European Indexes End Lower
The FTSE 100 closed in the red Monday, weighed down by mining and banking stocks, and a negative Wall Street. Volume was lower in the US due to the Columbus Day holiday. Alcoa kicks off the third quarter earnings season tomorrow in the US. WTI fell to US$79.18/bbl weighing on energy stocks. LME copper fell 4% as buyers in China stayed away. Beverages stocks were in focus today, helped by a positive Merrill note and upgrade of DIAGEO's (-1.35%) price target. Also, SABMiller (+0.96%) gained after Credit Suisse reiterated outperform rating after an analyst trip to Colombia/Peru. In M&A news, NORTHERN ROCK (+9.21%) held onto gains on a WSJ report that Apollo and Blackstone are interested. The RBS (-1.14%)-led consortium said it has 86% of the ABN Amro shares. VODAFONE (-1.12%) is to buy Tele2's Italy and Spain operations for £537 million. The SAINSBURY (+0.09%) board is set to recommend a revised takeover offer from Delta Two as early as this week, the Independent on Sunday wrote. In negative news, KAZAKMHYS (-5.58%) melted after saying that flooding will hit copper cathode output. Also, Italy suspended BG's (+0.73%) Brindisi LNG project. Regarding appointments, GLAXO (-0.83%) named European pharma unit president Andrew Witty to take over as CEO following Jean-Pierre Garnier's retirement at the end of May 2008.
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