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14:11GMT 06Nov2008-Europe stocks offer muted response to ECB's Trichet

European stocks are down, having thus far offered little reaction to comments from European Central Bank President Jean Claude Trichet, who has noted the declining risk from inflation as well as the impact on the global economy from financial market turmoil.
The ECB Governing Council, which cut euro zone rates as expected by 50 basis points to a two-year low of 3.25 percent, discussed the possibility of a 75 basis point cut as the region verges on recession, but Trichet said the council was unanimous on the half-point cut.
The FTSEurofirst 300 index of top European shares is down 3.4 percent at 921.25 points, down just a touch from 922.06 points at the start of the ECB press conference and up from the day's low of 911.30.
Banks are still the worst performing sector, in spite of sector-supportive rate cuts from the ECB and the Bank of England's earlier record 150 basis point cut to British base rates.
HBSC is down 4.2 percent, UBS is off 8.7 percent and Santander is down 4.6 percent.

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13:50GMT 6Nov2008-Miners slide on fears mines will close

Shares in mining companies slide amid growing fears they will have to shut mines because falling commodity prices may render them unprofitable.
"Demand from China is softening day by day, and a lot of people are not expecting that to pick up to the levels that we had hoped for," says Edison analyst Michael Starke.
"A lot of these companies can't produce at current commodity prices and we're going to start seeing a supply side response which is mines are going to shut, production is going to drop. That hasn't filtered through to the market yet," Starke adds.
Antofagasta, Anglo American, BHP Billiton and Vedanta Resources all fall about 10 percent.
Evolution reiterates its "sell" stance on Antofagasta, pointing to falling production in 2009.
Meanwhile India-focused Vedanta reports a 24.7 percent slide in first half profit and raises the prospect it will slash investment spending.

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13:25GMT 06Nov2008-Indebted UK retailers boosted by rate cut

Shares in major UK retailers carrying significant levels of debt are boosted by the Bank of England's move to slash rates by a consensus-busting 150 basis points.
The cut will boost their profits by lowering their interest charges.
Shares in Marks & Spencer, which ended its half-year with 3.1 billion pounds of debt, are up 3.3 percent to 253 pence.
"At a stroke this cuts nearly 50 million pounds off M&S interest charge for next year," says Nick Bubb, analyst at Pali International.
Shares in Debenhams, which as of the end of August was carrying debt of 994 million pounds, are up 4.8 percent at 38.75 pence.
But Bubb points out that what retailers gain on reduced interest charges they could lose on the impact on gross margins of a weaker pound as the cost of importing from suppliers rises.

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13:12GMT 06Nov2008-Legrand falls after cuts forecasts

Shares in French electrical equipment maker Legrand fall 9 percent after the company cuts its 2008 forecasts, blaming a "more marked and more global worsening in market conditions" and seasonal fourth-quarter weakness.
The shares earlier touch 12.75 euros, making them the second-biggest fallers on the CAC index of 190 small- and mid-cap stocks. The stock has lost 45 percent this year.
Legrand says it now anticipates sales growth of around 4 percent at constant exchange rates and an adjusted operating margin of around 16.5 percent for 2008.

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13:04GMT 06Nov2008-FTSE Small Cap Index down 1.2 percent

The FTSE Small Cap Index is down 1.2 percent by midday, despite the Bank of England's 150 basis points interest rate cut. The FTSE 100 Index is down 3.5 percent.
Pendragon, one the UK's beleagured car dealerhips, rises 4.8 percent following the interest rate cut.
Schroder Asia Pacific slides 8.6 percent, while Gartmore Irish and Edinburgh Worldwide both drop 7 percent.

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12:52GMT 06Nov2008-Aveva falls; Investec cuts to "sell"

Shares in Aveva Group, which supplies engineering IT systems for the marine industries, fall 9.9 percent, with Investec Securities cutting its rating to "sell" from "hold" as its concerns of a shipbuilding slowdown manifest themselves earlier than it had expected.
"While near-term trading is strong, we believe there is a material risk of declining shipbuilding licence sales in 2010/11, which will not be made up by growth in the Power, Oil & Gas verticals and strong PLM (Product Lifecycle Management) momentum," Investec says in a note.
The broker cuts its 2010 EBITA forecast by 16 percent, and slashes its target price to 620 pence, from 1,045 pence.

