WPP Share News (WPP)

- Obama-Boehner meeting sparks optimistic mood- Italian PM steps down- Economic data from Asia comes in mixedOptimism that US law-makers can agree over the impending 'fiscal cliff' managed to offset concerns regarding political uncertainty in Italy, with the FTSE 100 rallying to finish with small gains by the close.Markets started Monday's session in the red after Mario Monti, Italy's current technocrat Prime Minister, announced this weekend that he would step down as soon as parliament passes a budget bill, paving the way for an early generation election in spring next year. Monti explained that he made the decision based on constant criticism from what had been his largest source of support in Parliament: Il Popolo della Libertà party (PDL), run by ex-PM Silvio Berlusconi.Market strategist Ishaq Siddiqi from ETX Capital said this afternoon that Monti's departure has sparked fears about who will lead the country next year - "pro-austerity government or anti-austerity government?"He said: "The early general election remains a major event risk in 1Q 2013 and one that markets perhaps didn't expect so soon, but for now, the outcome seems supportive of a government that will continue Monti's work."However, stocks on Wall Street started strongly this afternoon as investors reacted to the news that US President Barack Obama and House Speaker John Boehner had an unscheduled face-to-face meeting yesterday to discuss the 'fiscal cliff'."This is the first time that the pair have met at the White House in a couple of month's to discuss the fiscal cliff so naturally investors are a little more optimistic on the matter," said market analyst Craig Erlam from Alpari."This does not necessarily mean that any progress has been made however it shows that both are willing to enter serious negotiations on a deal, which can only be positive for the markets," he said.Though there was little significant economic data out today in the UK and US, there was there was plenty from Asia for investors to sink their teeth into: Japan officially entered recession in the third quarter; while industrial production in China beat forecasts in October, though exports were weak.Meanwhile, Greece has announced that it will extend its debt repurchase plan by one more day in order to receive additional offers from bond holders. "We have decided to extend the invitation to offer designated securities for exchange to 11 December 2012," Stelios Papadopoulos, the head of the Public Debt Management Agency, said in a statement.FTSE 100: AB Foods and Tullow Oil lead the risersPrimark and food products giant Associated British Foods was the high riser on the Footsie on Monday afternoon, extending gains after Friday annual general meeting at which it revealed a strong start t o the new financial year.Oil group Tullow Oil was performing well today, rebounding after its recent sell-off. The shares have lost 8.35% of their value over the last week after the company said that its Zaedyus-2 appraisal well offshore French Guiana came up dry. However, Galvan Research reiterated its 'buy' rating for the stock today, saying that the stock is now in "oversold territory" after falling sharply to its one-year support level.Sweeteners and food products group Tate & Lyle was on the rise after last week's investor seminar in Chicago. Investec, which maintained its 'buy' rating for the shares, said it was impressed by the meeting and the key takeaways were "innovation and collaborative capabilities, plus a potential cost advantage". Canaccord Genuity also kept its 'buy' recommendation, raising its target price for the stock this morning from 780p to 840p.Investec was also providing a lift to medical technology group Smith & Nephew after upgrading its rating from 'hold' to 'buy' to reflect: a more attractive valuation; a more positive view on the recent acquisition of Healthpoint Biotherapeutics; and "our sense that the benefits of the cultural shift driven by the CEO will become increasingly apparent over the next 12 months."Mining titan Eurasian Natural Resources Corporation (ENRC) was leading the fallers after saying that it is to buy the remaining 49.5% stake in Democratic Republic of the Congo (DRC) focused group Camrose Resources for $550m. The acquisition is an attempt to simplify its organisational structure and consolidate its position within the DRC. Power systems group Rolls-Royce was still under pressure after Thursday's news that it was under investigation by the Serious Fraud Office (SFO) after matters of bribery and corruption involving so-called "intermediaries" were discovered in Indonesia and China. According to media reports this weekend, Rolls-Royce has been accused of giving $20m and a new car to the son of the former Indonesian President to help the company win an engine contract.Advertising and media giant WPP was under the weather after Deutsche Bank lowered its rating for the stock to 'hold' and cut its target price for the share from 945p to 930p.FTSE 250: AZ Electronic Materials hit by downgradeSpeciality chemicals producer AZ Electronic Materials was leading the fallers on the FTSE 250 after UBS cut its rating from 'buy' to 'neutral' on valuation grounds, removing the stock from its 'Pan-euro Midcap Key Call List'. UBS said that following its strong performance - up 50% in 2012 - it has now closed the valuation gap compared with its UK speciality chemicals sector.Hedge fund manager Man Group jumped after announcing that CEO Peter Clarke is to retire at the end of February. He will be succeeded by Emmanuel Roman, currently the company's President and Chief Operating Officer.British TV decoder maker Pace slumped on rumours that it is in discussions with Google regarding the purchase of its Motorola Home business. The speculation was later confirmed by the company but shares were suspended from trade as the potential acquisition is being classed as a "reverse takeover".Ken McMeikan, the Chief Executive Officer of bakery and hot snacks retailer Greggs, is to leave the company for catering firm Brakes Group. Shares fell after the CEO of four years said that he would leave as soon as a successor could be found. Shore Capital cut its recommendation for the shares to 'hold' this morning.FTSE 100 - RisersSmith & Nephew (SN.) 678.50p +1.88%Evraz (EVR) 246.20p +1.57%Associated British Foods (ABF) 1,506.00p +1.41%GlaxoSmithKline (GSK) 1,367.50p +1.37%Tate & Lyle (TATE) 769.00p +1.32%Petrofac Ltd. (PFC) 1,706.00p +1.19%Kazakhmys (KAZ) 754.00p +1.14%Johnson Matthey (JMAT) 2,467.00p +0.98%Shire Plc (SHP) 1,918.00p +0.95%Croda International (CRDA) 2,368.00p +0.89%FTSE 100 - FallersHargreaves Lansdown (HL.) 716.00p -2.58%Eurasian Natural Resources Corp. (ENRC) 276.20p -2.40%Aviva (AV.) 359.70p -1.80%Weir Group (WEIR) 1,813.00p -1.20%Aggreko (AGK) 2,218.00p -1.16%WPP (WPP) 860.00p -1.09%Admiral Group (ADM) 1,118.00p -1.06%Sage Group (SGE) 292.10p -1.02%Experian (EXPN) 1,041.00p -0.95%Barclays (BARC) 249.55p -0.80%FTSE 250 - RisersCentamin (DI) (CEY) 54.90p +9.91%Man Group (EMG) 77.30p +4.96%Petropavlovsk (POG) 334.20p +4.08%Ruspetro (RPO) 86.05p +3.18%ITE Group (ITE) 232.00p +3.11%Domino Printing Sciences (DNO) 610.00p +2.87%Lonmin (LMI) 272.00p +2.64%Daejan Holdings (DJAN) 3,004.00p +2.53%Genus (GNS) 1,401.00p +2.41%Michael Page International (MPI) 375.00p +2.29%FTSE 250 - FallersAZ Electronic Materials SA (DI) (AZEM) 363.70p -4.37%Carpetright (CPR) 666.50p -4.10%New World Resources A Shares (NWR) 270.10p -3.54%Pace (PIC) 185.30p -3.39%Sports Direct International (SPD) 386.00p -3.26%COLT Group SA (COLT) 97.55p -3.22%Talvivaara Mining Company (TALV) 93.60p -3.21%Perform Group (PER) 368.00p -3.16%Micro Focus International (MCRO) 543.00p -3.12%Phoenix Group Holdings (DI) (PHNX) 518.00p -2.91%BC