RAMSEY CROOKALL

20th  September

Afternoon Report

The FTSE 100 is trading 1.28 % higher. The main focus for investors is the Federal Reserve's FOMC meeting which should establish some clarity on both Greece's debt issue and any moves by the FOMC to rejuvenate the US economy. There is also positive momentum after Greece manages to get  EUR1.625 billion in Tuesday's 13-week T-Bill auction. In the US, stock-market futures creep upwards, indicating a positive start for Wall Street. On the economic agenda, August US housing starts are released before the US open.

Banking heavyweight HSBC rose around 1.54%, while Lloyds Banking Group PLC added 0.81%, bouncing back from the prior-day’s losses.

Miners also recouped from Monday’s sharp declines, with Kazakhmys up 1.8%, BHP Billiton  adding 1.3% and Anglo American PLC gaining 1.3%. Mining colossus Rio Tinto was also  in demand after increasing its copper mineral resources at its wholly-owned Kennecott Utah Copper Bingham Canyon Mine in the USA.

Iconic British luxury brand Burberry is among the high risers, making gains a day after its catwalk show at London Fashion Week. The stock is currently trading up over 2.5%

Department store group Debenhams rose after saying it expects full-year profits to surpass consensus estimates, after a strong end to the year Russia-focused oil and gas firm PetroNeft Resources fell lower despite announcing a maiden profit in the first half of 2011.

THE FTSE 100 at 12:00   Up 65 @ 5325                                    

THE DOW JONES closed                    Down    108     @   11401   

                      NASDAQ COM closed                      Down    9       @    2612               Commodities

Spot Gold $/Oz           $1786 Brent Crude Oil          $110.78 September Delivery     Exchange Rates

GBP – USD           1.5703 GBP - EURO          1.1466