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Wall Street slides, Asian stocks mixed, FTSE 100 seen flat in early trade

Published: 08:01 19 Oct 2009 BST

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Overview: the FTSE 100 is seen opening slightly below Friday’s closing level as investors will be waiting for more corporate results to come out in the US following disappointing Q3 reports from General Electric (NYSE: GE) and Bank of America (NYSE: BAC), which weighed on the stock markets on both sides of the pond.

The FTSE 100 declined 0.6%. The Dow Jones industrial average closed 0.7% down on Friday, slipping below the 10,000 point mark, while the Nasdaq composite lost 0.8%.

Asian markets were mixed with Hang Seng inching about 0.4% higher by midday, while Japan’s Nikkei posted marginal losses. Chinese stocks rallied 1.4% in early trade.

The companies that are due to report today include computer giant Apple (NYSE: AAPL), which is expected to post strong quarterly numbers that could put it above US$200 per share.

Oil prices continued their climb with December Brent Crude hitting US$77/barrel, while US light, sweet crude for November delivery improved to US$78.53/barrel.

Gold remained at US$1,050/oz, while Silver and Platinum held steady at US$17.40 and US$1,341/oz respectively.

Base metals showed slight improvement form Friday’s levels. Copper inched higher to US$2.84/pound, while Nickel rose to US$8.46/pound. Zinc climbed back to US$0.92/pound.

Morning news wrap

Gold miner Randgold Resources (LSE: RRS) has agreed to sell its entire interest in the Kiaka gold project in Burkina Faso to Volta Resources for C$4 million in cash and 20 million shares in the company.

Distribution and sourcing group Bunzl (LSE: BNZL) said overall trading has been consistent with expectations as the group’s revenue increased 8% year on year in the third quarter, while underlying revenue declined 1%.
Insurer Aviva (LSE: AV) has launched an initial public offering of its Dutch business Delta Lloyd.

In the FTSE 250, Dana Petroleum (LSE: DNX) has agreed to acquire a 23% working interest in the Hyperdynamics concession offshore the Republic of Guinea in West Africa with a option to negotiate an additional interest of 27% to give it a total 50% interest.

In the AIM, Russian focused copper and nickel miner Amur Minerals (AIM: AMC) said Russian authorities have approved its reserve estimate, making another step closing to secure a mining license for the Kun-Manie project in eastern Russia.

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