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Reports UK

UK stock market morning note (June 13, 2014)

June 13, 2014, Friday, 10:04 GMT | 06:04 EST | 14:34 IST | 17:04 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning following the mixed performances on Wall Street and in Asia with concern over the increase in sectarian fighting in Iraq coming into investor focus. Chinese data released overnight however showed industrial production, fixed asset investment and retail sales in line with forecasts. Today's economic diary will now concentrate on the US with the release of producer prices data and the preliminary reading of the University of Michigan consumer sentiment index. Commodity prices are mixed with oil going better on the Iraq situation. On the foreign exchanges, the pound is higher against both the dollar and the euro following last night's Mansion House dinner where the Bank of England Governor, Mark Carney put markets on notice that UK interest rates could rise sooner than expected, although he again stressed that increases would be 'gradual and limited'. The Chancellor at the dinner also announced that he was giving the Bank of England new powers to restrict mortgage lending to guard against risks in the housing market.


Company Announcements

AstraZeneca

It has reported that the US FDA Advisory Committee did not find it necessary to require a cardiovascular outcomes trial for the PAMORA class and now looked forward to the outcome of the FDA's review of the new drug application for MOVANTIK and the potential to provide patients with chronic non-cancer pain affected by OIC with a further treatment option.

Gulf Keystone

It has reported that its operations in the Kurdistan Region of Iraq are progressing in line with its previous guidance, although it remains alert to the current security situation in Iraq, which has recently escalated outside the Kurdistan Region. It added that it looked forward to exiting 2014 with 40,000 gross bopd of production and its revenues are expected to 'increase significantly' in H2 of 2014 with the establishment of a steady payment cycle for its Shaikan export sales.

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