** LUNCH WRAP **
- Market volumes trade at 145% of the 20-day moving average led by the Retailers.
Mitchells & Butlers (+2%) in talks to sell 100 pubs to Trevor Hemmings for 107m pounds. H&M (+4.6%) profit tops consensus. Bulgari (+2.2%), PPR (+3%) looking to sell FNAC to concentrate on Gucci.
- Repsol (+4.6%) after Spanish energy sector consolidation. Neste Oil (+4.7%) to boost biodiesel investments. E.ON (-1.5%) after raising its bid for Endesa (suspended) to e35.0 in cash. Miners strong after US jump in consumer confidence: Lonmin (+2.3%),
Corus (+2%), and AAL (+3.6%).
- OCE (-13%) profit warning, CNP (-6%) H1 misses forecasts.
- Precious metals continue recovery on physical demand and lofty money growth rates in Europe.