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UK stock market morning note (September 04, 2012)

The FTSE 100 is called to open flat to lower this morning after the gains in thin trade yesterday. The markets had seen a late boost after the ECB President had reportedly told an EU parliament committee that the purchase of government bonds with maturities of up to 3 years would be within the bank's mandate. Overnight we had domestic economic data from the BRC showing that same store sales in August were down 0.4% on the corresponding month in 2011 with total sales up 1.6% over the same period as the London Olympics diverted consumers attention away from shopping. Investors will also be looking out for the release of UK construction PMI with attention then switching across the Atlantic this afternoon for ISM manufacturing PMI and construction spending figures (see below). Commodity prices are mixed but within narrow trading ranges as are the major currencies on hopes that central bank meetings this week and next will bring about further announcements on stimulus measures.

Today's Company announcements

Whitbread New Finance Director. It has announced the appointment of Nicholas Cadbury as its new Finance Director who is currently CFO of Premier Farnell. He will join the company on a date to be announced and succeeds Christopher Rogers who has become Managing Director of Costa Coffee.

Greene King IMS reports that lfl sales in the 18 weeks to 2 September at its retail division were up 5.1% with lfl food ahead 5.2%, lfl drink sales rising 5% and lfl room sales growth of 4.9%. In brewing and brands, core brand own brew volume was down 0.9% with total beer volume ahead 0.4%. It added that  margins, profit, cashflow and Balance Sheet remain in line with its expectations but expects consumer confidence to stay subdued.