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12:48GMT 06Nov2008-Conergy down; LG Electronics ends negotiations

Shares in German solar energy system maker Conergy drop more than 16 percent on Frankfurt's technology index, after it says that LG Electronics has ended negotiations on the joint venture in Frankfurt (Oder).
However, Conergy says that LG Electronics will continue to review other options for cooperation with Conergy.
"This is extremely bad news for Conergy," says an analyst.
In September, LG Electronics had signed a preliminary deal on a solar cell production venture with Conergy.
It said that it was aiming to make a joint investment into Conergy's solar cell unit, adding it would acquire a 75 percent stake in Conergy's solar module plant in Frankfurt (Oder).
LG had planned to sign a formal deal after two to three months of negotiations and due diligence.
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12:43GMT 06Nov2008-Carl Zeiss Meditec up on defensive strengths

German optics technology company Carl Zeiss Meditec gains 3.7 percent as the only gainer in Frankfurt's technology index, boosted by the stock's defensive characteristics and its purchase of all manufacturing rights for glaucoma products from a former supplier.
"We see many healthcare companies in positive territory today," says Oppenheim Research analyst Ludger Mues.
"(Carl Zeiss') asset acquisition of products from Welch Allyn also helps a bit," he adds.
Carl Zeiss Meditec says it has acquired all assets, intellectual property rights and trade marks related to the manufacturing of two glaucoma diagnostic products from its long standing supplier Welch Allyn.

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12:38GMT 06Nov2008-Smith and Nephew down as costs surprise

Shares in Smith & Nephew fall some 9 percent as the market is surprised by increased costs during the company's third quarter results.
"Those are the two things (increased litigation and compliance costs) that have surprised me the most, to the negative. Both of them were higher costs than we had expected and therefore negative to overall profitability compared to our forecast," says Charles Weston, analyst at Nomura Code Securities.
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12:30GMT 06Nov2008-Credit indexes edge in after BoE rate slash

European credit derivative index spreads edge in after a shock Bank of England 1-1/2 percentage point rate cut, but remain wider on the day as concerns about a deep recession grow.
The investment-grade Markit iTraxx Europe index is at 137.5 basis points, according to data from Markit, about 2.5 basis points tighter than just before the rate cut, but some 6.5 basis points wider on the day.
The Markit iTraxx Crossover index, made up of 50 mostly "junk"-rated credits, is at 746.25 basis points, some 4 basis points tighter prior to the cut but 21.5 basis points wider on the day.
"This has caught everyone by surprise," says Andrea Cicione, a credit strategist at BNP Paribas.
But rather than create a "short-term feel good factor", the UK rate cut may ramp up fears about just how severe the economic outlook is, he adds.
"My view is that this is an acknowledgement that the slowdown of the economy is much worse than previously thought. So it doesn't bode well for the economic situation."

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12:31GMT 06Nov2008-UK property stocks slow to react to rate cut

Shares in UK property stocks miss out on a broadly expected bounce after the Bank of England slashed the UK base rate by 1.5 percent to 3 percent in the biggest single rate cut since September 1992.
The FTSE 350 Real Estate Index is trading 1.8 percent down at 2,420.64 points as analysts and market commentators speculate the prospects for the British economy are even worse than first feared.
"I'm almost speechless. Heaven knows what data the MPC has seen that's driven it to vote for a cut this size, but it is not good news," says Keith Steventon, head of research at property services firm Atisreal.
"This implies that the MPC believes a full blown recession is on the cards," he says.
Britain's biggest real estate investment trusts, Land Securities and British Land are trading down 2.2 percent to 1,154 pence and 3 percent down to 652 pence respectively.
The UK's biggest residential property landlord Grainger sheds 1.3 percent to 97.5 pence.

