Oct 15 (Reuters) - STOCKS NEWS Reuters Results diary
Stocks on the move Real-time Equity News

14:17GMT 15Oct2008-Gerresheimer rises on Q3 results

Shares in German glass and plastic products manufacturer Gerresheimer rises 1 percent, one of the only three gainers on Frankfurt's smallcap index, which is down 6 percent, as the company reports solid third-quarter results and confirms its guidance for the financial year.

"Gerresheimer showed a good underlying performance with the company beating our own and consensus forecasts on sales, adjusted EBITDA and adjusted EPS," Commerzbank Equity Research analyst Daniel Wendorff writes.
"At first glance, all divisions performed in-line or slightly better than our forecast," he adds.
Gerresheimer says it still expects sales growth for 2008 between 9 percent and 11 percent, while the margin for earnings before interest, tax, depreciation and amortisation is seen at about 19.5 percent.

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13:40GMT 15Oct2008-CS removes Russia stock market target

Credit Suisse removes its 2008 target for Russia's RTS stock index of 2,600, citing volatile markets.
The index nearly hit that level in May, CS says in a note, and is since down 62 percent. It was trading on Wednesday at 790.39 and has been suspended frequently due to sharp moves.
"We think that establishing a new target in Q4 2008 in extremely volatile markets driven mostly by sentiment and technical factors would add no value," CS analysts say in the note. "We think Russia may remain depressed near term as credit and commodities continue to suffer". Broker adds, however, that "although less so, we are still positive on Russia" due to low valuations.

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13:22GMT 15Oct2008-Daimler, BMW down as financial crisis taking toll

Shares in Daimler and BMW fall 8.3 and 7 percent respectively, underperforming both the German blue chip index and the European auto sector, as traders and analysts point to increased concerns the two may be hard hit by the financial crisis.
Commerzbank cuts its target on Daimler to 28 euros from 36 euros and slashes its 2009 EPS estimates to 1.85 euros from 5.89 euros as it anticipates further writedowns on Daimler's leasing portfolio, lower volumes and a likely profit warning in the third quarter.

Further weighing on Daimler shares is Tuesday's news that Daimler cut its NAFTA trucks capacity and is closing two plants, along with a string of dissapointing U.S. macroeconomic data on Wednesday, a Frankfurt-based trader dissapointing U.S. macroeconomic data on Wednesday, a Frankfurt-based trader says.
"There is a growing realisation that automakers like Daimler and BMW depemd on a healthy financial market for both their in-house and exterior financing -- if people can't get leases and loans on cars, they just won't buy them," another trader says.
Commerzbank also cuts its price target on BMW to 24 euros from 28.5 euros largely due to lower forecasts for financial services and lease portfolios.

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13:05GMT 15Oct2008-BlueBay up on "commendable" performance

Shares in BlueBay Asset Management Plc jump 4.6 percent to 180 pence after its estimated assets under management (AuM) at end-September falls just 2.3 percent, leaving it with around $20.5 billion under control compared to $21 billion at the end of June.
Before exchange rate adjustment, AuM is up 3.2 percent since June 30, reflecting $1.9 billion net subscriptions in the first quarter partially offset by $1.3 billion of fund depreciation.
"This is the first time BlueBay has reported a fall in AuM on a quarterly basis. In the current environment, we see this as commendable."
"BlueBay should see strong AuM growth when credit markets recover, but the timing of recovery is uncertain," says Citi analyst Haley Tam in a research note.

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13:25GMT 15Oct2008-Corporate bonds more attractive than equities -Pioneer

Bonds issued by companies with low leverage could outperform equities as an asset class, Pioneer Investments says, citing recent measures taken by governments and central banks to solve the financial markets crisis.

"Current official efforts are intended primarily to cure a liquidity crisis and improve the system's overall solvency. We will need strong solvency and ample liquidity before decent profitability (or earnings growth) can be restored," says Mauro Ratto, chief investment officer for Asia and Europe, at Pioneer.
"With that in mind, corporate bonds may now be more attractive than global equities as an asset class, though both are appealing on valuation grounds," he says.

