RAMSEY CROOKALL & CO

11th May 2011 Morning Report

The FTSE 100 is trading just above the key 6000 level, as uncertainty over Greece's debt situation weighs. On the data front, investors are waiting for this morning’s release of the BOE quarterly Inflation Report for any clues on future rate hikes. Oil titan BP has finally received approval by regulators to complete the purchase of ten Brazilian exploration and production blocks from Devon Energy. The Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) has been deliberating the $7.2bn deal since last March, following delays due to the Macondo oil spill in the Gulf of Mexico. HSBC has unveiled some details of its new strategic plan in which it will direct investment to fast growing markets while cutting back elsewhere. The group plans to focus on wealth management in 18 of the “most relevant” economies while limiting retail banking to those markets where it believes it can achieve profitable scale. Nevertheless, shares fell into the red in early trading Energy services firm Wood Group is in demand after saying that it expects full year results to be in line with expectations. "The long term fundamentals for oil & gas and gas fired power generation remain strong and we believe the refocused group is well positioned to deliver good longer term growth," the group said.

THE FTSE 100 at 9:45         Down 3 @ 6015

THE DOW JONES Closed Up 75 @  12766

THE NASDAQ COMP Closed Up 28 @    2871

Exchange Rates

GBP – USD           1.6391

GBP - EURO          1.1376