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Market News and Views
The FTSE 100 is called to open flat to slightly higher this morning as investors focus on potential news coming out of the all day EU economic summit on the Greek situation amid reports that Germany and France have reached an accord to prevent the debt crisis spreading to other parts of Europe. Overnight we had domestic data from the Nationwide reporting that UK consumer confidence fell to 51 (55) in June as people became more gloomier about the outlook on jobs and the economy. Other overnight data from China showed a contraction in manufacturing for the first time in a year. In a busy day for economic data we have June retail sales and public sector finance figures followed by US data (see below) and Fed Chairman, Ben Bernanke's testimony at 3.00pm.
Today's Company announcements
Capita Interim Results saw PBT increase 7% to £174m on revenue ahead 3% to £1.4bn. The dividend was raised 9% to 7.2p a share and margins increased to 13.8% (13.1%). It added that its bid pipeline was replenished to £4.7bn and was positioned well for steady progress in 2011.
Trading Update reports that UK same store sales fell 5.5% in the 11 weeks to 16 July with total sales up by 1% helped by France and the rest of the international business. Gross margins are ahead and it expects to emerge this year in 'excellent shape and well-prepared to start delivering its next phase in its growth plans'.
Trading Update saw total attributable gold production in H1 around 32% higher than a year ago at 219,100oz, and marginally ahead of its estimate for the period. Production in H2 is expected to be higher than the H1 and reiterated its production target of 600,000oz for the year. Operating costs were in line with its estimates, which have been under pressure from industry wide inflation and the appreciation of the Rouble against the US$, its reporting currency.
Lonmin Production Report/IMS notes refined platinum sales rose 74.5% in Q3 and set a new full-year cost guidance after reaffirming its revised annual platinum sales guidance. Platinum sales in the 3 months to end June reached 160,499 troy ounces. It reaffirmed its revised annual platinum sales target of 720,000 platinum ounces for the current financial year and due to lower output, it now expects unit costs to rise by around 11% for the financial year, compared to previous guidance of an 8% increase.
Markets Results
| Markets Summary | Previous | Change |
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| FTSE 100 | 5853.82 | 63.83 |
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| FTSE 250 | 11701.48 | 109.07 |
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| Dax | 7221.36 | 28.69 |
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| Dow Jones | 12571.91 | -15.51 |
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| Nasdaq | 2814.23 | -12.29 |
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| S&P | 1325.84 | -0.89 |
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| Hang Seng | 22004.52 | 0.83 |
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| Nikkei | 10010.39 | 4.49 |
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| Commodities Summary | Previous | Change |
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| Oil | 118.01 | -0.09 |
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| Gold | 1602.19 | 4.14 |
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| Silver | 40.08 | 0.21 |
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| LME copper 3MO $ | 9735.00 | -20.00 |
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| Currency Summary | Previous | Change |
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| £/$ | 1.6170 | 0.0016 |
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| €/$ | 1.4257 | 0.0042 |
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| $/¥ | 78.81 | 0.0250 |
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| £/€ | 1.1340 | 0.0009 |
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| Time | Country | Indicator | Median | Previous |
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| 9:30 | UK | Public Sector Net Borrowing | 11.8bn | 15.2bn |
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| 9:30 | UK | Retail Sales m/m | 0.5% | -1.4% |
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| 1:30 | US | Unemployment Claims | 409k | 405k |
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| 3:00 | US | Philly Fed Manufacturing Index | 2.7 | -7.7 |
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