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11:57GMT 06Nov2008-IVG down; Morgan Stanley cuts target price

German property group IVG Immobilien falls 14.5 percent to the bottom of Frankfurt's midcap index, put under pressure as Morgan Stanley cuts its target price to 1 euro from 7.40 euros.
"Gerhard Niesslein has taken over as chief executive on Nov. 1, 2008. We think he has his work cut out in restructuring and recapitalising the group, as on our estimates, the liquidation value of the group is falling rapidly," Morgan Stanley analysts write.
"This (Morgan Stanley target price cut) was, I say, relatively spectacular," says a trader.
WestLB also cuts its price target in the company to 13 euros from 21 euros.

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12:01GMT 6Nov2008-International Power lifts on positive update

Shares in International Power rise 6.7 percent as investors take comfort from a positive trading update, analysts say. The British power generator says it expects another year of growth in 2008.
Analysts at Dresdner Kleinwort say the statement, which highlighted a good UK performance, should be "mildly reassuring" to investors, although it says there are still future risks.
"There remains a longer term question over the cost of debt for the company's highly geared, project financed model," Dresdner says in a note.
Deutsche Bank says better-than-expected performance in the UK should drive earnings growth in 2008.
"We continue to see value in International Power and reiterate our 'buy' recommendation," Deutsche analysts say.

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11:23GMT 06Nov2008-Car dealerships fall after sales data

Shares in car dealership groups Lookers and Pendragon fall after the latest figures from the Society of Motor Manufacturers and Traders shows a further weakening in new car sales.
Lookers are down 2.3 percent to 32.0 pence, while Pendragon trade 2.6 percent lower at 5.69 pence.
New car registrations fell by 23 percent in October, while total sales in the year to date were 8.8 percent below the same time last year.
Stockbrokers Panmure Gordon moves its recommendation for Lookers to "sell" from "hold" with a 24 pence price target.
"The final quarter of the year is normally quiet for car dealers, but we expect many to be loss-making given the current climate," it says.
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11:40GMT 06Nov2008-Millennium & Copthorne falls on outlook

Shares in Millennium & Copthorne fall 4.2 percent to 215.50 pence after the hotelier reports an increase in third-quarter pretax profit but says its New York properties experienced sluggish October trading, which hit its revenue for the month.
Recently released Smith Travel data also suggests that revenue per available room (RevPAR), the hotel industry's main measurement of performance, fell 7.2 percent and 18 percent over the last four weeks in the United States and London, respectively.
"The outlook (for M&C) suggests trading has deteriorated since the end of the third quarter ... Based on the deterioration in the industry outlook we now factor in a 5 percent RevPAR decline across all regions for 2009," says Cazenove analyst Tim Barrett, who trims his 2009 EPS target for M&C by 15 percent to 26.8 pence.
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11:39GMT 06Nov2008-Rhoen Klinikum rises on 2009 outlook

Shares in German hospital operator Rhoen-Klinikum rise 1.2 percent as one of five gainers on Frankfurt's midcap index, after the company gives its first outlook for 2009.
The company aims for sales of 2.3 billion euros ($2.96 billion), while net profit is expected to come in between 125 million euros and 135 million euros.
"The fact that the company is aiming for growth next year certainly helps the share," says Oppenheim Research analyst Ludger Mues.
The company also confirms its 2008 targets, still aiming for total sales of 2.1 billion euros, while net profit is expected to reach 123 million euros.
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11:28GMT 06Nov2008-Motivcom slides after trading update

Shares in Motivcom slide 30.5 percent as the employee-performance improvement company says it does not expect to meet market estimates on its headline operating profit for the year ending Dec. 31 due to current economic conditions.
Numis Securities cuts its 2008 pretax profit estimate to 3.0 million pounds, from 4.2 million pounds, and its 2008 EPS estimate to 7.1 pence, from 10 pence.
For 2009, the broker lowers its pretax profit estimate to 4.5 million pounds, from 5.0 million pounds, and its EPS estimate falls to 10.9 pence, from 12.3 pence.
Accordingly, Numis cuts its target price to 73 pence, from 95 pence, but keeps its "buy" recommendation.
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10:55GMT 06Nov2008- Fresenius Medical Care up on defensive strengths

Shares in Fresenius Medical Care add 3.8 percent, the only two gainers among German largecaps, after investors are buying the stock based on the dialysis specialists defensive characteristics.
"Fresenius is a solid defensive stock. A good bet in a slumping market," says a Frankfurt-based trader.
Research analyst Chris Donnellan from Dresdner Kleinwort also points to the company's solid revenue stream.
"We see FMC as continuing to provide stable and relatively predictable revenue and earnings growth going forward despite the economic slowdown. This defensive quality is certainly one of the main reasons for holding the stock at present," Donnellan writes in a note to clients.
Donnellan says a second reason for holding the stock is a potential upside from an extension to private insurance coverage of dialysis in the United States.

