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"Societe Generale has downgraded Hammerson to 'sell' from 'hold', despite a robust first half.
"The low cash flow yield of the real estate company now looks to be a big hurdle for investors in a saturated U.K. retail property market, said the French bank, even with its prime assets.
"SocGen has acknowledged the strong first half numbers—with net asset value up 1% over six months and pretax profit up 6% year-on-year, but the question now is whether this performance is sustainable. The bank said:
"The answer is yes, but in our view, only if you are prepared to wait until 2014."
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Quote from today's Guardian Diary:
"... Finally, the Olympic war with the French becomes increasingly ugly. One radio personality mocked:
"Spare a thought for poor England. [sic] All that money spent, and no gold medals. Yes: France, Italy, Germany, we've all won golds already. Perhaps we should have a European bailout for them."
" Enjoy your superiority while it lasts. There's a long way to go. This isn't over."
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