"We have identified the potential for outperformance in debt issued by lowly-leveraged Corporates, where we are 'overweight', while we remain 'underweight' government debt, which looks set to fall further as issuance rises to offset government spending," Ratto says. Reuters Messaging rm://peter.starck.reuters.com@reuters.net
13:13GMT 15Oct2008-Construction sector falls on economic woes

European construction stocks drop, led lower by France's Lafarge and Switzerland's Holcim, with the sector the second-biggest decliner in Europe as economic concerns over construction companies grow.
"There is the fear that there will be profit warnings as orders are plunging," says Unicredit analyst Karin Brinkmann.
"While Spanish companies are more likely to warn on profits, Germany's Hochtief is burdened by the possibility ACS might sell its stake," she adds.
WestLB analyst Ralf Doerper says that the weakening economy is likely to hit German construction companies but that firms have different business models which, however, are not differentiated by the market.

Analysts at Commerzbank Equity Research downgrade German construction companies HeidelbergCement to "hold" from "add" and Bilfinger Berger to "add" from "buy". "Recent weeks saw a sharp deterioration in the macroeconomic outlook. Impaired lending conditions and weakness in emerging markets will impact construction companies," they write. Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net;
peter.dinkloh.reuters.com@reuters.net

13:00GMT 15Oct2008-Equity market opportunities, and risks, are enormous -FPM

The "staggering" disturbances seen in financial markets in September and into October have created opportunities -- and risks -- aplenty, says Franfurt Performance Management (FPM), which focuses exclusively on German stocks.
"The medium-term opportunities are enormous, and so are the short-term risks," fund manager Martin Wirth says in FPM's latest monthly reoprt.
"Looking beyond the next two to three months, today's valuations are dramatically low. The low prices we have now are what investors usually can only dream about," Wirth says.
"The task now will be to exchange cheap for very cheap equities while taking care not to buy companies that end up failing in the difficult business environment," he says. "It is best to assume that the present gridlock in financial markets will leave its mark on the companies represented in our portfolio holdings as well."
FPM's German large-cap fund -- whose top-five holdings are, in alphabetical order, Allianz, BMW, Deutsche Bank, Deutsche Telekom -- has lost 29.6 percent this year.
Germany's blue-chip DAX index is down 38 percent.

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12:52GMT 15Oct2008-Portrait Software dip 41.9 pct, environment "challenging"

Shares in Portrait Software tumble 41.9 percent with trader citing the company's warning that its second half sales performance will be difficult to forecast due to challenging conditions.
Portrait says while there was a relatively strong start to the year, the second quarter finished weakly as several expected licence deals slipped during the unusual trading conditions.
Analysts at Panmure Gordon say they will need to speak to management before downgrading estimates.
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12:01GMT 15Oct2008-Elan up as Goldman says well-placed

Shares in Iris drugmaker Elan rise 2 percent as Golman Sachs says in a note the company is well-placed to survive price cuts.
"We have stress-tested the liquidity profiles of profitable and near profitable companies within our coverage universe on an unlikely scenario - a 20 percent decline in global drug prices from 2009 to 2014.
"(Elan is) well placed to survive in such an unlikely scenario."
The broker has a "buy" stance on Elan, the maker of MS drug Tysabri.

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11:26GMT 15Oct2008-Deutz drops on Goldman Sachs rating change

Shares in German engine manufacturer Deutz drop 11 percent in Frankfurt's smallcap index, which is down 3 percent, after Goldman Sachs downgrades its rating of the company to "sell" from "neutral" and adds the stock to its "pan-Europe sell list".
The brokerage also cut its price target in the company to 2.30 euros from a previous 4.00 euros.
On Monday, Deutz slashed its 2008 full-year guidance for the second time this year, now expecting sales growth of up to 2 percent, down from a previous forecast of 5 percent.
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11:20GMT 15Oct2008-FTSE Small Cap Index down 1.9 pct at midday

The FTSE Small Cap Index falls 1.9 percent as London's embattled financial markets continue to perform poorly, with the FTSE 100 Index dropping 3.3 percent.
Xaar, the inkjet printing specialist, drops 14.6 percent after a cautious trading statement.
Meanwhile, biopharmaceutical product firm Renovo climbs 4.1 percent as Goldman Sachs says the company is likely to survive the financial turbulence in 2009 and 2010 and repeats its "buy" stance.