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10:53GMT 06Nov2008-Dunelm up on "better than expected" sales

Shares in Dunelm, the home furnishings retailer, climb 2.1 percent after the company says its total sales up 4.3 percent in the 18 weeks to Nov 1, 2008.
Seymour Pierce repeats its "hold" recommendation on the company.
Like-for-like figures are reported to be down 3.9 percent, but Seymour Pierce says this is a better than expected result.
"It shows that although sales are extremely volatile the downturn is not quite as bad as flagged up by the consumer confidence figures," the broker says in a note.
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10:46GMT 06Nov2008-Huveaux falls on earnings downgrade

Shares in Huveaux fall nearly 22 percent to 7.25 pence after it warns that full year profits will fall short of previous expectations. The group blames the abolition of SATs in schools, which will hit sales of its educational products in 2008 and 2009.
Stockbrokers Brewin Dolphin says it has lowered its 2008 divisional EBIT forecast by 600,000 pounds to 2.4 million pounds, which feeds through to a 19 percent earnings downgrade to 1.3 pence a share.
For 2009, the broker is downgrading its earnings forecast by 14 percent to 1.8 pence, driven primarily by the expectation of flat educational profits. It also cut its dividend forecasts for both years.
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Reuters Messaging rm://malcolm.locke.thomsonreuters.com@reuters.net 10:41GMT 06Nov2008-easyJet down; Panmure sees "deteriorating" outlook

Shares in easyJet, the low-cost airline, fall 1.2 percent as traders continue to take a bearish view on the aviation sector, with Panmure Gordon saying trading conditions look set to deteriorate in the face of worsening economic conditions.
Panmure is commenting after eazyJet releases its load factor figures for October, which showed a 1.4 percent rise to 83.9 percent.
The figures follow Monday's news from Ryanair, the Dublin based airline, which said it would make losses in the second-half as ticket prices plunge and the ongoing issues surrounding the sale of Alitalia. Ryanair slips 2.2 percent.
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10:33GMT 06Nov2008-Rhodia shares fall after Q3

Rhodia shares fell by as much as 7.5 percent despite generally good third-quarter performance and the French specialty chemical maker's confidence for the future.
"There are several factors, firstly the stock market is down, plus although the figures in general were good and the company was confident for the future, free cash-flow is still negative, polyamide was disappointing in Europe and net profit was lifted by a 34 million euro exceptional item and if restated, net profit came in below expectations," Natixis Securities analyst Clement Celerier says.
Rhodia shares are down 5 percent, while the DJ Stoxx European chemicals sector is down 4.6 percent.
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10:27GMT 06Nov2008-InBev rebounds on results relief

Shares of InBev rise as much as 6.1 percent, making them one the top gainers on the FTSEurofirst 300 index and against a 1.9 percent decline of the DJ Stoxx European food and beverage index.
InBev shares fell 13 percent on Wednesday after Danish rival Carlsberg trimmed its earnings outlook on weaker consumer sentiment.
"I think there's an element of relief for InBev," an Amsterdam-based analyst says, adding that Brazilian and western Europe figures are above expectations.
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10:18GMT 06Nov2008-Fuchs Petrolub falls after results

Shares in Fuchs Petrolub fall 16.1 percent after the industrial lubricant specialist says it sees a slight drop in its 2008 EBIT forecast.
"It is no real surprise that Fuchs warned after it was becoming more cautious with its pronouncements on the second-half of the year," says one Frankfurt-based trader.
The trader says Fuchs' 9-month results were mixed compared to analyst expectations.
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10:02GMT 006Nov2008-Shanks higher on slightly better H1 results

