08:56GMT 31Oct2008-Southern Cross soars as gets refinancing

Shares in care home operator Southern Cross soar 43 percent after it announces that it has successfully concluded a refinancing with its banking syndicate.
"The market was generally of the view that the refinancing would not succeed and they would have to resort to existing shareholders. I expect it to be up 35-40 pct this morning," says Brewin's Sahill Shan.
For more double click on or for company statement

Reuters Messaging rm://ben.deighton.reuters.com@reuters.net
08:29GMT 31Oct2008-FTSE Small Cap Index opens flat

The FTSE Small Cap Index opens flat, bucking the wider market trend, as the FTSE 100 Index heads 1.2 percent lower, after key Asian markets slip overnight.
Southern Cross Health Care surges 46 percent after the company surprised market speculators when it successfully concluded its refinancing with its banking syndicate.
SDI, which designs, builds and supports integrated materials handling solutions for international retail, slumps 21 percent after a profit warning.

Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:45GMT 31Oct2008-Commerzbank down; report it seeks state capital

Shares in Commerzbank fall 6 percent making it the biggest decliner in Frankfurt's blue-chip index after sources familiar with the matter told Reuters reports the bank is interested in a state capital injection.
One source says exposure in Iceland and to the collapsed investment bank Lehman Brothers has negatively affected business in the third quarter.
"The news that the company is interested in the rescue package is indeed negative for the share price," says a Frankfurt-based trader.
The German government earlier this month offered a rescue package worth about 500 billion euros ($652.8 billion) to banks, as the current financial crisis has led to a credit squeeze, making it harder for banks to borrow money.
A company spokesman only said that Commerzbank continued to examine participation in the fund.
For more double click on

Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
08:35GMT 31Oct2008-Renault slides after Nissan mulls div cut

Shares in Renault fall 6.7 percent, the biggest loser of the the Dow Jones Stoxx auto index after its 44 percent subsidiary Nissan Motor Co said it was undecided on its dividend payout after a 47.8 pct fall in first half operating profit.
Nissan's market value, down sharply, makes up a good part of the market value of Renault as well.

Reuters Messaging rm://marcel.michelson.reuters.com@reuters.net
08:13GMT 31Oct2008-AdLINK seen down on weak 9-month figures

Shares in online marketing company AdLINK Internet Media are indicated to open 18.5 percent lower, according to brokerage Lang & Schwarz, after the company reports weak nine month results and slashes its full-year guidance.
Earnings before tax (EBT) fall to 7.8 million euros, and the company now expects 2008 full year EBT to come in between 10 million euros to 12 million euros, down from a previous forecast of about 21 million euros.
"Analysts were still expecting a full year 2008 EBT of 19 million euros, so estimates will have to come down," a Frankfurt-based trader says.
"Seems as if there is no place to hide from the consequences of the global financial turmoil," he adds.
AdLINK is majority owned by German internet service provider United Internet , which is indicated to open 0.3 percent lower.

Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
07:50GMT 31Oct2008-European stock index futures point to lower open

European stock index futures fall after Japan's Nikkei average closes 5 percent lower despite a rate cut by the Bank of Japan on Friday and a rally on Wall Street on Thursday.
Futures for the DJ Euro Stoxx 50 are down 0.6 percent, German DAX futures fall 0.9 percent and French CAC futures are down 0.8 percent.
The Bank of Japan cut interest rates for the first time in seven years, though the cut was by a split vote and was smaller than the market had expected.
The FTSEurofirst 300 closed 0.7 percent higher on Thursday.

Major European companies reporting:
Q3 Sanofi-Aventis

Q3 Novozymes
Q3 Nokian Renkaat
Q3 Sanoma Corporation
Q3 Atos
Q3 PagesJaunes

Q3 Eni
Q3 Orkla
Q3 Bolsas
Q3 Industrivarden
Q3 Meda
Q1 British Sky

Major U.S. companies reporting:
Q1 Clorox
Q3 American Electric Power
Q3 Aon Corporation
Q3 Apartment Investment & Management
Q3 Chevron
Q3 Cummins
Q3 Progress Energy

Q3 The Washington Post
Q3 Weyerhaeuser

Macroeconomics:
0001 GB Consumer confidence survey
0700 DE Retail sales

1000 EZ September unemployment
1000 EZ Unemployment
1230 U.S. Consumption
1230 U.S. Core PCE
1230 U.S. Personal income
1230 U.S. Personal consumption
1345 U.S. Chicago PMI
1355 U.S. University of Michigan
U.S. Employment wages

Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)

Keywords: MARKETS STOCKSNEWS EUROPE tf.TFN-Europe_newsdesk@thomson.com vjt

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