RAMSEY CROOKALL & CO 27th September 2012

      Morning Report

The FTSE 100 trades up 0.2% at 5778.93, off earlier highs, with investors wary of making any bold moves ahead of the Spanish budget announcement. Data just out shows the UK economy contracted 0.4% in 2Q, versus the previously reported 0.5% decline, in line with expectations. Miners .A press conference about the Spanish budget is due at around12 o’clock. After that, US data will be in focus, with initial jobless claims and durable goods orders at 12:30.

Miners are back in fashion today as investors venture back into the market following yesterday's shake-out. Reports that China's central bank has pumped record amounts of liquidity into the banking system sent the Shanghai and Hong Kong stock markets into overdrive overnight, and have lifted the share prices of mining companies, such as Rio Tinto, Xstrata and Anglo American.

Vodafone Group, the world's biggest mobile operator by revenue, said that it expects to incur integration costs from its recent acquisition of embattled telecom operator Cable & Wireless Worldwide of GBP500 million by March 2016.

The board of U.K.-listed Indonesian coal mining company Bumi PLC (BUMI.LN) hasn't discussed nor does it plan to discuss the future of its 29% stake in associate PT Bumi Resources TKb until an independent investigation into financial irregularities at Indonesia's largest coal producer has concluded, a person close to the company said Wednesday.

Mining giant BHP Billiton Ltd has  sked South Australia state for a 46-month extension to the approval of its Olympic Dam project expansion, which was shelved last month on cost concerns.

Compass Group , a contract food service and support services company, Thursday said it is restructuring its operations in southern Europe due to challenging trading conditions in the region, even as it said it recorded a strong fourth quarter on higher revenue and operating profit.

Ingredients firm Tate & Lyle announced that for the six months ending Sept. 30, it expects to report adjusted operating profit in line with expectations and the prior year period, which benefited from an exceptionally strong performance from co-products.

Package tour operator TUI Travel is flying high after it said it remains on track to meet its ull year expectations, following strong trading in the summer high season, with improved margins and load factors versus the prior year.













THE FTSE 100             @ 10:00       Up          10     @      5778 THE DOW JONES            closed        Down        44     @     13413 THE NASDAQ               closed        Down        24     @      3093

Exchange Rates GBP – USD        @       10:00                1.6190 GBP - EURO     @       10:00                1.2573