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UK stock market morning note (September 19, 2012)

The FTSE 100 is called to open higher this morning with investors now looking ahead to the release of the Bank of England MPC Meeting Minutes which will be followed at lunchtime with US building permits, housing starts and existing home sales data (see below). Overnight the Bank of Japan in an unexpected move announced an increase in its asset buying and loan programme whilst also cutting its assessment of the economy, warning that the pick-up in activity had paused. Commodity prices are firmer and on the foreign exchanges, the pound was mixed against both the euro and the dollar ahead of the Bank of England news.

Today's Company announcements

Smiths Group Final Results saw PBT decline 8% to GBP365.9m on revenue ahead 7% at GBP3.04bn. The dividend is raised 5% to 38p a share and noted that the economic environment remains uncertain. It stated that pressures on government spending are expected to continue and are likely to constrain parts of the business with government-funded customers. However, it added that its investment initiatives are building a solid foundation to accelerate medium-term revenue growth.

AMEC Brazil Acquisition Stake. It has agreed to buy a 50% stake in Kromav Engenharia Ltda, a Brazilian offshore oil and gas and marine engineering company. Completion is expected later in the year with AMEC paying USD12.5m in cash.