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10:53GMT 15Oct2008-Datatec falls as it sees slowing demand

Shares in Datatec fall 10 percent as the South African IT company reveals a bleak outlook in its interim results, prompting Investec to downgrade its EBITDA estimates by 11 percent.
Investec says despite its robust start, the group is clearly suffering from the slowdown in demand and does not expect the second half to continue the pattern of growth.
The broker says it retains its "hold" recommendation on valuation grounds as there is no clear positive near term catalysts, and recommends investors hold fire and wait for macroeconomic and tech spending clarity, before returning to the stock.
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10:55GMT 15Oct2008-International Power slides on plant closure

Shares in International Power slide 5.7 percent to 254.5 pence after the electricity company shuts down a plant in Sicily, Italy after a fire causes damage to it.
The company says it expects the impact of the incident to reduce its underlying earnings per share (EPS) for 2008.
Analysts' average forecast for EPS for the year to the end of December is 27.3 pence, according to Reuters Estimates.
"The unit is likely to be shutdown (until the end of) 2008 with negative EPS impact of between 0.8 and 1 pence...The share price reaction to the stoppage has been overdone and any potential loss if the shutdown continues in 2009 is negligible," says Evolution analyst Lakis Athanasiou in a note.

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10:48GMT 15Oct2008-Bankinter gains ahead of Q3

Shares in Bankinter extend gains in a falling market thanks to the bank's limited exposure to Spain's weak property sector and expectations that top line third-quarter growth will be strong when the company reports earnings on Thursday.

"Bankinter has very low exposure to real estate developers and so it could be considered a "safe haven" amongst Spanish domestic banks," says Tiago Dionisio, analyst at Portuguese brokerage Espirito Santo.
Bankinter is expected to report earnings on Thursday ahead of the market, with a poll of five analysts by Reuters expecting an average 8.4 pct growth in net interest income to offset an expected 39.2 percent decline in net profit.
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10:44GMT 15Oct2008-Premier Foods falls; Credit Suisse cuts target

Shares in Premier Foods drop 6.3 percent as recession fears return to London's markets, with Credit Suisse cutting its price target on the stock to 130 pence from 140 pence.
On Monday, Britain's biggest food manufacturer said it was seeking new external financing to de-leverage its balance sheet, which bolstered its shares price.
However, Credit Suisse, whilst repeating its "outperform" recommendation says Premier foods is skirting close to its banking covenants as it looks for ways of resolving the debt structure, which could see assets sold and a dividend cut.

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10:35GMT 15Oct2008-Charter down as Panmure cuts to "hold"

Shares in Charter drop 7.6 percent after Panmure Gordon downgrades its recommendation to "hold" from "buy" and slashes its target price to 615 pence from 1,160 pence to bring Charter up to speed with the "bursting of the industrial bubble".
Panmure Gordon has also reduced its 2009 EPS forecast by 19 percent.
"The slowdown is likely to emanate from a number of sectors, such as automotive, construction, infrastructure (delayed projects) and even shipping," it says.

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10:00GMT 15Oct2008-Home Retail slides on broker downgrade

Shares in Home Retail Groupdrop 8.8 percent as broker Seymour Pierce downgrades its rating for the owner of high street catalogue retailer Argos and DIY chain Homebase to "hold" from "buy".
The broker raises concerns that weakening consumer confidence and an economic downturn will force the company to aggressively slash prices to compete with discounters as shoppers increasingly look for bargains.
"Our forecasts are being downgraded due to the more difficult trading environment. This will impact not only sales of core categories but also gross margins because of pressure to discount more heavily," says Seymour Pierce analyst Freddie George, who cuts his annual pretax profit target for the group to 340 million pounds from 350 million.