Shares in waste management firm Shanks Group rise 7.1 percent to 150 pence after first half profits come in slightly ahead of expectations. Pretax profits for the six months to end-September are up by 13 percent to 24.7 million pounds.
Altium Securities says it is looking for profits of 49.5 million pounds for the full year and retains its "hold" recommendation for the stock with a 145 pence price target.
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09:53GMT 06Nov2008-Inchcape slumps as UK car sales slide

Shares in British car retailer Inchcape slump 8.1 percent to 87 pence after new car registrations in Britain fall 23 percent in October compared to the same month last year, according to data published on Thursday from the Society of Motor Manufacturers and Traders (SMMT).
"This (SMMT data) is not particularly good news for auto retailers involved in the UK market and Inchcape is one of them. Perhaps falls may not be so steep since they have lost a lot of value already but you'd think it would be bad news overall," say traders at KBC Hunt.
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09:46GMT 06Nov2008-Randstad's bleak outlook pressures shares, rivals

Shares in world number two staffing company Randstad are down more than 6 percent after it forecasts slowing labour markets in line with recent similar warnings from competitors, such as first-ranked Adecco.
"The outlook is a bit gloomy, it is affecting all shares," says fund manager Rob Koenders at Harmony Vermogensbeheer, which holds Randstad shares.
Adecco is 3.4 percent lower, UK rival Michael Page 6.1 percent softer and Dutch USG People 4.4 percent down. The DJ Stoxx industrial goods and services index is 3.6 percent lower.
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09:38GMT 06Nov2008-Invensys slides as H1 misses forecasts, CFO to leave

Shares in British technology group Invensys slide 10.5 percent to 150.6 pence as it reports first half operating profit below analyst forecasts, and reduces second half expectations for shipments and operating profit in its controls business.
It also says its CFO, Steve Hare, will leave the business after the full-year results in May.

"The main disappointment came from Process Systems, where operating profit declined by 11 percent year-on-year and in Controls, where it declined 19 percent year-on-year," Societe Generale says in a note.
"Given these weak results and departure of the CFO we expect a weak share price reaction today."
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09:43GMT 06Nov2008-Fraport outperforms German midcap index; confirms outlook

Shares in German airport operator Fraport fall 0.6 percent, outperforming Frankfurt's mid-cap index which is down 3.5 percent, after the company reports core earnings in line with estimates and confirms full-year guidance.
Fraport reports third quarter earnings before interest, tax, depreciation and amortisation of 207.1 million euros, slightly better than the Reuters poll average of 207 million euros.
"Fraport reported solid results for the third quarter, which are broadly in line with our expectations," says Equinet analyst Jochen Rothenbacher.
Rothenbacher, however, says he has downgraded his recommendation on the stock to hold from buy, as his price target of 30 euros offers only limited upside.
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09:36GMT 06Nov2008-Dimension Data down on Cisco's cautious outlook

Shares in IT firm Dimension Data fall 12.5 percent to 31.5 pence after a cautious outlook from Cisco Systems , a technology bellwether, in its first-quarter results statement on Wednesday.
Altium Securities reiterates its "sell" recommendation and 20 pence target price on Dimension Data.
"Dimension Data reports preliminary results on November 12; while the reported results may be fine, we would be surprised if management did not offer a cautious outlook in line with the comments from Cisco," Altium says in a note.
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09:16GMT 06Nov2008-Indra off lows on Q3 earnings, outlook

Indra shares move off lows and outperform a weak market after the company edges up forecasts for new contracts in 2008 after posting forecast beating nine-month earnings late Wednesday.

