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UK stock market morning note (January 14, 2013)

The FTSE 100 is called to open higher this morning helped by the performance in Asia overnight following comments about US economic growth forecasts in 2013 and 2014 from the Chicago Fed President at a financial forum. There is no major economic data due for release today and Japan is shut for a Bank Holiday. Commodity prices are firmer and on the foreign exchanges, both the pound and euro are higher against the dollar although technical factors are seeing the pound trading lower against the euro.

Company Announcements

Greene King IMS reports that retail lfl sales rose 3.7% and food lfl sales were ahead 4.1% in the 36 weeks to 6 January 2013. Total sales in Greene King Retail increased by 9.5% and the retail margin has remained strong and is expected to be ahead of last year. It added that profits, cashflow and Balance Sheet remain in line with its expectations and does not expect conditions for the UK consumer to improve in 2013.

Taylor Wimpey Trading Update reports that it expects 2012 profits to be at the upper end of expectations and net debt to be below previous guidance. It added that it maintains a positive but cautious view in the short term.

Cable & Wireless Communications Disposal. It has confirmed weekend press speculation of the sale of its 51% CTM Macau interests for USD749.7m to CITIC Telecom, which already held a 20% in CTM. Completion is expected to take place within 6 to 9 months and will leave CWC as a focused pan-American regional operator.