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10:03GMT 15Oct2008-Continental higher as Schaeffler buys shares

Shares in Continental AG rise 3 percent, making it one of five gainers among slumping German large-caps, as major investor Schaeffler says it has purchased 834,000 shares in the German tyre and auto parts specialist as part of its takeover.
Traders also point to support as worries about ball-bearing manufacturer Schaeffler's financing of its purchase of a 49.99 stake in Continental ease.
"Both Schaefler's announcement yesterday that it is not having trouble financing the Continental deal and news today that it has purchased some 830,000 odd shares in Continental is helping the stock," says a Frankfurt-based trader.
"Schaeffler is going ahead with the deal and it is creating support for Continental stock in the market."
On Tuesday, senior bankers said that syndication of a 16.1 billion euro ($21.92 billion) loan backing a bid by Schaeffler for Continental had been put on hold.
Schaeffler said later on Tuesday that financing of its planned acquisition of Continental is secure and that it has binding commitments from the six banks that underwrote the deal.
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09:56GMT 15OCT2008-Shares in Yapi Kredi unit fall on sale fears

Shares in Turkish bank Yapi Kredi's insurance arm Yapi Kredi Sigorta fall 7 percent on fears its planned sale has been scrapped, despite assurances by the company that it will go ahead.
There are also concerns that if it does go ahead the sale may attract a lower price than once hoped.
"This is on disappointment about the prospects for the sale," said an Istanbul-based trader.
"People are worried by any suggestion the deal may not go ahead, and also by what sale price it could achieve in the current environment, as the shares had been aggressively priced," he added.
Parent company Yapi Kredi Bank is owned by Italian bank UniCredit and Turkish conglomerate Koc Holding.

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09:50GMT 15Oct2008-Roche gains after Genentech results

Roche Holding AG stock rises 1.3 percent, outpacing the European drugs sector and Swiss blue-chip index after its majority-owned U.S. partner Genentech Inc reported impressive sales of key cancer treatment Avastin.
"Following higher than expected sales reported by Genentech yesterday we also forecast solid Q3 2008 sales for Roche," says Helvea analyst Karl-Heinz Koch. Roche is due to report third-quarter sales on Tuesday, Oct 21.
Roche's Swiss rival Novartis AG also gains more than 2 percent thanks to its defensive qualities in a negative market, traders say.
"Novartis has been battling in these stormy markets for some time," one trader adds.
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09:21GMT 15Oct2008-Mondadori jumps after printing sale deal

Mondadori shares rise more than 9 percent after the Italian publisher says it has a preliminary deal to sell 80 percent of its printing business to Gruppo Pozzoni.
The sale should boost its net financial position by 123 million euros ($168 million), it says.
"Given the implied transaction multiples and important deleverage for Mondadori, we view this operation as positive," Deutsche Bank analysts say in a research note.
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09:25GMT 15Oct2008-DZ Bank cuts estimates for DJ Euro STOXX50, DAX

DZ Bank cuts its estimates for the DJ Euro STOXX50 index to 2,700 points on a six-month horizon from an earlier estimate of 3,000 points, citing the impact of the finacial crisis on companies across the board.
"There are now indications that banks are cutting back lending and that finacing via the capital market will become more difficult," DZ Bank says in a research note.

"A sharp economic downturn seems unavoidable. We fear that as a result, earnings in non-financials will decline more sharply than we had anticipated," says DZ Bank, which cuts its estimate for Frankfurt's DAX index "back towards the 5,000 (point) level" on a six-month horizon from 6,500 earlier.
In 12 months, DZ Bank now sees the DJ Euro STOXX50 at 3,300 points and the DAX at 6,000 points.
The DJ Euro STOXX50 is down 2.3 percent at 2,692.25, while the DAX fals 2.8 percent at 5,054.52.

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09:13GMT 15Oct2008-Suedzucker rises after company hikes sales forecast

Shares in Germany's largest sugar producer Suedzucker rise 0.6 percent, one of the five gainers on Germany's midcap index, after the company reports half-year results and hikes its sales guidance for the ongoing financial year by 200 million euros to 5.8 billion euros to 6.0 billion euros.
"The situation on the sugar market is easing in the coming quarters," DZ Bank analyst Christian Douglas writes.
"We expect the company to meet its targers of sales and operating profit (230 million euros to 260 million euros) for the financial year 2008/2009," he adds.
Still, Suedzucker also says that forecasting continues to be hampered by uncertainties of restructuring of the EU sugar market.
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09:09GMT 15Oct2008-Marston's falls as update disappoints

Shares in Marston's slump 7.5 percent as the UK pub and brewing company's trading statement disappoints investors and prompts Teathers to repeat its "reduce" recommendation and place its 2009 forecasts under review.
Teathers says Marston's results were not as good as it had hoped but were likely to prove in line with expectation.
The broker says no mention was made of Marston's dividend but is expects the company will hold its full-year dividend which will represent a cut in the final dividend payment.
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08:02GMT 15Oct2008-Rheinmetall down as WestLB downgrades to "hold"

