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Reports UK

UK stock market morning note (June 23, 2014)

June 23, 2014, Monday, 09:25 GMT | 04:25 EST | 13:55 IST | 16:25 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning helped by news overnight out of China with the HSBC initial manufacturing PMI reading coming in above forecast at 50.8, although the ongoing situations in Iraq and the Ukraine also remain in the background. The economic diary today also sees the release of US existing home sales data. Commodity prices are mixed and on the foreign exchanges, the dollar is weaker against the pound, euro and yen but all are within range. It is a quiet start to the week for major corporate news.


Company Announcements

ASOS

The company has provided an update following the news over the weekend of a fire at its Barnsley Distribution Centre late on Friday whereupon it suspended taking orders. As of the end of May 2014, the business held GBP159m of stock at cost, of which around 70% is held at Barnsley. It notes that none of the technology, automation or structure of the building has been impacted with its initial estimate being that 20% of the total stock at the site has been compromised by fire damage and sprinklers. This morning it recommenced taking orders and is fully insured for the loss of stock and business interruption. It added that South Yorkshire Police are treating the incident as deliberate and have started a criminal enquiry which it is co-operating fully with.

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