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Reuters
Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
07:22GMT 29Aug2008-Enterprise Inns down on negative broker notes
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Shares in Enterprise Inns drop 3.1 percent hit by a downgrade by Landsbanki to "reduce" from "hold" and an initiation as "underperform" by Credit Suisse in two negative reviews of the UK pubs sector.
Landsbanki says it now believes that the poor outlook for household spending in 2009 it had been overly optimistic to expect an early return to growth in the pubs sector and has also made the same rating downgrade on Mitchells & Butlers , Marston's and Greene King .
Credit Suisse's initiation note also says it is concerned that UK pub profitability will continue to come under pressure in the next 12 months due to a consumer slowdown and inflationary pressures, with Punch Tavens also starts as "underperform" and Mitchells & Butlers as "neutral".
Reuters Messaging rm://jon.hopkins.thomsonreuters.com@reuters.net
07:21GMT 29Aug2008-Grafton slides after H1 profit drops
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Shares in Grafton drop 8.5 percent after the Irish building supplies group posts a 47 percent drop in first-half earnings and warns over profits this year as a property slowdown in the UK and Ireland continues to bite.
"The fall in revenues clearly reflects the group's exposure to falling new housing activity and declining consumer confidence," Davy analyst Flor O'Donoghue writes in a research note.
Grafton shares underperform the broader Irish market , which gains 0.3 percent. Its London-listed shares are also down 8.5 percent.
Reuters Messaging rm://jonathan.saul.reuters.com@reuters.net
07:17GMT 29Aug2008-C&C drops after warns of pressure on earnings
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Shares in Irish drinks group C&C drop as much as 5 percent after it says UK and Irish cider sales fall in its first half and sees pressure on revenue and operating profit continuing in the rest of the year.
"Our own enquiries attest to the difficulties being experienced by C&C's Bulmers (Ireland) and Magners (GB) cider brands," Davy analyst John O'Reilly says. "Weather, deteriorating economic conditions and competitive pressures are significant negative factors."
Reuters Messaging rm://andras.gergely.reuters.com@reuters.net
06:05GMT 29Aug2008-European shares set to tick up; oil rises
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European shares are set to open slightly higher on Friday, extending the previous session's sharp gains after a big upward revision in U.S. second quarter growth, but a rise in oil prices on supply concerns could limit gains.
Futures for the DJ Euro Stoxx and France's CAC are up by around 0.2 percent while futures for DAX are flat.
Crude prices rise more than a $1 to near $117 a barrel as energy companies prepared for Tropical Storm Gustav, while the dollar retreats against a basket of currencies.
Major companies due to report on Friday:
Dexia
PPR
Carrefour
Hermes
Vinci
Clarins SA
Alitalia
Bradford & Bingley
Stagecoach
C&C Group
Dana Petroleum
JKX Oil & Gas
Strabag
Areva
Banca Italease
Banca Monte dei Paschi di Siena
Macro:
IT retail sales 0800
Euro zone business climate 0900
Euro zone consumer sentiment 0900
Euro zone economic sentiment 0900
Euro zone industrial sentiment 0900
Euro zone inflation 0900
Euro zone services sentiment 0900
Euro zone unemployment rate 0900
U.S. PCE price index 1230
U.S. Chicago PMI 1345
Reuters Messaging rm://dominic.lau.reuters.com@reuters.net
Keywords: MARKETS EUROPE STOCKSNEWS
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