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UK stock market morning note (January 24, 2013)

The FTSE 100 is called to open flat to slightly lower this morning taking stock of the update from Apple last night whose sales came in below forecast together with the ongoing UK and Europe debate following the Prime Minister's major speech. However, overnight we had the HSBC flash manufacturing PMI Chinese data which came in at 51.9, its highest level since January 2011 and above the key 50 expansion mark. The next economic diary event will be the publication of the CBI distributive trade survey data and this will be followed by the latest weekly US job claims and flash US PMI manufacturing figures in the afternoon. Commodity prices are flat to lower with the pound also slightly weaker against both the dollar and the euro. Read more >>>

Company Announcements

Carphone Warehouse Q3 IMS for the quarter to end December 2012 reports CPW Europe lfl revenue rose 7.8% with UK lfl revenue up 16% and overall Q3 group connections ahead 3.9%. Whilst reiterating its EPS guidance of 11.5p to 13p for the full year, it has cut its EBIT guidance to between GBP135m to GBP145m from GBP130m-GBP150m for CPW Europe.

Invensys IMS reports that overall performance in H1 has continued into Q3 and subject to any significant changes in the global macro-economic environment, continues to believe it will improve performance for the year as a whole.

St. James Place Q4 New Business notes that total single investments grew 13% to GBP5.87bn and total new business on an APE basis was ahead 16% at GBP743.3m with Q4 new business on an APE basis up 46% to GBP223.8m. Funds under management rose 22% over the year to GBP34.8bn, adding that it was well positioned for the new RDR environment and has a good momentum across all aspects of the business.

Greggs New Chief Executive. It has announced that Roger Whiteside is to become Chief Executive with effect from 4 February 2013 to replace Ken McMeikan. He has been a Non-Executive Director since 2008 and is currently Chief Executive of Punch Taverns.