FTSE 100 called lower at the outset
The FTSE 100 is called to open lower this morning on caution surrounding the Greek debt situation as euro zone finance ministers held off from approving a second bailout package for the country with the Chairman of the Eurogroup warning 'no disbursement before implementation' in reference that Greece must show it is serious about cuts and reforms. On the domestic economic front we have producer input price data due for release which will be followed at lunchtime with US trade balance figures and then the preliminary reading of the Michigan consumer sentiment index (see below). Commodity prices are flat to lower and on the foreign exchanges, the major currencies are trading in narrow ranges.
Barclays Final Results saw adjusted PBT down 2% at £5.59bn with the dividend raised 9% for the full year to 6p a share. Sovereign exposure to Spain, Italy, Portugal, Ireland and Greece has been cut to £7.1bn (£8.2bn) with its cost to income ratio maintained at 64% and the core tier 1 ratio increasing slightly to 11% (10.8%). Return on equity fell to 5.8% (7.2%) with impariment charges declining 33% to £3.8bn. It added that it expects the economic and regulatory environment to remain challenging in 2012.
STOCK/MARKET: CFDREGION: EuropeCOUNTRY: United Kingdom
CATEGORY: CFDsPUBLISHED: 10 Feb 12