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Reports UK

UK stock market morning note (April 01, 2014)

April 1, 2014, Tuesday, 07:45 GMT | 03:45 EST | 12:15 IST | 14:45 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning following the performances on Wall Street and mixed outcome in Asia on dovish soundings by the US Federal Reserve Chair Janet Yellen in removing the prospect of an interest rate rise happening earlier than expected. Overnight we had economic news out of China with the official Chinese manufacturing PMI coming in slightly better than expected at 50.3 for March although the final HSBC manufacturing PMI reading was revised lower to 48 (48.5). Today's economic diary today sees the release of domestic manufacturing PMI data followed this afternoon in the US with its ISM manufacturing PMI figures. Commodity prices are flat and on the foreign exchanges, the major currencies are range bound.

Company Announcements


Following on from yesterday's joint preferred bidder GBP7bn contract news to manage the UK's nuclear sites, it has announced it has been named preferred bidder on a 21 year contract to manage the London Fire Brigade's vehicle fleet. The contract is expected to become operational on 13 November 2014.


After a strategic review, it has reached an agreement to sell its Private Clients & Charities operations to Rathbone Investment Management for GBP43m. The transaction is expected to complete towards the end of Q3 2014.


Trading Statement reports that overall activity levels in the Global Broking division have fallen consistent with general market trends but the Electronic Markets division has been helped by the ongoing volatility around the tapering debate in the US with the performance of the new EBS Direct service continuing to show good growth. It added that overall results for the year are expected to be in line with current market forecasts, which also reflects the weaker dollar exchange rate.