Merrill Lynch has lowered its 2002 and 2003 growth forecasts for the euro area, following the strengthening of the euro. The economist Sharda Dean admits that in the event of a return above the parity of the euro / dollar rate, inflation in the euro zone could slip to 1% by year-end, referring to 2003, the first intervention to increase rates by ECB. According to Merrill Lynch, GDP growth in the eurozone is now expected to +1.2% in 2002 (against a previous estimate of +1.5%) while in 2003 should reach +3.4% (+3.7 % based on previous forecasts).
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The British retailer GUS said it will continue the process of listing the division Burberry, despite the high volatility of equity markets. To report that last week he had turned around the company Prada, a famous brand in competition with the same Burberry in some market segments. Today instead the renunciation of quotes from two other British companies, Yell and Focus Wickes. GUS currently exchanges at City 610 pence a share (+1.2%).
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Umberto Agnelli was appointed to Ifil, which is also president and A.D. Ifi. The appointment was decided today after a few days ago Gabriele Galateri di Genola has given his resignation to take up the charge to Fiat.
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The British group WPP, under agreements with inference, has brought its shareholding in the Milanese 11, 12%. Increasing the proportion is only the first step towards the English company to hold 22.4% of the capital after the increase from 20 million as it prepares to be launched. Meanwhile, the board of inference DNM convened for September 26 (29 / 9 in second) the Special Meeting to deliberate on the proposed capital increase of 656,250 euros, reserved Bipop-Carire. The latter will convert part of its line of credit, open to 25 million euros in shares savings with a particular mechanism.
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In a report prepared by Jens Wilhelm, CEO of Union Investment Privatfonds, the stock markets of emerging countries in Asia and Eastern Europe represent a range of attractive investment. Since late last year is emerging on many stock exchanges of emerging markets upward trend intact. “Emerging countries will benefit from the upturn began in the U.S. and Europe,” says Jens Wilhelm. “Both regions are characterized also by solid economic growth and a favorable situation with regard to equity valuations. Over the last few years, the Nasdaq was the crucial market for venture capital, now appeared the first signs that they returned to increase in portfolio investment in emerging markets. “
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Eighth issue for the UK stock market, you start to close around the levels of a week ago with the Footsie which stood above the 4600 points. Have suffered in particular the usual TMT, while they defended the titles related to raw materials. The worst were on a weekly Reuters (-8.99%), Arm Holdings (-7.85%), Royal & Sun Alliance (-5.63%), BSkyB (-5.42%) and Electrocomponent (– 5.17%). They are distinct upward instead Imperial Chemical Industries (+8.77%), BAE Systems (+7.56%), Corus Group (+7.47%), Shire Pharmaceuticals (+6.75%) and GlaxoSmithKline (+ 5.36%).
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“The market remains heavily influenced by the index Americans,” said Roberto Camerlingo Banca Akros. “By carefully monitor some key levels of the U.S. market: 980 points on the S & P futures contract in September, the Nasdaq futures 1080/1090, 1470/1500 for the Nasdaq Composite. The keeping of these values remains valid the hypothesis of a corrective movement which has grown from relative peak last March. In contrast, the breakout of these could mean a further downside of 15-20 percentage points, complicating the scenario of medium term. ” The analyst, however does not exclude the possibility of a summer rally. “Although at present there are many indications in this direction, we found differences bullish on various indicators (RSI, MACD) and this bodes well for a recovery in prices over the next two months and margins are also upside of 12 — about 15%. The targets on the upside FIB30 area are 31000/31500 and, later, to 33,000. The downside however, the first support at 27600/27700 we find it, after which the main objective becomes 25,500, “indicates Camerlingo . “Beyond” this concludes the analyst – is well to remember that the outlook for the medium to long term remains negative and that the downward trend does not seem to have been completed for the time being. Moreover, once exhausted the descent, it takes time to regain a healthy and sustained growth in stock prices. “
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Cardnet Group announced the completion of agreements for the production of paper, in the establishment of Iglesias, for 7 million euros. Telecom Italy is among the patrons. With the closure of the latter Cardnet “will center revenue targets set for the year 2001-2002 (which ends in late June),” recalled the company. These include a consolidated value of production between 18 and 20 million euros. At this moment the title Cardnet salt 85 to 4.73 euros, however rarefied volume.
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The European Central Bank does not believe that inflation in the euro area could fall below the target of 2% at year-end. This does not mean that it will respond to rising interest rates, given the ongoing concerns about economic growth.
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In Europe between the areas that suffer most from the depression of the pharmaceutical market there. In Zurich the driving rebates is the title of Novartis, which marks -4.24% to 61.05 Swiss francs. Red mark for Roche in the fall of 2.89% to 117.5 FCH and Serono whose title changes hands in 1107 FCH fall of 3.15%. Things are not better by going to the Paris stock exchange with Sanofi that loses 4.21% to 55.7 euros and Aventis in decline, 1, 57% to 68.95 euros. Sales for the German Bayer loses 1, 8% to 33.3 euros.
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