Today's headlines 26th November

Today's headlines

*ICE ECX may amend 2013 CER contract over EC curbs
*EC offset proposals spark CER sell-off
*Meth panel probe could hit pre-2013 CER supply
*Swiss eye more offset purchases
*Market slams January 2013 start date for EC ban
*EC seeks ban of HFC 23, adipic acid offsets from Jan 2013
*Swedish agency to buy post-2012 CERs
*NZUs edge upwards
*Panel in support of HFC 23 issuance methodology revision: Reuters

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Mitsubishi and Baosteel Group carbon credits

Japan’s Mitsubishi and China’s Baosteel Group will cooperate on generating carbon credits.

Mitsubishi, Japan’s biggest trading house, and Baosteel, a major Chinese steelmaker, have agreed to form a strategic environmental alliance, a Mitsubishi spokesman confirmed to Point Carbon News on Wednesday.

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Hungary fossil-based power up 11%, Slovakia down 7%

CO2 emitting power generation soared in Hungary, but plunged in Slovakia in the first nine months.

Fossil-fuel based electricity production rose 11 per cent to 12,978 GWh in Hungary in the first nine months of the year, according to preliminary government data.
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EUAs finish week steady under €15

EUAs ended the week little changed as industrial selling kept prices below €15, traders said.

EU allowances for December delivery, trading on ICE ECX, finished at €14.93, a penny below Thursday’s settlement price but 3 cents above last Friday’s close.

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Todays Market News and Views

Market News and Views

The FTSE 100 is called to open lower this morning as investors wait for news about Ireland's debt situation and its potential impact on the euro zone as ongoing concerns that the Chinese will tighten monetary policy continue to fester. The market will have domestic economic data and US figures later in the session to focus on (see below) which includes the Minutes of the Bank of England MPC which may provide some direction on UK interest rates. Ex-dvidend factors will take off over 10 points from the FTSE 100 this morning.

Today's Company announcements

Centrica IMS reports that it continued to perform strongly in Q3 and overall expects forecast operating profits to be slightly ahead of current market expectations with EPS in line with current estimates.

Barratt Developments IMS notes a 9% rise in total average selling prices for the financial year to date and said whilst the autumn selling season has been weaker than anticipated, its encouraging performance on price is expected to drive margin growth for the year.

Northern Foods Propsed Merger. Announces recommended merger with Greencore with the combined group to be called Essenta Foods. Northern and Greencore shareholders to hold 50% each of the merged company and it expects cost synergies of £40m pa to be realised within 3 years. The merger is expected to complete during the Q2 of 2011.
ICAP Interim Results saw a 4% rise in net profit to £98m on the back of a better performance in its electronic broking business on revenue ahead 9% at £867m. It added that the 'current range of analysts forecasts for ICAP's profits are reasonable'.
Experian Interim Results saw a 10% fall in PBT with revenues increasing 8% and the dividend rising 29%. It added that trends were improving across all regions and was targeting a modest improvement in its full year EBIT margin

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Ireland's Cowen to Weigh EU Steps to Shore Up Banking System

Ireland signaled a willingness to weigh European Union measures to aid its banks, potentially abandoning a go-it-alone defense to prevent a resurgent debt crisis from destabilizing the euro.
With European Central Bank officials urging Ireland to set aside national pride and tap the 750 billion-euro ($1 trillion) fund created in May, Prime Minister Brian Cowen put aid for banks on the agenda of a meeting of euro finance ministers today.

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original source of information - Irish Times & Bloomberg

Market update -16 November 2010

Market update (AM): FTSE hit as Asian markets finish lower.

Listed hedge fund Man Group was the biggest faller in early trading, with share price dropping by 4.4 per cent to 280.9p.

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