Borrowing costs for Spanish debt have surged in recent days on the back of reports that more Spanish regions may follow Valencia in asking for government aid. Meanwhile, a Spanish short-term debt auction this morning was successful, with the Treasury managing to meet its target, though yields jumped to the highest levels (for these particular securities) since the introduction of the euro in 1999.
In China, the preliminary HSBC manufacturing PMI rose from 48.2 to 49.5; while the sector is still contracting, the PMI is at a five-month high.
FTSE 100: Slow-burning Croda catches fire
It took a while for the market to fully digest the results from speciality chemicals producer Croda International, but once it did the shares raced ahead. Strong demand for the group's products in the USA offset weaker trading conditions in Europe, while a change in the product mix sold led to an improvement in margins.
BP edged lower after announcing that Rosneft is to enter negotiations to buy the integrated oil giant's shareholding in TNK-BP, Russia's third largest oil producer.
Meanwhile, power systems group Rolls-Royce advanced after winning a contract to supply LNG power and propulsion systems to two ferries being built in Norway. Security firm G4S was also in demand despite announcing that 1,200 additional troops will deployed to help out at the Olympics after the company failed to provide enough fully-trained staff.
Banking stocks were being hampered by risk aversion once again today as Eurozone debt concerns continue to cloud the outlook for the global economy. Barclays, Standard Chartered, Lloyds, RBS and HSBC were in the red today despite Investec reiterating its 'buy' ratings for all five stocks today, saying that while the upcoming first-half results season will be "unexciting", lenders are unlikely to provide a negative surprise.
FTSE 250: Provident surges after Vanquis Bank performance
Small loans specialist Provident Financial topped the risers list on Tuesday afternoon after reporting that its first-half performance was helped by a sparkling performance from its Vanquis Bank. The group reported a 17 per cent rise in pre-tax profits, while Vanquis Bank saw profits surge 60.2 per cent.
The doorstep lender International Personal Finance advanced after saying that it is to return a pile of cash to shareholders after reporting a big rise in customer numbers and underlying profits at the half year stage.
Hedge fund manager Man Group surged despite funds under management falling from $58.4bn to $52.7bn and adjusted profits almost halving. The firm said it was on track to achieve its cost-cutting target this year and said it will save further in the next 18 months.
Heading the other way was consumer products group PZ Cussons after tough trading conditions in Nigeria and Australia plus soaring raw material costs dented profits in the year to May 31st.
FTSE 100 - Risers
Croda International (CRDA) 2,364.00p +6.06%
Aggreko (AGK) 1,959.00p +2.78%
Antofagasta (ANTO) 1,045.00p +1.75%
G4S (GFS) 244.50p +1.20%
Aberdeen Asset Management (ADN) 247.70p +1.18%
Shire Plc (SHP) 1,890.00p +1.18%
Serco Group (SRP) 565.50p +1.16%
Hargreaves Lansdown (HL.) 552.50p +0.82%
ARM Holdings (ARM) 484.80p +0.73%
Rolls-Royce Holdings (RR.) 841.50p +0.72%
FTSE 100 - Fallers
Glencore International (GLEN) 301.65p -2.33%
ITV (ITV) 70.40p -2.22%
International Consolidated Airlines Group SA (CDI) (IAG) 145.40p -2.15%
Resolution Ltd. (RSL) 205.00p -2.10%
ICAP (IAP) 301.10p -1.99%
Aviva (AV.) 269.80p -1.96%
Standard Chartered (STAN) 1,429.00p -1.96%
Admiral Group (ADM) 1,129.00p -1.83%
Lloyds Banking Group (LLOY) 28.76p -1.81%
Xstrata (XTA) 798.60p -1.75%
FTSE 250 - Risers
Provident Financial (PFG) 1,297.00p +10.57%
International Personal Finance (IPF) 255.60p +8.21%
African Barrick Gold (ABG) 338.10p +6.66%
Regus (RGU) 91.45p +4.51%
Man Group (EMG) 72.00p +4.12%
Atkins (WS) (ATK) 751.00p +3.87%
Melrose (MRO) 210.00p +3.45%
New World Resources A Shares (NWR) 305.00p +3.39%
RPS Group (RPS) 232.60p +3.15%
Synergy Health (SYR) 951.00p +2.53%
FTSE 250 - Fallers
Ocado Group (OCDO) 71.70p -5.35%
PZ Cussons (PZC) 305.00p -5.19%
Cable & Wireless Communications (CWC) 30.77p -5.18%
AZ Electronic Materials SA (DI) (AZEM) 268.70p -5.05%
Kentz Corporation Ltd. (KENZ) 385.70p -4.60%
Home Retail Group (HOME) 71.20p -4.04%
Henderson Group (HGG) 90.55p -3.82%
Tullett Prebon (TLPR) 260.00p -3.02%
Stagecoach Group (SGC) 276.30p -2.71%
Aquarius Platinum Ltd. (AQP) 38.01p -2.71%
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