FTSE 100 called flat to lower at the outset
The FTSE 100 is called to open flat to lower this morning taking a step back following the gains on Monday as investors wait on news from Slovakia as to whether it will vote through the package agreed in July on the European Financial Stability Facility. Markets will also be keeping a watch on a speech by the ECB President due at 8.30am. Overnight we had domestic data showing that UK retail lfl sales grew by 0.3% in September but consumers remain wary and the RICS reported that the UK housing market remained subdued last month with the headline seasonally adjusted price balance holding steady at -23. Domestic manufacturing and industrial production figures are also due for release this morning (see below). Across the Atlantic the focus will be on the start of the Q3 corporate earnings round with Alcoa again kick starting the season after the London market has finished for the day.
Rolls-Royce Contract. It has signed a $99.9m deal to provide support for the F405 (Adour) engines that power the US Navy's T-45 training aircraft. This exercises the third year of the contract and the work is expected to be completed in September 2012.
Robert Walters IMS reports that net fee income for the quarter to end September 2011 rose 13% to £48m with 75% generated from its international businesses. The growth whilst positive, has slowed as markets have become more challenging with UK conditions described as challenging. It has net cash in excess of £5m and will continue to invest in those markets where longer term growth opportunities are strongest.
STOCK/MARKET: CFDREGION: EuropeCOUNTRY: United Kingdom
CATEGORY: CFDsPUBLISHED: 11 Oct 11