Thursday 8 December, 1:00 PM GMT (Thomson Financial): European markets
continue to trade in negative territory ahead of the opening session on Wall
Street. Corporate news is light, but Royal Bank of Scotland has said its full
year results are expected to be in line with market expectations while BT
Group has unveiled 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 is down 19.10 points or 0.35% to 5509.70, while
Paris's CAC-40 Index is down 24.29 points or 0.52% to 4636.29. Frankfurt's DAX
Index is down 28.10 points or 0.53% to 5238.65 and Milan's S&P MIB Index is
down 130.0 points or 0.37% to 34,660.0. The pan-European blue chip Dow Jones
Stoxx 50 Index is down 11.70 points or 0.35% to 3334.94.
* 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 of 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 an interactive and
communications service through their television 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 unanimously rejected a potential offer
from NTL on the grounds that it materially undervalues Virgin Mobile. The
company said that it only considered the 323 pence per share offer price
announced by NTL, it did not consider any other price, nor did it solicit any
other price.
* On-line poker-company PartyGaming says its full year underlying profits and
revenues are expected to surpass market forecasts.
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 information
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SOURCE Thomson Financial Corporate Group
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