"Indra delivered strong third-quarter results, expecially given the current environment...The company's initial outlook for 2009 is also encouraging," Exane BNP Paribas says in a note.
Indra does not provide forecasts for 2009 but says that there is scope for organic growth in its financial services and telecoms businesses, noting that its already has 941 million euros of contracts in its order book to execute next year.
Indra shares are down 1.4 percent, while the IBEX 35 index is down 2.8 percent.
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09:31GMT 06Nov2008-Aegon shares up on new business

Shares in Aegon rise 1.8 percent, outperforming a 3.8 percent decline in the DJ Stoxx European insurers index as investors welcomed the Dutch insurer's future earnings, measured in its value of new business (VNB), analysts say.
"Aegon has been doing well in the past few days, they have a strong capital position and the underlying performance was good," says one Amsterdam-based trader.
Analyst Paul Beijsens at Theodoor Gilissen says that the value of new business pulled in by Aegon was also positive: "The value of new business amounted to 206 million euros and that is fine and better than expected."

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09:29GMT 06Nov2008-Man Group plummets on outflow fears

Shares in hedge fund firm Man Group fall 24.5 percent to 296 pence on fears its Man Global Strategies (MGS) products would see further outflows and after the group's first-half profits and assets drop.
Man has been moving most of the assets in the MGS product into cash after it fell 18.6 percent in the period, causing the firm to bring forward a $107 million amortisation charge on sales commissions.
"We read management's decision to accelerate amortisation of upfront MGS sales commissions as an admission that outflows from MGS are expected to accelerate," analysts at Citi say.
The firm also reports assets under management of $67.6 billion at end-Sept, below the $70.3 billion it had previously estimated. At the beginning of November, this had fallen to around an estimated $61 billion, the firm says.
Meanwhile, profits fell 24 percent after the amortisation charge and lower performance fees.

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09:28GMT 06Nov2008-Germany's Henkel slides after lowers FY goals

Shares in German detergents and adhesives maker Henkel fall 5.3 percent, making them one of the top losers on Frankfurt's bluechip index , after it reports weaker-than-expected operating profit and lowers its 2008 forecast.
"Given the cautious outlook, we believe the share price will tend towards weakness," says LBBW analyst Iris Schaefer.
Henkel posts a 6.3 percent rise in third-quarter adjusted operating profit, slightly below estimates, as high raw material prices weigh. The company lowers its 2008 forecast, expecting earnings before interest and tax (EBIT), adjusted for restructuring charges and one-offs, to grow about 10 percent from 1.37 billion euros in 2007.
Previously Henkel said it saw adjusted EBIT growth at the lower end of its forecast mid-teen percentage range.
Henkel shares, which have fallen 42.2 percent this year and underperformed the DAX, are down at 22.23 euros.
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09:18GMT 06Nov2008-Henderson down on update, Altium says "sell"

Shares in global fund manager Henderson Group fall 6.2 percent after it confirms its assets under management (AUM) fell by 3 percent from June 30, 2008, with Altium Securities cutting its core 12-month recommendation to "sell" from "hold".
Altium Securities says AUM are broadly in line with its forecasts, but the split between high and low margins are less favourable than it had envisged.
The broker notes the increased industry wide client redemptions and says given the lack of visibility, it expects the shares to come under pressure following its recent good run.
Altium also repeats its "sell" 6-month trading recommendation and 54 pence target price.

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09:14GMT 06Nov2008-Pirelli RE slides after weak Q3, outlook

Trading in shares of Italian real estate company Pirelli RE Spa is suspended following a sharp decline in the stock price, with the company's weak Q3 results and gloomy outlook prompting Citigroup to cut its rating on the stock.
"Given the current picture of a company not generating profits until 2010, not paying dividends, and being forced to sell stable cash-flow businesses, we believe NAV (net asset value) could be frozen for several years," Citigroup says in a research note.
On Wednesday, Pirelli ditched its operating profit target for 2008 as the financial crisis hit its market but said it should manage to break even.
The company shares are indicated down nearly 10 percent.
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09:11GMT 06Nov2008-Old Mutual up on US overhaul, new CFO

Shares in Anglo-South African insurer Old Mutual climb 5 percent, making them the FTSE 100's biggest riser, after the company unveils plans to derisk its troubled U.S. life business and appoints former Prudential finance chief Philip Broadley as its new finance director.
"They're taking steps to arrest the issue, although we still don't know the boundaries of the problem," says Fox-Pitt, Kelton analyst Raghu Hariharan.
Old Mutual is offering to top up U.S. annuity customers' policies in exchange for them surrendering guarantees which have proved expensive to maintain as equity markets slump.
Old Mutual shares, down 9 percent on Wednesday, are also supported by news that chief executive Julian Roberts is to consider further changes to the group, with full details to be announced alongside its full-year results, FPK's Hariharan says.
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08:41GMT 06Nov2008-ProSieben drops; weak Q3 figures, bracing for tough '09

