London pre-open: Greek deal worries spark lower start to the day

B.C. | ShareCast | 10 Feb, 2012 07:29 - Updated: 08:31 | | |

Fried Breakfast

Converns over possible shortfalls in the Greek bailout deal, unveiled yesterday, have prompted City sources to predict that the market will open as much as 27 points lower that its close of 5,895 on Thursday.

Profit before tax at UK lender Barclays fell 3% and short of expectations in 2011, while adjusted income fell by a further 8%, reflecting a fall in income at its investment bank, Barclays Capital. Profit before tax fell from £6,065m to £5,879m in the 12 months ended December 31st, mainly attributable to a £1,000m provision for the redress of Payment Protection Insurance (PPI) that wasn't recorded last year. The adjusted profit before tax figure, which excludes certain items such as the PPI figure, fell by a lesser 2%.

Cable and Wireless Communications is making better than expected progress with the restructuring of its Bahamas operations but things are still proving tough in Panama. The firm, which operates telecoms businesses in the Caribbean, Panama, Macau and Monaco, said the Bahamas, and also Macau, are both expected to exceed previous guidance for the full year. In Panama, however, the company is facing intensified competition in the mobile phone market, pressures on margins and is seeing slower progress on enterprise contracts.

Closed life fund consolidator Phoenix Group said it is no longer in bid talks with CVC Capital Partners. The company said the terms being offered by CVC did not reflect Phoenix management's view of the full value of the group. The talks have been in progress since late November 2011 after merger discussions with fellow life assurance group Resolution broke down.

More news

11:50 Morgan Stanley hails cash flow outperformance at BHP Billiton

A challenging commodity-price environment isn't enough to change Morgan Stanley's mind about BHP Billiton, as it reiterated its 'overweight' stance on the mining giant on Friday.

11:49 Songbird Estates says it's worth more than £2.8bn takeover offer

Songbird Estates said that an improvement in the conditions of property markets means it is now worth £2.82bn, more than the sum offered by the Qatar Investment Authority (QIA) and Brookfield Property Partners (BPP).

11:31 Consumer confidence stagnates amid UK economic uncertainty

Gfk released a report on Friday outlining stagnant results for November’s UK consumer confidence index, in contrast to expected improvements.

10:55 Market overview: FTSE dragged by oil stocks, consumer confidence

1100: Gfk has released a report outlining stagnant results for November’s UK consumer index, in contrast to expected improvements. November’s result held steady at -2, in stark contrast to GfK’s forecast improvement to -1. The FTSE continues to be firmly in the red as oil stocks continue to drag it lower following the OPEC's decision to maintain output.

10:33 Eurozone inflation slows to just 0.3% as energy prices drop

Eurozone inflation slowed further in November due to a continued drop in oil prices, raising the pressure on the European Central Bank (ECB) to act in a bid to curb deflationary risks.

10:29 House prices growth slows down in November, says Nationwide

The pace at which house prices grow slowed for a third consecutive month in November, according to Nationwide.

10:21 Berenberg downgrades Thomas Cook on transformation hopes falter

Berenberg has lowered its rating for Thomas Cook Group (TCG) from 'buy' to 'hold', saying that the travel tour operator's ongoing transformation is "losing its gloss".

10:12 Eurozone unemployment holds steady at 11.5%

Eurozone unemployment held steady at 11.5% in October, Eurostat announced on Friday.

09:53 Friday broker round-up

Abcam: Goldman Sachs upgrades to 'strong buy' with a target price of 645p.

09:42 Drax Group to pay £28m Ofgem penalty

Drax Group, the owner and operator of a large power coal-fired station in North Yorkshire, has been ordered to pay a windfall settlement to energy regulator Ofgem.

Advertising

HIGHLIGHTS

Mario Draghi, President of the European Central Bank, ECB
Draghi says ECB unanimously supports additional measures

The ECB governing council stands unanimously in favour of using further ?unconventional instruments?.

VIDEOS

Support and resistance levels Support and resistance levels 28th november 2014
REGISTER NOW!