Shares in Rheinmetall AG fall 8.4 percent, putting them near the bottom of the slumping German mid-cap index, after WestLB downgrades its rating on the defense and automotive specialist to "hold" from "buy".
The brokerage says it is slashing 2009 and 2010 EPS estimates on the back of profit warnings among several of Rheinmetall's peers, including Mahle, Knorr Bremse AG., Leoni, SAF Holland, and DEUTZ AG.
Production run downs at Daimler, BMW and cautious statements from heavy truck maker MAN have also led the brokerage to see a slow down ahead for Rheinmetall's autoparts division.
WestLB says that while it is not reducing estimates for Rheinmetall's defensive operations, it increasingly sees the targets difficult for Rheinmental to reach.
"For 2008 we believe that Rheinmetall will at best reach the lower end of the EBIT guidance range of 280 million euros to 290 million euros. On the defence side we expect an EBIT-margin of 10.6 percent in 2010 versus company guidance of 10 percent, while we look at an automotive EBIT margin of 5.9 percent, which remains 210 basis points below the company midterm target of 8 percent," the broker writes.

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08:40GMT 15Oct2008-Deutsche Boerse falls; Commerzbank downgrades

Shares in German stock exchange operator Deutsche Boerse fall 4.3 percent, underperforming the DJ Stoxx European financial services index.
Commerzbank downgrades the stock to "add" from "buy" and cuts its target price to 71 euros from 83 euros.

"The current capital market crisis will have negative effects on the growth outlook of Deutsche Boerse triggered by lower market values for securities traded and a reduced headcount at trading desks in a shrinking investment banking universe," says Commerzbank.
It also cites longer-term concerns linked to hedge fund TCI's campaign to oust Deutsche Boerse's supervisory board Chairman Kurt Viermetz.

"Activist shareholder action might pressure Deutsche Boerse to sell assets which should not harm valuations short term but could destroy long term value as Deutsche Boerse's integrated structure provides effective processing chains which offer value to customers," Commerzbank says. Reuters Messaging rm://peter.starck.reuters.com@reuters.net
08:34GMT 15Oct2008-Inditex bounces, H&M sales support

Inditex shares rebound 1.5 percent, recouping some of Tuesday's more than 6 percent fall, after peer H&M reports better-than-expected September same store sales.
"Inditex saw some heavy losses after Burberry reported weak first-half sales in Spain yesterday, but H&M is a much better comparison for Inditex, as the formats and markets are similar," a dealer says.
H&M says same-store sales fell 2 percent in September from a year earlier, compared to analysts forcasts for a 2.5 percent decline. It reported a 10 percent rise in total sales, compared to analysts forcasts for 9.1 percent.

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08:33GMT 15Oct2008-Elmos plummets as company reduces guidance

Shares in German semiconductor company Elmos, which mainly supplies the automotive industry, fall 10 percent after the company reduced its guidance on Tuesday due to weakening demand in the automobile sector.
"With regard to the weakening demand in the automotive industry we will cut earning projections and review our recommendation," DZ Bank analyst Harald Schnitzer writes.
The company is now expecting a margin for earnings before interest and tax (EBIT) below the originally anticipated target range of 12 percent to 14 percent in 2008.

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08:05GMT 15Oct2008-Insurers fall as Deutsche Bank cuts targets

Shares in European insurers fall as Deutsche Bank cuts price targets and earnings estimates in the sector and points to possible dividend cuts. The DJ insurance index falls 1.6 percent, with Standard Life shedding 7.9 percent, Old Mutual down 5.3 percent and Aegon off 3 percent.
Deutsche Bank says insurers may start to reassess dividend levels. The broker cuts its dividend per share forecasts by 10 percent for 2009.
"Our analysis suggests the sector is adequately capitalised at present, though the attrition of the last few weeks from equity market falls and corporate bond defaults has clearly taken its toll," it says in a note.
Deutsche Bank cuts its target price on Standard Life by 10 percent to 249 pence, while maintaining a 'hold" rating.
Its target price on Old Mutual is cut by 23 percent to 130 pence, but it keeps its "buy" rating. As for Aegon, the broker cuts its price objective by 40 percent to 5.9 euros and has a "hold" rating.
Deutsche Bank says AXA and Zurich Financial Services are its top plays, but the shares fall 3.2 and 4.7 percent, respectively.