Shares in ProSiebenSat1 Media fall 8.2 percent as one of the top losers on Frankfurt's mid-cap index, after Germany's biggest commercial broadcaster says it plans to implement rigorous cost savings and revise its 2009 budget as it braces for a continued weak television advertising market.
ProSieben's main difficulties since the start of the year have been in the German-speaking TV advertising region, where its customers have been reluctant to adopt a new ad sales model introduced by the company in Germany.
"The problems with the ad sales model will continue to make themselves felt in the fourth quarter, according to the company. In addition, you have the economic weakening," says LBBW analyst Iris Schaefer.
"It is a dismal outlook, so we believe the shares are going to continue weakening."
Shares in ProSieben, which said recurring earnings before interest, taxes, depreciation and amortisation dropped 17.4 percent in the third quarter, are down 8.2 percent at 2.35 euros.
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08:46GMT 06Nov2008-Michael Page down on Randstad read-across

Shares in Britain's Michael Page International slide as much as 6.5 percent to 200 pence in early trade after Dutch recruiter Randstad, the world's second largest staffing firm which now has a significant British presence following its acquisition of Vedior earlier this year, posts a 20 percent fall in third quarter profit and says slowing economies and the credit crisis have hit corporate hiring.

"Randstad's results were notable for the continued weakness of its north American operations and the relative robustness of continental Europe. Overall there is not much comfort to be drawn form these results for UK staffing companies," says Seymour Pierce analyst Kevin Lapwood.
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08:46GMT 06Nov2008-FTSE Small Cap Index down 1.1 pct early

The FTSE Small Cap Index falls 1.1 percent as UK markets drop lower on the back of a poor performance overnight in the U.S., with the FTSE 100 Index down 3 percent.
UTV Media slides 5 percent after it says it is putting its ailing Endinburgh-based talk107 radio station up for sale, as it no longer believes it can make the station profitable.
Dunelm Group, the out-of-town homewares retailer, drops 1.9 percent after it says like-for-like sales declined in the 18 weeks to 1st November.

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09:42GMT 06Nov2008-Tate rises as profits beat forecasts

Tate & Lyle shares rise 2.8 percent as the sugar refiner and sweetener maker beats forecasts with a 4 percent rise in first-half pretax profits and says it is more resilient than most to current recessionary pressures.
The company had warned in mid-September of flat first-half profits due to extra costs at its Loudon corn mill in the U.S., and noted a slower rate of new food product launches in the U.S. which might hit Splenda sales and a very difficult European Union sugar market.
Tate now says it sees progress in second-half profits, helped by lower corn prices and a stronger dollar.
"This was a pleasant surprise ... and the company looks a bit more optimistic for the second-half," said one analyst.
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08:42T 06Nov2008-Adidas shares drop after abandoning 2009 forecasts

Shares in Adidas drop as much as 8.4 percent, making them among the top decliners in Germany's top-30 DAX index, after the world No.2 sporting goods maker retracts its 2009 forecasts due to economic uncertainty and after reporting third-quarter earnings in line with analysts expectations.
"The retracted 2009 outlook and Reebok's weak development are clearly negative, but come as no surprise to us," LBBW analyst Tim Burkhardt says in a note to clients.
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08:29GMT 06Nov2008-Tomkins warns on performance, shares down

Tomkins Plc's shares fall as much as 13 percent after the British engineer, which makes parts used in car engines and air conditioners and has 60 percent of its sales in North America, says its 2008 performance will be at the lower end of current market expectations given its end-markets have worsened considerably in recent months, and that 2009 will also be challenging.
Citi analysts say: "Given the challenges going into next year, the implication for 2009 profits is an outturn below, and perhaps significantly below 2008 levels". Citi repeats its 'hold rating' and 115 pence target on Tomkins stock.
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07:53GMT 06Nov2008-MLP indicated lower after 2008 profit warning

Shares in MLP AG are seen opening lower, largely underperforming German midcaps, after the financial services provider warns that its 2008 profits will remain flat with 2007 levels after it releases disappointing third-quarter figures.

