Continental Europe Ends Seve Trophy Drought

Congress and the White House must agree on raising the $16.7 trillion debt limit on government borrowing before October 17 if the country is to avoid defaulting on its debt. “We continue to expect no solution this week, and the ongoing government shutdown means that today’s U.S. data will once again be postponed,” said Chris Scicluna, an economist at Daiwa Capital. Asian shares extended recent declines Tuesday, tracking Monday’s losses on Wall Street, as the shutdown dragged into its second week and concerns of a potential debt default grew. In Europe, a report by the Financial Times said that EU regulators who are overseeing next year’s stress tests on euro zone banks are preparing to penalize lenders that continue to rely on the European Central Bank ‘s cheap funding scheme, known as the long-term-financing operation, or LTRO. (Read More: Penalties planned for banks receiving ECB aid ) The British Retail Consortium reported softer retail sales growth in the U.K. on Tuesday. firms Marks & Spencer , Dixons , Debenhams and Next all traded lower on the news. Also in the U.K., a survey by the Royal Institution of Chartered Surveyors showed that British house prices rose at their fastest rate in 11 years in September and sales hit a four-year high. Royal Mail gets ready for IPO CNBC’s Helia Ebrahimi discusses the potential stock price of the Royal Mail flotation. Italian stocks higher In stocks news, shares in Italian lender BMPS were higher by 2.51 percent after it unveiled a new recovery plan on Monday, including job cuts, designed to help restore profitability at the bank.

After Jamie Donaldson and Gonzalo Fernandez-Castano halved their match, Ryder Cup standout Nicolas Colsaerts drew Continental Europe even, draining a 5- footer for par at the last to secure a 1-up win over Paul Casey. Frenchman Gregory Bourdy then continued his stellar play and pushed Continental Europe in front with a 4 & 3 triumph over Scott Jamieson. Bourdy, who never trailed in the match, became the first player in the event’s history to win five points out of five. “I’m so happy to achieve that, and it was an amazing week for me,” said Bourdy. The jostling continued, however, as Marc Warren wrapped up a 4 & 3 ousting of Thorbjorn Olesen to again square the tournament, 12 – 12, with four matches left on the course. From there, Continental Europe took control. Jimenez put the finishing touches on his convincing win, which was aided in part by the ailing Lynn, who twice dropped his ball into the water. Matteo Manassero then increased Continental Europe’s advantage to a pair with a 3 & 2 defeat of Stephen Gallacher. Paul Lawrie showed the GB&I mettle with a 2 & 1 win over Mikko Ilonen, but Molinari was in control at that point, holding a 2-up lead over Wood through 14 holes. After the pair matched birdies at the 15th, Molinari dropped his tee shot at the par-3 17th within 12 feet and drained the birdie putt to seal the Continental Europe victory. “It was going to go down to the last three matches at least,” continued Olazabal. “We had a pretty good start, then Great Britain & Ireland took over and we started to see some reds on the board.

Bats Expands Listings Business to Include Europe

plans to expand its European stock market, one of the regions biggest, by opening a listings business for exchange-traded funds from BlackRock Inc. Weve been looking at the ETF business in Europe for some time, Hemsley said in the interview. Given we are a pan-European business we are trying to create a pan-European product and attract flow and liquidity into the security from across Europe. We will be competing aggressively on listing fees, he said, adding that Bats will publish prices soon. Its attempt to grow that division by offering company listings failed in March 2012, when Lenexa, Kansas-based Bats couldnt get its own shares trading following the companys initial public offering. The exchange owners attempt to build out the European unit comes as it seeks to expand its U.S. market share by merging with Direct Edge Holdings LLC. Bats handled about 21 percent of all stock trading in Europe during the past five days, more than any other exchange operator except London Stock Exchange Group Plc, according to data compiled by Bats. Guy Simpkin, head of business development in Europe, will lead the exchanges efforts to win listings in the region. Bats plans to encourage ETF trading by rewarding traders who facilitate transactions by providing quotes, he said. European trading of ETFs lags behind the U.S., providing room for growth, Simpkin said. ETF transactions in Europe are valued at $2.6 billion a day on average, or 0.75 percent of assets within the securities, he said, citing data from ETFGI LLP. In the U.S., $54 billion of daily trading represents 3.9 percent of assets, the data show. To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net More News: