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Reports UK

UK stock market morning note (January 27, 2014)

January 27, 2014, Monday, 08:22 GMT | 03:22 EST | 12:52 IST | 15:22 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning following the losses on Wall Street on Friday and in Asia overnight. These are due to concerns over country specific issues in emerging markets and the likelihood of the US Federal Reserve announcing a further tapering of its bond buying programme this week. Today's economic diary sees Eurogroup meetings taking place and this afternoon the release of US new home sales data. Commodity prices are mixed and on the foreign exchanges, the pound is up against both the dollar and the euro but within narrow trading ranges.
 
Company Announcements
 
ARM Holdings Appointment of New Chairman. It has confirmed weekend press reports that Sir John Buchanan is to step down as Chairman due to a medical condition. He will be replaced by Stuart Chambers, current Chairman of Rexam who is joining the board as Chairman designate with immediate effect and will take over the Chairman role on 1 March 2014.  
 
BG Group Force Majeure in Egypt and Trading Update. The company has issued force majeure notices under its LNG agreements in Egypt due to ongoing diversions of gas volumes to the domestic market in excess of the existing pooling arrangements. It expects to report Q4 and Full Year 2013 Results on 4 February 2014 but has today updated its oulook for 2014. It now expects production volumes this year to be in the range of 590-630 kboed, E&P unit operating costs between USD15.50-$16.25 per boe, E&P unit depreciation costs of USD12.25 to USD13.00 per boe and LNG Shipping & Marketing total operating profit of between USD2.1bn and USD2.4bn. It added that the year on year decline in Egypt and the US are the drivers of the volume decline from 2013 to 2014 with the rest of the base portfolio broadly flat overall. 
 
Vodafone Statement by AT&T. At the request of the Takeover Panel, AT&T has confirmed that it does not intend to make an offer for Vodafone.