Euro zone banks need at least 150 billion euros ($202 billion) of capital provided through a Europe-wide Troubled Asset Relief Program akin to the U.S. plan, according to a report by JPMorgan Cazenove.
A delivery of liquefied natural gas to the U.K. from the U.S. last week was the first such consignment since 1959 and may mark the start of a new trade link between the markets, JPMorgan Cazenove said.
Tesco Plc, the U.K.’s largest retailer, fell the most in more than three months as JPMorgan Cazenove cut the stock to underweight a week after being dropped as the supermarket company’s co-brokerage adviser.
Since the Gulf of Mexico oil spill started in April, BP Plc’s shares have dropped more than three times as fast as Exxon Corp.’s after the larger Valdez disaster in 1989. The difference may mean the London-based company is poised to rebound, JPMorgan Cazenove said.