Thursday 8 December, 10:15 AM GMT (Thomson Financial): European markets
have opened lower on broad losses, following a downward correction in
Asian markets. There is a lack of momentum with the absence of any major
corporate earnings. From what little news there is, Royal Bank of Scotland's
full year results are expected to be in line with market expectations
while BT Group has announced landmark deals, which will result in the
launch of its television over broadband services. Swiss Re has announced
the launch of a 1.0 billion Swiss francs mandatory convertible securities
offering due 2008, while Virgin Mobile's Board of Directors has
unanimously rejected a potential offer from NTL.
London's FTSE-100 Index has fallen by 30.60 points or 0.55% to 5498.20,
while Paris's CAC-40 Index has declined by 32.49 points or 0.70% to
4628.09. Frankfurt's DAX Index has weakened by 37.73 points or 0.72% to
5229.02 and Milan's S&P MIB Index has dropped by 150 points or 0.43% to
34,640. The pan-European blue chip Dow Jones Stoxx 50 Index is down by
17.09 points or 0.51% to 3329.55.
* Royal Bank of Scotland says it had continued to perform well in 2005 and
its results are expected to be in line with market expectations.
Highlights are expected to include good growth in income, good overall
credit metrics and delivery of the expected benefits from recent
acquisitions.
* BT Group has announced landmark deals with BBC Worldwide, Paramount and
Warner Music Group, which will launch BT's television services over
broadband service. Starting next autumn, BT customers will be able to
access on-demand film, music and television programming as well as a
compelling interactive and communications service through their TV sets.
* Swiss Re has announced the launch of a 1.0 billion Swiss francs
mandatory convertible securities offering due 2008. The net proceeds of
the offering will be available to fund the acquisition of GE Insurance
Solutions and for general corporate purposes.
* Virgin Mobile's Board of Directors has unanimously rejected a potential
offer from NTL on the grounds that the potential offer materially
undervalues Virgin Mobile.
Simon.Tse@Thomson.com; Thomson Financial
This is Thomson Financial Corporate Services Europe Market Commentary.
The information herein is believed to be true and accurate. If you have
any questions please e-mail James Sang at james.sang@tfn.com. For more
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SOURCE Thomson Financial Corporate Group
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