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.
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.
Chr. Hansen A/S rose the most in four days to rank second among gainers in Copenhagen’s benchmark index after Societe Generale and J.P.Morgan Cazenove said a second-quarter profit slide doesn’t reflect the enzyme maker’s “good” prospects.
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.
Storebrand ASA rose to a 20-month high in Oslo as JPMorgan Cazenove upgraded its rating on Norway’s second-largest insurer, citing improved growth prospects and reduced risk on its guaranteed portfolio.
Prudential Plc , the U.K.’s biggest insurer, said it plans to double profit in Asia within three years of buying American International Group Inc. ’s AIA Group Ltd., as it began a $21 billion rights offer to fund the deal.