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09th of August 2011
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Centamin Egypt down 20 percent on reduced output forecast

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by Elaine Frei

European equities markets were lower Tuesday on fears that growth in the US economy is slowing and will hurt the global economy after the Commerce Department reported that consumer spending was down by 0.2 percent in June, the first decline in nearly two years.

The FTSE 100 was 0.97 percent lower to 5,718.39 in London, while the FTSE 250 was down 2.22 percent to 11,188.6

Miners were lower as Centamin Egypt (LSE: CEY) dropped 20.46 percent for the worst performance on the 250 as it reduced its output forecast, but one of only four gainers in the sector, gold and silver miner Fresnillo (LSE: FRES) added 4.56 percent to lead gains on the 100 after it said that net income doubled in the first half of the year.

Financial services group Hargreaves Lansdown (LSE: HL) dropped 12.67 percent to top the list of decliners on the 100 on a change in rules by the Financial Services Authority that will require fund managers to disclose the fees they get from funds to send clients their way.

Manufacturer Rotork (LSE: ROR) added 8.1 percent to lead gains on the 250 after it raised its sales outlook for the full year.

Banks were mixed, with HSBC Holdings (LSE: HSBA) leading gains in the sector although it added just 0.43 percent down, while Lloyds Banking Group (LSE: LLOY) was down 3.02 percent for the worst performance in the sector and Barclays Bank (LSE: BARC) ended down 0.12 percent after being up earlier after it said it will cut 3,000 jobs this year and said profits were down in its investment banking unit in the second quarter.

The chemicals, energy, telecoms and travel and leisure sectors each saw only one gainer among decliners on the session, while only two insurers, two home builders and two companies in the real estate sector saw gains, and things weren’t much elsewhere as the food and beverage and media sectors each saw three gainers and there were just four companies that advanced in the retail sector.

The utilities sector bucked trends and saw most groups advance, led by a 4.47 percent gain for Northumbrian Water Group (LSE: NWG) after Hong Kong-based Cheung Kong Infrastructure Holdings Ltd (SEHK: 1038) said it will buy Northumbrian.

The FTSE Eurofirst 300 was down 1.61 percent to 1,050.74 while the CAC-40 fell 1.82 percent to 3,522.79, the IBEX was 2.18 percent lower to 9,114.9 and the Dax dropped 2.26 percent to 6,796.75.

The CAC-40 and the IBEX each saw just one gainer, while just three stocks advanced on the Dax.

Markets in Asia and the Pacific region were lower even though the US House of Representatives passed a bill to raise the debt ceiling there and after the Institute for Supply Management reported that its manufacturing index was down to 50.9 in July, from 55.3 in June, a sign that the US economy is slowing down.

A weaker yen hurt Tokyo markets, where the Nikkei 225 was 1.21 percent lower to 9,844.59, the Topix index was down 0.91 percent to 843.96 and the Mothers market dropped 1.82 percent to 455.29.

Optics maker Olympus Corp (TYO: 7733), which gets over 20 percent of its revenues from North America, was down 1.2 percent while camera maker Nikon (TYO: 7731), with its biggest market in North America, dropped 2.9 percent.

Chip-related shares were also lower as SUMCO Corp (TYO: 3436), which makes silicon wafers, was 1.6 percent lower, chip-testing equipment maker Advantest (TYO; 6857) fell 2.2 percent and chip-making equipment manufacturer Tokyo Electron (TYO: 8035) dropped 6.2 percent after it cut its profits outlook and dividend.

The Shanghai Composite was down 0.91 percent to 2,679.26, Hong Kong’s Hang Seng fell 1.07 percent to 22,421.5, the Sensex was 1.12 percent lower to 18,109.9 in India, Singapore’s Straits Times Index dropped 1.19 percent to 3,177.09, the Taiex was down 1.34 percent to 8,584.72 in Taiwan, Australia’s markets were lower as the Sydney Ordinaries dropped 1.37 percent to 4,510.3 and the S&P/ASX200 fell 1.43 percent to 4,433.6, and South Korea’s Kospi was 2.35 percent lower to 2,121.27.

New York equities markets were lower in midday trade amid disappointing economic data, with the Dow Jones Industrial Average down 1.24 percent to 11,982.3 while the S&P 500 had dropped 1.46 percent to 1,268.21 and the Nasdaq Composite was 1.33 percent lower to 2,708.03.

Also in midday trade in New York, crude oil prices and the price of copper were lower, but gold had added $22.20 to trade at $1,643.90 per troy ounce and silver was 74 cents higher to $40.05 per troy ounce.

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News posted: August 2, 2011

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