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London pre-open: Falls expected ahead of BoE's inflation report

Wed, 07th Aug 2013 07:28

Markets are expected to open firmly in the red on Wednesday morning ahead of the Bank of England's inflation report, the first under the governorship of Mark Carney. The Governor, who took over from Mervyn King in early July, is expected to unveil forward guidance today in an attempt to convince consumers, small businesses and international money markets that only when the upturn is established will borrowing costs rise.The move is thought to encourage borrowing and less saving amongst businesses and consumers, thus giving a boost to the economy."It is widely anticipated that new governor Mark Carney will look to pledge to keep interest rates low for a set period of time, in a form of monetary forward guidance, and he could even set a monetary threshold, like the unemployment rate as a benchmark, or a growth target, for when we can expect them to go higher again," said Senior Market Analyst Michael Hewson from CMC Markets."The problem is that given the recent improvement in economic data, questions are now being raised as to whether we need forward guidance at all, as it could be counterproductive."City sources predict the FTSE 100 will open down around 30 points from yesterday's close of 6,604. Sentiment has also been dampened by losses on Wall Street overnight, as a worries about the Federal Reserve tapering asset purchases sent US stocks lower following comments from a number of officials that a phased withdrawal could be just around the corner.Stocks to watchTUI Travel's third-quarter revenues rose 5.0% to £3.8bn following an improved performance in the UK and Europe. Unique holiday bookings in the UK, Nordics and Germany increased by 14%, 11% and 9% year-on-year respectively during the summer period.Diversified mining group Eurasian Natural Resources Corporation (ENRC) saw production increase across all its major commodity classes in the three months ended June 30th with iron ore having its best quarter for three years.Randgold Resources said increased production and reduced costs should keep the group profitable in the face of falling gold prices. The FTSE 100 firm the 17% drop in the average gold price during the quarter to June reduced profit to $54.1m from $81.6m previously. Production of 196 207 ounces was in line with that of the previous quarter, it said.BC

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24 Aug 2023 18:08

SFO drops 10-year probe into Rio Tinto, Eurasian Natural Resources

(Alliance News) - The Serious Fraud Office has dropped a 10-year probe into Rio Tino PLC and former FTSE 100 miner Eurasian Natural Resources Corp, saying it does not have enough evidence to prosecute.

24 Nov 2013 16:46

Sunday newspaper round-up: Iran, RBS, Babcock

The interim deal between Iran and six world powers hammered out in the small hours of November 24th to curb the former's nuclear programme is a long way from perfect, but it meets two key tests. The first is that it will extend Iran's so-called "critical capability"?the time needed for it to produce

12 Nov 2013 15:58

Potash slump raises stakes in Russia legal battle

* Eurochem seeks $800 mln from London-listed Shaft Sinkers * Seeks similar sum in Dutch suit from main shareholder IMR * Claim "nonsensical and fabricated" - Shaft Sinkers * IMR says will make robust defence * Eurochem stands by investments despite potash price slump Read more

7 Nov 2013 09:12

ENRC Says Sales Down, Production Up In Third Quarter, Ahead Of Delisting

6 Nov 2013 15:26

FCA tightens listing rules to give minority shareholders more power

Minority shareholders in large companies are to be given more powers as the City regulator tightens listing rules in London. In a move which it hopes will "protect" small investors, the Financial Conduct Authority (FCA) has strengthened its listing rules to give shareholders "additional voting righ

5 Nov 2013 18:22

UPDATE 1-British regulator to toughen London share listing rules

By Kylie MacLellan LONDON, Nov 5 (Reuters) - Britain's financial regulator is to bolster its stock market listing rules to better protect minority shareholders, after high-profile scandals at mining companies ENRC and Bumi left some investors nursing heavy losses. The Financial Conduc

5 Nov 2013 13:10

UK regulator to toughen London share listing rules

25 Oct 2013 17:31

ENRC Non-Executives Resign Following Eurasian Resources Offer Becoming Unconditional

25 Oct 2013 10:19

Founders apply to delist Kazakh miner ENRC

(.) LONDON, Oct 25 (Reuters) - The founders of Kazakh miner ENRC , whose bid to buy out minority shareholders went unconditional on Friday, have applied to UK regulators and the London Stock Exchange to delist the company. The trio of billionaire founders, who launched the bid alongsi

23 Oct 2013 13:24

ENRC proposes "quarantine" for foreign firms eyeing UK listing

* Suggests probationary period for companies seeking to join UK main market * Says it was not allowed enough time to shift from "private, Kazakh-based company" * UK parliamentarians have called for evidence from UK-based oil, mining industry * ENRC, Bumi among companies expected

4 Oct 2013 11:15

Kazakhmys Accepts Offer For Its 26% Holding In ENRC

4 Oct 2013 10:52

UK WINNERS & LOSERS: Carpetright Slips As Tate & Lyle Leads Blue-Chip Gainers

26 Sep 2013 08:57

OFFICIAL CORRECTION-ENRC offer deadline extended to 6 Oct

LONDON, Sept 26 (Reuters) - * Rpt-ENRC bidders say have shares representing approximately 95.99 per cent. of the issued share capital of ENRC * Official Correction-ENRC bidders say offer is being extended and will remain open for acceptance until 1.00 P.M. (London time) on 6 October 2013 *

26 Sep 2013 08:50

Takeover Deadline For ENRC Extended, Shareholding Increased

20 Sep 2013 16:39

London close: Stocks hit by Bullard comments as post-Fed rally fades

The exuberant post-Fed mood quickly faded on Friday with comments from one US policymaker dampening stocks before the close of trade. Risk appetite was also scaled back as caution set in ahead of the German elections at the weekend with the outcome still highly uncertain. The FTSE 100 finished 28.

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