RAMSEY CROOKALL & CO 24th September 2012

Morning Report

The FTSE 100 trades down 0.4%, as investors consolidate recent stimulus-induced gains amid growing concerns about global growth. Miners are underperforming. There is no UK data points of particular interest, so it's expected to be a fairly quiet start to the week.

The U.K. government is investing GBP1 billion to set up a new state-backed business bank that it hopes will eventually support up to GBP10 billion of new lending for small- and medium-sized companies, Business Secretary Vince Cable will announce today.

Aberdeen Asset Management said assets under management (AuM) at Aug. 31 totalled 184.3 billion pounds, up 1% on GBP182.7 billion at June 30.

Defense technology and security company QinetiQ Group said Monday that its performance during the first half of the financial year has been stronger than originally expected, adding that it is confident it should at least meet its expectations for the current year.

U.K. dairy company, Dairy Crest Group which houses the Cathedral City, Country Life and Utterly Butterly brands among its portfolio, said Monday trading in the first half of the year has remained challenging and profit, having adjusted for the disposal of the French spreads business, St Hubert, will be lower than the same period last year.

The Financial Times reported today ,without citing sources, that BAE Systems has warned that it would walk away from its proposed merger with Franco-German European Aeronautic Defence & Space Co. if the deal puts at risk its relationship with the U.S. Pentagon.

THE FTSE 100             @ 10:00          Down    24       @      5828 THE DOW JONES            closed           Down    17       @     13579 THE NASDAQ               closed           Up      4        @      3179

Exchange Rates GBP – USD        @       10:00                1.6199 GBP - EURO      @       10:00                1.2553