- The pound weakened for a second day against the dollar on renewed concern the financial crisis in Europe will be prolonged, damping demand for the region’s assets.
- Lloyds Banking Group Plc, the U.K.’s biggest mortgage lender, said for the first time it may exit the government program to insure 260 billion pounds ($424 billion) of its risky assets.
- European and Asian shares declined and U.S. stock-index futures retreated on speculation that a six-month rally in global equity markets has outpaced the prospects for earnings.
Lonmin Plc decreased 2.1 percent as metal prices fell. Lloyds Banking Group Plc dropped 1.4 percent after the lender said it’s considering alternatives to a government asset protection program. Super de Boer surged 19 percent after receiving a takeover offer from Jumbo Groep Holding BV. - Nasdaq OMX Group Inc. and Bats Global Markets’ decision to prohibit flash stock orders was affirmed by the Securities and Exchange Commission, which proposed banning the practice yesterday.
- Britain posted the biggest budget deficit for any August since modern records began in 1993 as the recession destroyed tax revenue and welfare costs soared.
The 16.1 billion-pound ($26.3 billion) shortfall compared with a deficit of 9.9 billion pounds a year earlier, the Office for National Statistics said in London today. The median of 16 forecasts in a Bloomberg News survey was 17.6 billion pounds.
Bloomberg 18 September 2009
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