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Reports UK

UK stock market morning note (December 04, 2013)

December 4, 2013, Wednesday, 10:11 GMT | 05:11 EST | 14:41 IST | 17:11 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat this morning with investors remaining in cautious mood ahead of a raft of economic data due out. Today's economic diary sees the release of domestic services PMI followed in the US with trade balance figures, the ADP non-farm employment data, ISM non-manufacturing PMI and new home sales. There is also the US Beige Book due out at 7.00pm UK time and the all day OPEC meeting as well. Commodity prices are mixed with gold slightly lower and copper up and on the foreign exchanges, the pound is slightly up against both the dollar and euro but all the major currencies are trading in narrow ranges ahead of the economic data. Standard Chartered will provide a trading update after the market has opened at 8.15am.

Company Announcements

AMEC Contract. It has been awarded a 5 year project management consultancy services contract worth USD124m (GBP76m) by ADMA OPCO for their Umm Lulu phase 2 full field development projects offshore United Arab Emirates.  

Tesco Q3 IMS reports that group sales in the 13 weeks ending 23 November rose by 0.6% at actual exchange rates and by 0.2% at constant rates ex petrol. Including petrol, group sales fell by 0.8% at actual exchange rates and and by 1.2% at constant rates. In the UK, total sales including VAT and ex petrol grew by 0.9%, but lfl sales ex both VAT and petrol fell by 1.5% which it attributed to a 'weaker grocery market'. It has recently relaunched its 'Finest' own brand and renovated 108 stores as part of its continuing Refresh programme. It noted that international conditions remain 'challenging', particularly in Thailand and Ireland but its businesses in Poland and Turkey were showing 'better trends'. In addition, the multi-channel focus has delivered record online grocery orders and positive lfl in Express. It added that despite the challenging conditions in many of its markets, it is performing in line with market expectations for the full year.