Taylor Wimpey Share News (TW.)

LONDON (Alliance News) - Shares have opened slightly lower in London Thursday, as the market digests Wednesday's statement from the US Federal Reserve and another full plate of UK corporate disclosure.

Royal Dutch Shell 'A' and 'B' shares are up 1.5% and 1.7%, respectively, after the oil and gas major said pretax profit fell as expected in the first quarter of 2015 due to slightly lower production and the fall in oil prices, but its closely-watched current cost of supply earnings benefited from upstream divestment gains and a UK tax credit.

Zoopla and Moneysupermarket.com lead FTSE 250 gainers, with Zoopla up 16% and Moneysupermarket.com up 2.7%. Zoopla announced it is moving into Moneysupermarket.com's turf, saying it will buy Ulysses Enterprises, the operator of the uSwitch energy, telecoms and financial products comparison site for up to GBP190 million.

However, Moneysupermarket.com reported a 25% rise in revenue in the first quarter, with improvements across its price comparison lines and good trading in its MoneySavingExpert.com and TravelSupermarket.com divisions.

Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 0.2% at 17,423.20
FTSE 250: down 0.3% at 17,423.20
AIM ALL-SHARE: flat at 752.19
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Hang Seng: down 1.0% at 28,106.84
Nikkei 225: closed down 2.7% at 19,520.01
DJIA: closed down 0.4% at 18,035.53
S&P 500: closed down 0.4% at 2,106.85
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GBP: up at USD1.5432
EUR: up at USD1.1119

GOLD: down at USD1,202.42 per ounce
OIL (Brent): up at USD65.60 a barrel

(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Thursday's Key Economic Events still to come
(all times in BST)