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09:04GMT 15Oct2008-DSG falls on Best Buy, Carphone plans

Shares in DSG International, Europe's second-biggest electrical goods retailer, fall 7 percent to 33.25 pence as investors digest the growth plans outlined on Tuesday by U.S group Best Buy and European partner Carphone Warehouse.
"Best Buy are very serious about the UK market ... they can bring a lot to the party," says Pali International analyst Nick Bubb, reiterating his "sell" recommendation.
"DSG have a few more months to raise their game, but the omens are not good."
Best Buy aims to double revenues to around $80 billion by 2013, led by a drive into the $175 billion a year European electrical goods market.
Its venture with Carphone aims to take on DSG and rival Kesa Electricals <KESA.L>, down 4.4 percent to 99 pence, by opening 100 European stores by 2013.
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08:02GMT 15Oct 2008-Experian falls as Pricegrabber sale cancelled

Shares in British credit information firm Experian fall 6.8 percent after the group cancels the mooted disposal of online price comparison business Pricegrabber.
"People were expecting a bit more on the Pricegrabber side. They were expecting them to sell it on," says Seymour Pierce analyst Kevin Lapwood.
Experian, which is abandoning the sale eight months after putting Pricegrabber on the market, says potential buyers are unable to finance acceptable offers in current market conditions.
The company also reports a 13 percent increase in first half revenues.
For more double click on Reuters Messaging rm://malcolm.locke@thomsonreuters.com; +44 207 542 0964 07:50GMT 15Oct2008-Infineon gains on Intel Q3 figs, rebound from drop --------------------------------------------------------------------- Shares in Infineon AG rise 4.1 percent, outpacing the declining DAX index, which is 1.1 percent lower, as the German chipmaker benefits from strong quarterly profits from technology bellwether Intel Corp and enjoys a rebound from Tuesday's sharp fall. "After Infineon saw a drop of 11.46 percent yesterday, the stock should see some support thanks to the positive numbers reported by Intel," says a Frankfurt-based trader. Intel posted a 12-percent year-on-year rise in quarterly profit to $2.01 billion, or 35 cents per share. Intel says it expects revenue in the fourth quarter of $10.1 billion to $10.9 billion, slightly below analysts' expectations. "The Intel numbers are helping a bit, but there is still uncertainty about Intel's midterm numbers and its fourth-quarter forecast is a bit weak," says Janardan Menon, analyst from Dresdner Kleinwort Wasserstein. For more double click on Reuters Messaging rm://tyler.sitte.reuters.com@reuters.net 07:49GMT 15Oct2008-Rational plunges on Q3 results ------------------------------------------------- Shares in German company Rational, which produces and supplies products for commercial kitchens, drop 15 percent to the bottom of Frankfurt's smallcap index, after the company reports third-quarter results that are below the year-earlier period. "The statements on business development are anything but encouraging," says a trader. "In addition, many investors are concerned by the fact that the company is planning to release a detailed outlook for 2008 in mid-November," he adds. Rational reported third-quarter sales of 81.2 million euros, compared with 81.7 million euros last year, while third-quarter earnings before interest and tax reached 19.9 million euros, down from 21.9 million euros in the previous year. "We continue to believe, that the business model is very attractive and (much) more resilient than most other companies with respect to an economic downturn," writes Kepler Capital Markets analyst Joerg-Andre Finke. Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net 07:43GMT 15Oct2008-BAE Q3 in line but Numis cuts price target ------------------------------------------------------------- BAE Systems Plc's shares fall as much as 3.4 percent after Europe's biggest defence contractor says trading met expectations in its third quarter when EBITA benefited from the dollar's rise against sterling but the group's net cash/debt was adversely impacted. Numis Securities, which rates BAE stock a "buy", says the trading update was "brief and uncontroversial" but the brokerage cuts its BAE price target to 450 pence from 540 pence to "to reflect the wider market de-rating, which equates to 11 times 2009 earnings per share". BAE Systems also trades ex-dividend this session. To see BAE's statement please click on Reuters messaging