 in Hong Kong, South Korea’s Kospi gained 0.47 percent to 1,790.6 and the Taiex was 0.58 percent higher to 7,957.33 in Taiwan.

The S&P/ASX200 was up 0.66 percent to 4,571.6 in Australia as the Reserve Bank of Australia kept interest rates at 4.5 percent, while the Sydney Ordinaries gained 0.7 percent to 4,586.5.

New York markets were lower just before 1 p.m. local time as the Dow Jones Industrial Average fell 0.24 percent to 10,649.17, while at the same time the S&P 500 had dropped 0.37 percent to 1,121.68 and the Nasdaq Composite was 0.42 percent lower to 2,285.68.

Crude oil prices were up again as both West Texas Intermediate crude and Brent crude traded above the $82 per barrel level in midday trade.

Copper prices fell in midday trade, but gold and silver both advanced.

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