08:55 Germany Unemployment Rate
09:00 Italy Unemployment
10:00 EU Consumer Price Index
10:00 Italy Consumer Price Index
10:00 EU Unemployment Rate
11:00 Italy Producer Price Index
13:30 US Fed's Tarullo speech
13:30 US Jobless Claims
13:30 US Personal Income
14:45 US Chicago Purchasing Managers' Index
15:30 US EIA Natural Gas Storage
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An index measuring consumer confidence in the UK was unchanged in April, the latest survey from GfK showed - holding steady at a 12-year high reading of +4. That was in line with expectations and unchanged from the previous month's reading.
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An absence of clarity in UK pre-election polls remained, with the latest ComRes poll showing Labour pulling level with the Tories a week before the May 7 vote, while the parties swapped places again in the daily YouGov survey and a new Ipsos Mori survey found the Scottish National Party has consolidated its lead north of the border. The ComRes survey, on behalf of the Daily Mail, saw the Tories lose a point from the poll a week earlier and Labour gain three points, putting the pair level of 35%. In the daily YouGov/The Sun poll, the Conservatives moved back into the lead by a point, having been down by the same margin a day earlier. The Tories are at 35% to Labour's 34%.
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The US Federal Reserve is not ruling out tightening interest rates at its next meeting on June 17, even after a government report showed US economic growth screeched to a halt in the first quarter of 2015. The Fed said it expects the economy to grow at "a moderate pace" despite the first-quarter slowdown, which it attributed partly to "transitory factors." In its monetary policy statement after concluding Wednesday's meeting, the Fed left its benchmark interest rate at an unprecedented near-zero range, which has been unchanged since December 2008. Its statement offered no direct guidance about the Fed's interest-rate intentions for June. The Fed repeated its longstanding language to "take into account a wide range of information, including measures of labour market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments."
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The Bank of Japan kept its massive stimulus unchanged as expected by economists. In a statement, the BoJ announced that the policy board headed by Governor Haruhiko Kuroda decided by an 8-1 majority vote to maintain the size of quantitative and qualitative easing. Accordingly, the bank will continue to increase the monetary base at an annual pace of about JPY80 trillion.
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Japan housing starts recovered unexpectedly in March, the Ministry of Land, Infrastructure, Transport and Tourism revealed. Housing starts grew 0.7% in March from last year, confounding expectations for a fall of 1.9%. In February, housing starts declined 3.1%, which was the twelfth consecutive drop.
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Protests in the eastern port city of Baltimore over a police custody death spread Wednesday across the US, with solidarity marches in Minneapolis, Boston, New York City and Washington DC. In New York, at least 65 people were arrested as they briefly shut down the Holland Tunnel - a major transit route - while chanting "black lives matter," according to the New York Daily News.
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BROKER RATING CHANGES
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UBS INITIATES TESCO WITH 'BUY' - TARGET 260 PENCE
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UBS INITIATES WM MORRISON WITH 'SELL' - TARGET 170 PENCE
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UBS INITIATES SAINSBURY WITH 'BUY' - TARGET 325 PENCE
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UBS INITIATES BOOKER GROUP WITH 'SELL' - TARGET 140 PENCE
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UBS INITIATES OCADO WITH 'BUY' - TARGET 435 PENCE
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TRADERS: CITIGROUP RAISES BELLWAY TO 'BUY' ('NEUTRAL')
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COMPANIES - FTSE 100
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Royal Dutch Shell said pretax profit fell as expected in the first quarter of 2015 due to slightly lower production and the fall in oil prices, but its closely-watched current cost of supply earnings benefited from upstream divestment gains and a UK tax credit. The FTSE-100 oil and gas major, which is in the process of acquiring BG Group, reported a pretax profit of USD5.83 billion in the first quarter of 2015, a significant fall from the USD8.54 billion in the same period a year earlier, as the company's upstream division was hit by lower oil prices and lower trading contributions, partially offset by an improved performance from the downstream division. Shell said its quarterly dividend would remain flat at USD0.47 per share.
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Royal Bank of Scotland Group said it swung to a first-quarter net loss as revenue fell and operating expenses increased due to the costs of restructuring, litigation and conduct. In a statement, the bank said it made a GBP446 million net loss in the three months ended March 31, compared with a net profit of GBP1.20 billion in the corresponding quarter of the prior year. Pretax profit fell to GBP53 million from GBP1.49 billion, as revenue fell to GBP4.33 billion from GBP5.05 billion and operating expenses increased to GBP4.10 billion from GBP3.41 billion.
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Schroders said its assets under management increased by GBP19.5 billion in the first quarter of the year, driven by strong net inflows and investment returns. In a statement, the asset manager and FTSE 100 constituent said assets under management amounted to GBP319.5 billion at the end of March, an increase from the GBP300 billion recorded at the end of 2014.
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International Consolidated Airlines Group reported its first ever first-quarter operating profit, as all three of its airlines reported an improved performance and it was buoyed by the earlier timing of Easter and lower fuel prices, and it kept its guidance for the year as a whole. The owner of British Airways and Spanish airlines Iberia and Vueling reported an operating profit of EUR25 million for the three months to end-March, compared with a loss of EUR150 million a year earlier, as revenue rose 12.0% to EUR4.71 billion. Airlines typically make little or no profit during the slower winter months, booking most of their profit in the summer months when travel demand hits a peak.