rm://dan.lalor.reuters.com@reuters.net 07:32GMT 15Oct2008-FTSE Small Cap Index opens down 0.7pct --------------------------------------------------------- The FTSE Small Cap index falls 0.7 percent in early trade, as recession fears returned to the wider market, with the FTSE 100 index 1.2 percent down. Portrait Software tumbles 41.9 percent following the release of its first-half trading update, in which it says second half revenues will be difficult to forecast and the company is preparing for a slowdown. Meanwhile, Syndicate Asset Management surges 36.6 percent, following Tuesday's sell-off, which saw the company's shares fall over 70 percent on the back of one aggressive seller, chief executive John Morton told Reuters. Reuters Messaging rm://david.brett.reuters.com@reuters.net 07:42GMT 15Oct2008-Shares slip as recession fears back in spotlight ------------------------------------------------------------------- European shares slip in early trade, with recession fears resurfacing after impressive gains in the last two sessions on coordinated measures by governments to revive the struggling banking sector. The FTSEurofirst 300 index of top European shares is down 1.1 percent at 955.20. It rose by a record 10 percent on Monday and by 3 percent on Tuesday. Banks are the top-weighted losers, with Standard Chartered falling 4.4 percent, Societe Generale shedding 3.2 percent, HSBC down 2.9 percent and BNP Paribas off 0.7 percent. Miners also fall on weaker copper prices and after Rio Tinto warns of slowing Chinese demand for commodities because of the world financial crisis and signals a possible delay in plans to sell $10 billion in assets. Rio Tinto is down 6.2 percent, while rivals BHP Billiton and Anglo American drop 5.9 and 6.5 percent, respectively. To read more please double click on Reuters Messaging rm://atul.prakash.reuters.com@reuters.net 07:42GMT 15Oct2008-Miners slide lower on weak metals, Rio production cuts ------------------------------------------------------------------------- Miners are the heaviest losers on the FTSE 100 with sagging metals prices denting sentiment on the sector which has now lost nearly 22 percent this month after sliding 34 percent in September. Traders also cite an equipment problem at Rio Tinto's Escondia mine in Chile cutting output at the world's biggest copper mine by 15 percent over the next nine months as adding to the gloom on the sector Reuters Messaging rm://simon.falush.reuters.com@reuters.net 06:45GMT 15Oct2008-Centrotherm indicated lower on planned capital increase -------------------------------------------------------------------------- Shares in German solar power equipment maker Centrotherm are indicated to open as much as 14 percent lower on Frankfurt's technology index <.TECDAX>, according to brokerage Lang & Schwarz, after the company announces plans late on Tuesday to increase its share capital by up to 8 million euros. "In addition, the fact that the company withdrew its profit guidance is not received well," a trader says. "Even though Centrotherm said that this does not imply any statement as to whether earnings will be higher or lower, this does cause concern among investors," he adds. Centrotherm says it is planning to integrate sister company Centrotherm Thermal Solutions via the combined cash and non-cash capital increase. Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net 06:12GMT 15Oct2008-European index futures point to weaker start ---------------------------------------------------------------- European stock index futures point to a decline at the open, breaking a two-day winning run and tracking U.S. and most Asian stocks lower on global recession fears even as money markets continue to thaw. Futures for the DJ Euro Stoxx 50, for Germany's DAX and for France's CAC are down between 0.5 percent and 1.3 percent. The pan-European FTSEurofirst 300 index gained 3.1 percent on Tuesday but U.S. shares were lower, and on Wednesday, Asian stocks broadly fall, though Japan finishes strongly. On the macro front, eurozone and U.S. inflation figures, UK unemployment and U.S. retail sales will be in focus, while on the corporate side, all eyes are on results from JPMorgan Chase. For more double click on European results: ASML Experian Autonomy Rio Tinto Q3 production US results: JPMorgan Chase eBay Abbott Coca Cola Wells Fargo Macro: 0600 DE CPI final 0900 EZ inflation 1230 US PPI 1230 US retail sales 1400 US Bus Inv Reuters Messaging: atul.prakash.reuters.com@reuters.net Keywords: MARKETS EUROPE STOCKSNEWS =5

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