London pre-open: Eurozone rescue hopes start to fade

28th Sep 2011 07:21

It looks like the wheels are starting to come off the Eurozone debt crisis rescue bandwagon, after Berlin savaged plans to boost the EU rescue fund as a "stupid idea" and told the White House to sort out its own mess before giving gratuitous advice to others.Though Wall Street had another positive day yesterday, there was a late swoon as investors started having second thoughts about the idea that Europe's politicians were suddenly of one mind on how best to tackle the region's debt crisis, and it is that pessimistic mood that looks set to be reflected in London during early trading, with City traders tipping the top-share index will open 60 or so points lower.Hedge fund manager Man Group said statutory profit before tax on continuing operations for the six months ending 30 September 2011 totalled $145m, down from $180m at the interim stage last year. Total funds under management at the end of September stood at $65.0bn, down from $71.0bn at the end of June and $69.1bn at the end of March 2011. Its flagship fund, AHL, generated $1.5bn of positive investment movement in the firm's second quarter. taking the half year total to +$0.9bn.Oil firm Cairn Energy's Greenland venture continues to disappoint as it has plugged and abandoned the Delta-1 exploration well in the Napariaq block of the West Disko Area. Meanwhile, drilling work has commenced on the AT2-1 well in the Attammik block, in the South Ungava area.Sector peer Tullow is having better luck off the coast of Ghana, where the Enyenra-3A appraisal well, in the Deepwater Tano licence, has successfully encountered oil in high quality sandstone reservoirs. Pressure data indicates that the Enyenra-3A well has confirmed an up-dip extension of the Enyenra oil field.