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Reports UK

UK stock market morning note (June 11, 2014)

June 11, 2014, Wednesday, 07:10 GMT | 02:10 EST | 10:40 IST | 13:10 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning following the lack of clear direction overnight from Wall Street and in Asia with markets effectively looking to take a pause. The economic diary today focuses on the release of the latest UK unemployment figures. Commodity prices are firmer and on the foreign exchanges, the major currencies are range bound.


Company Announcements

J Sainsbury

Q1 Trading Statement reports that total retail sales in the 12 weeks to 7 June 2014 rose 1% (ex fuel) and were down 0.3% inc fuel with lfl retail sales down 1.1% (ex fuel) and 2.4% lower inc fuel. It noted that general merchandise and clothing grew strongly in the period and how complementary channels and services are increasingly important via convenience stores and groceries online. It added that it expects customer spending to remain cautious and it will continue to invest to keep its offer competitive with it remaining confident that its strategy and offering will enable it to continue to outperform its supermarket peers through the remainder of the year.

Rolls-Royce

It has been advised by Airbus that Emirates has cancelled an order for 70 A350 aircraft which will reduce its order book by around 3.5% or GBP2.6bn. This order was confirmed in 2007 as part of a larger USD8.4bn announcement relating to a total of 120 aircraft, all with TotalCare services. It added that it was confident that the delivery slots which start towards the end of the decade vacated by Emirates will be taken up with other airlines.

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