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Smith & Nephew reiterated its expectations for 2015 as it saw revenue rise 3% in its first quarter, although the strong dollar held back its performance, and it cautioned that it expects a "significant currency headwind" in 2015. The medical devices company estimated a hit of around 8% from the stronger dollar in the first quarter, which offset 8% growth contributed by acquisitions. For the quarter to March 28 the company posted revenue of USD1.10 billion, up from USD1.07 billion a year before. This was boosted by strong revenue growth in Emerging markets, which offset modest revenue growth in the US and challenging markets in Europe, it said.
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COMPANIES - FTSE 250
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Zoopla Property Group diversified into the online price comparison market, saying it will buy Ulysses Enterprises, the operator of the uSwitch energy, telecoms and financial products comparison site for up to GBP190 million. Zoopla, which currently operates one of the UK's main online property sites, said it will pay GBP160 million initially on a cash-free, debt free basis, and the a performance-based earn-out of up to GBP30 million.
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Moneysupermarket.com Group reported a 25% rise in revenue in the first quarter, with improvements across its price comparison lines and good trading in its MoneySavingExpert.com and TravelSupermarket.com divisions. The price comparison site said group revenue in the three months to the end of March was GBP76.6 million, up 25% year-on-year. Within the Moneysupermarket.com portal, insurance revenue rose 12%, money revenue rose 24%, and its home services business revenue more than doubled.
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Synergy Health said its takeover by STERIS Corp may be delayed due to the US antitrust process, and as a result both companies plan to further adjourn shareholder meetings to vote on the deal from May 12 to June 11. The two companies said they have certified substantial compliance with the US Federal Trade Commission after it requested additional information, and have agreed not to complete the deal before June 2 unless the commission first closes its investigation.
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Textile service company Berendsen said Chief Executive Officer Peter Ventress will retire from end-July, and it has appointed James Drummond to take up the role from the start of August. Drummond previously acted as chief executive of Avincis Group, which was acquired by Babcock International Group last May, and prior to that chief executive of Invensys's Rail division.
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Construction and housebuilding company Galliford Try said it has appointed a new chief executive and has made a series of changes to its executive and non-executive team. Galliford said Peter Truscott will become its new chief executive, effective from October 1. Truscott is currently the head of the South of England operations at FTSE 100-listed housebuilder Taylor Wimpey. Greg Fitzgerald, currently Galliford's executive chairman, will move to be non-executive chairman from January 1, 2016.
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Tullow Oil said revenue, costs and production all remained in line with expectations in the first quarter of 2015 and reiterated its capital expenditure and production guidance for the full year.
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COMPANIES - INTERNATIONAL
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Insurer Swiss Re reported group net income of USD1.4 billion for the first quarter of 2015, 17% higher than the USD1.2 billion reported for the first quarter of 2014. The group reported premiums earned and fee income of USD7.56 billion, compared to USD7.55 billion, prior-year.
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French lender BNP Paribas said first-quarter attributable profit grew 18% to EUR1.648 billion from EUR1.403 billion in the prior year. Revenue climbed 12% to EUR11.065 billion from EUR9.911 billion in the prior year. According to the lender, revenues of the operating divisions were up sharply due in particular to the very good performance of Corporate and Institutional Banking or CIB and of the specialized businesses, the positive impact of acquisitions made in 2014 and favourable foreign exchange effects.
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German stock exchange operator Deutsche Börse reported a decline in first-quarter profit, hurt by expenses that offset a double-digit revenue growth. Deutsche Börse lifted its revenue guidance for 2015, and now expects it to be in the range of EUR2.2 billion to EUR2.4 billion, from a prior guidance of EUR2.1 billion to EUR2.3 billion. At the same time, the company anticipates operating costs of about EUR1.23 billion in the year.
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French aerospace giant Airbus Group posted a surge in its profit for the first quarter, with slight increase in revenue, and said it remains on track to deliver 2015 guidance. For the quarter, the group's net income grew 80% to EUR792 million from EUR439 million. Group revenue for the quarter were EUR12.1 billion, compared to EUR12.6 billion a year ago. Group order intake in the quarter stood at EUR21 billion.
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Franco-Dutch airline Air France-KLM reported a net loss, group share, of EUR559 million in the first quarter, narrower than a EUR608 million loss last year. Revenue for the quarter grew 1.8% to EUR5.66 billion from EUR5.55 billion in the same quarter last year. However, revenue on a like-for-like basis declined 2.4%.
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Microsoft said it plans to achieve USD20 billion in annual revenue from its cloud-computing business in fiscal 2018, a target that would mean tripling of the Software giant's cloud revenues over a period of three years. Microsoft also said it plans to have a billion active Windows 10 devices in fiscal 2018.
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Thursday's Scheduled AGMs/EGMs

Berendsen
Alkane Energy
Colt Group
Ashtead Group
James Fisher & Sons
Synthomer
Ultra Electronics Holdings
Modern Water
Schroders
Tullow Oil
Anglo Pacific
STV Group
Witan Investment Trust
LSL Property
IndigoVision
ARM Holdings
GLI Finance
International Personal Finance
Moneysupermerket.com
RIT Capital Partners
Unilever
Everyman Media Group
Fyffes
BT
H&T Group
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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