RAMSEY CROOKALL & CO 8th November 2012

      Morning Report

The FTSE 100 is up 0.3%, paring gains by just a touch on reports that Spain may not seek financial aid this year. This would delay the launch of the European Central Bank's outright monetary transactions program. European peers are also edging lower and the euro sinks against the dollar. Burberry Group is up 2.25%, helped by well-received 3Q results from Hermes.

Eurasian Natural Resources is down 3.2% after it cuts spending on growth projects amid global economic uncertainty. Next up is the Bank of England's rate announcement at 12.00.

IAG was lower after saying that is thinking about making an offer to take over Spanish airline Vueling, buying up the remaining stake that it does not already own.

Publishing and exhibitions firm Reed Elsevier gained after reporting that it remains on track to perform in line with full-year expectations after it posted underlying revenue growth 4% for the first nine months.

Sweeteners firm Tate & Lyle declined despite beating consensus estimates in the first half on the group level. Jefferies highlighted that Speciality Food Ingredients profits were slightly below its forecasts "but underlying trends remain robust which support a strong H2 performance.

Mining group ENRC fell after saying that revenue declined in the first nine months of 2012 due to lower selling prices for its principal commodities.

Supermarket group Morrisons was off the shopping list after lower-than-anticipated sales in the third quarter, though it did say that its full-year performance will be in line with expectations. Insurance group Aviva was wanted after saying that it nearing the sale of its US life and annuities business, as it reported a slight rise in net asset value.

Experian fell despite hiking its dividend and reporting strong revenue grout in the first half. The company also announced an efficiency programme designed to save the firm $75m a year.

Asset manager Schroders rose after reporting a slight gain in assets under management in the third quarter to £202.8bn, up from £194.6bn at the end of June.

Real estate investment trust Land Securities was lower after earnings per share fell 10.2% in the first half.

THE FTSE 100 @ 10.00 WAS Up 16 @   5808 THE DOW JONES            closed             Down       312       @       12932   THE NASDAQ               closed Down 74 @ 2937  







                                         

Exchange Rates GBP – USD        @       10:00                    1.5944 GBP - EURO      @       10:00                    1.2517

Gold $/ OZ                              $1717