European stocks have extended declines this morning, with very little to cheer about on any front. Any hopes of the Fed showing enough sympathy to emerging markets to ease tapering plans was extinguished last night, going ahead with a $10bln cut to stimulus and ramping up the pressure on emerging currencies, the focus of the week thus far. To add to that, Chinese manufacturing data confirmed a 6 month low and US earnings disappointed with Boeing and AT&T missing estimates and forecasts respectively. One small beat came from German unemployment which fell to a 1 year low, but fell short of providing any sustained reversal. Kazakhmys is yet another miner hitting output targets, ironing out a drop in Q3 production to hit the top end of estimates. The firm has had to restructure somewhat to offset the effect of lower copper prices, selling a number of non-core assets and reducing costs. The good news sees the stock trade higher, but shedding near 75% in the last year does give you a bit of room to move into. Nearly 2 weeks after a shock profit warning, Shell have made a bid to appease investors by pledging to cut back costs and boost investor returns, kicking off with 28p interim dividend announced today. Shell advanced 3% on the release, within touching distance of “pre warning” levels on Jan 16th. B Sky B beat profit forecasts for H1, boosted by an increase in HD and on demand TV services, but profits were still diluted by higher sports rights and marketing costs from its high profile battle for market share with BT. The latter will be taking on one of SKY’s major costs, the Champions League from 2015, but for now the rivalry is proving costly. One stock that will have a few heads being scratched this morning is Blinkx, which trades down near 20% on above average volumes but with no supporting news for now. If you are one for twitter, that is pointing at an article written questioning Blinkx’s success compared to its main rivals, but a move like this on the back of a story with no confirmed credibility seems a bit farfetched for this kind of move….more to follow I’m sure. The Yo-Yo of the day was Renishaw, who originally nosedived on a 65% drop in H1 profits only to sit up over 7% by mid-morning, bouncebackability that Ian Dowie would be proud of. CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.