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11th of July 2011
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British Sky Broadcasting lower on deal delay

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by Elaine Frei
British Sky Broadcasting lower on deal delay

European markets were lower Friday after the US Labor Department reported that only 18,000 new jobs were added to the US economy in June, far fewer than the 105,000 jobs that were expected to be created, and after May’s job creation numbers were lowered to 25,000 from the previously reported 54,000 and June’s unemployment rate rose to 9.2 percent.

The FTSE 100 was down 1.06 percent to 5,990.58 in London, while the FTSE 250 dropped 0.77 percent to 12,074.3.

British Sky Broadcasting (LSE: BSY) led declines on the 100 and in the media sector and was down 7.64 percent after the government there said that it will take more time to decide on whether or not News Corp (NAS: NWS) will be allowed to buy the shares of BSkyB that it doesn’t already own after a phone-hacking scandal caused the media giant to announced that it will close down its News of the World tabloid after Sunday’s edition.

Clothing manufacturer and retailer SuperGroup (LSE: SGP) was the worst performer on the 250 as it dropped 8.51 percent.

Sporting goods retailer Sports Direct International (LSE: SPD) was up 4.48 percent for the best performance on the 250, while Associated British Foods (LSE: ABF) added 1.68 percent as the best performer on the 100.

All London banks saw declines, led by Lloyds Banking Group (LSE: LLOY) with a decline of 3.54 percent, while all homebuilders and all constituents in the energy sector were also lower and most other sectors were mostly lower, while the health care and food and beverage sectors were mixed.

The FTSE Eurofirst 300 was down 0.75 percent to 1,114.84 while the Dax fell 0.92 percent to 7,402.73, the CAC-40 was 1.67 percent lower to 3,913.55 and the IBEX dropped 2.53 percent to 9,938.2.

There were just four gainers on the CAC-40, while only five companies saw advances on the IBEX.

Markets in Asia and the Pacific region were mixed.

The Nikkei 225 was up 0.66 percent to 10,137.7 in Tokyo, while the Topix index added 0.44 percent to 874.34and the Mothers market gained 1.36 percent to 427.61.

Real estate companies were higher after Bank of America Merrill Lynch raised the target share price for Mitsubishi Estate (TYO: 8802), which added 2 percent, while Mitsui Fudosan (TYO: 8801) was up 0.6 percent, with the sector helped by lower vacancy rates in Tokyo in June.

Advertiers were up after Dentsu Inc (TYO: 4324) added 3.9 percent after reporting that sales were better, down just 5 percent in June after being down more than that in the previous two months, with Asatsu-DK Inc (TYO: 9747) up 4.2 percent while Hakuhodo DY Holdings (TYO: 2433) gained 4.5 percent.

Carmakers were higher with Toyota Motor (TYO: 7203) up 1.3 percent while Honda Motor (TYO: 7267) was 1.4 percent higher.

The Shanghai Composite was up 0.13 percent to 2,797.77, Singapore’s Straits Times Index added 0.81 percent to 3,151.28, the Hang Seng was 0.87 percent higher to 22,726.4 and Australian markets saw gains as both the S&P/ASX200 and the Sydney Ordinaries were up 1.07 percent, to 4,654.7 and 4,716 respectively.

On the other hand, the Kospi was down 0.01 percent to 3,180.35 in South Korea, Taiwan’s Taiex was 0.27 percent lower to 8,749.55 and the Sensex dropped 1.15 percent to 18,858 in India.

New York equities markets were lower on the disappointing jobs data, with the Dow Jones Industrial Average down 0.94 percent to 12,600 while the S&P 500 had dropped 1.13 percent to 1,337.92 and the Nasdaq Composite was 0.96 percent lower to 2,845.09.

Crude oil prices were lower, with August contracts for West Texas Intermediate crude down $2.35 to $96.32, a decline of nearly 2.5 percent, in midday trade on the New York Mercantile Exchange, while Brent crude was last reported down 12 cents to $118.47 on the ICE Futures Europe exchange in London.

While oil prices fell on the disappointing jobs news out of the United States, gold added $12 in midday trade in New York on the same data, while silver was up slightly but copper prices were a bit lower.

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News posted: July 8, 2011

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