"(This) profit warning does not come unexpected, regarding consensus expectations for 2008. Nevertheless, weaker-than-expected third-quarter figures should also weigh on MLP shares this morning," a trader says.
Third-quarter earnings before interest and tax (EBIT) fall to 2.8 million euros ($3.6 million) from 18.2 million in the same quarter last year, far short of the average estimate of 9 million euros in a Reuters poll. Sales dropped 8.9 percent to 126.4 million euros.
A second trader, however, voices surprise.
"Interesting, we thought that independent advisors would benefit from the crisis in the banking system. Either they (MLP) are doing something wrong or our thought is wrong. Anyway, share prices will collapse today," he says.
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07:43GMT 06Nov2008-Fielmann seen up on Q3 results

Shares in German spectacle producer Fielmann are indicated to open 1 percent higher as the biggest gainer on Frankfurt's smallcap index, according to brokerage Lang & Schwarz, after the company reports strong third-quarter earnings before tax (EBT) and confirms its full-year guidance.
Third-quarter EBT reaches 47 million euros ($60.42 million), beating the 44 million euros consensus estimate of a Reuters poll of analysts.
A Frankfurt-based trader says that the numbers are "solid".
The company still expects EBT for the full year 2008 to rise in the double digit range.
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07:30GMT 06Nov2008-Altana seen up after proposed takeover offer

Shares in German chemicals company Altana are indicated to open 39 percent higher, according to brokerage Lang & Schwarz, after Susanne Klatten, Germany's richest woman, offers to buy the shares in Altana she does not own already.
Klatten, who owns just above 50 percent of Altana's shares, plans to offer 13 euros ($16.71) per Altana share, her investment company Skion says.
"We will change our recommendation from "sell" to "buy". We assume that Skion will be successful but expect a better offer later," writes DZ Bank analyst Peter Spengler.
Altana says its supervisory board and management will review the offer before making a comment.
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($1=.7779 Euro)

07:20GMT 06Nov2008-Futures set to fall after U.S. slide

European shares are set to open lower, according to futures, following sharp declines in U.S. and Japanese markets, as U.S. election euphoria gives way to worries about a deep economic slowdown.
DJ Euro Stoxx futures are down 3.1 percent, Germany's DAX futures are down 3.1 percent and France's CAC-40 futures are down 2.7 percent.
Investors are awaiting interest rate verdicts from the European Central Bank and the Bank of England later in the day. Both central banks are widely expected to cut rates to stimulate growth.
The FTSEurofirst 300 of leading European shares closed 2.2 percent lower on Wednesday, snapping a six-session winning streak. U.S. stocks plummeted after Barack Obama's historic victory in the presidential election, as a fresh batch of dismal economic data painted a gloomy picture.
In Asia, Japan's Nikkei average closed 6.5 percent lower.

European companies:

Inbev

Adidas AG
Vedanta Resources
Alstom SA
Tate & Lyle
3i Group

Raiffeisen Int'l Bank-Hldg
Compagnie Nationale
Delhaize Group
KBC Group
Prosafe ASA
Vestas Wind Systems
Bureau Veritas
CNP Assurances
Eiffage
Hermes Int'l
Iliad
Legrand
Rhodia S.A.
Wendel
Deutsche Telekom
Fraport AG
Henkel
Tenaris
Aegon N.V.
Randstad Hldg
Abertis
Securitas AB
Petroplus Hldgs AG
Invensys
Interim Man Group
Smith & Nephew
Randgold Resources

U.S. Companies include:

Walt Disney
The NASDAQ OMX Group
Anheuser-Busch Co.
Barr Pharma
Fluor Corporation
VeriSign

Macro (GMT):

1100 DE Ind Ords
1200 GB BoE rate
1245 EZ ECB rate
1330 US Jobless clms

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Keywords: MARKETS EUROPE STOCKSNEWS =6

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