The FTSE 100 is called to open slightly lower this morning following the mixed performances on Wall Street and in Asia overnight with concerns about the Greek debt situation still in the background. The economic diary today is focused on the release of the CBI industrial trends survey. Commodity prices are mixed and on the foreign exchanges, the major currencies are all trading in narrow ranges ahead of the CBI survey news with markets looking ahead to the UK's Q1 2015 GDP data release and outcome of the FOMC meeting over the course of the next day or so. It is a quiet start to the week for major corporate news.
Company Announcements
Centrica
IMS reports that overall it is continuing to trade in line with the guidance given at its preliminary results in February, with it noting that improved yoy profitability downstream is expected to be more than offset by the impact of lower commodity prices in the upstream business. It has seen higher than expected energy consumption in British Gas and Direct Energy due to colder than normal weather in the UK and North America, progressed its capex and cost reduction programmes in E&P against the ongoing low commodity price backdrop, highlighted 'good progress' in strengthening its Balance Sheet and financial metrics and launched a group-wide strategic review. The outcome of the latter will be presented at the time of its Interim Results in July 2015. It added that its earnings remain subject to the usual variables of commodity prices, weather and asset performance and the uncertain outcomes of the General Election and the Competition and Markets Authority investigation into the UK energy market. The provisional findings of the latter are expected to be announced in mid/late June 2015.
Contributed by SVS Securities
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