RAMSEY CROOKALL & CO

MIDDAY REPORT

2 AUGUST 2010

Leading London stocks are off to a flying start as global banking giant HSBC weighed in with forecast-beating figures. HSBC shares are trading up 31p at 677p and Lloyds up 3p at 72p.

HSBC’s pre-tax profit more than doubled to $11 billion on a reported basis. Loan impairment charges and other credit risk provisions tumbled to their lowest level since the start of the financial crisis.

British Airways, up 8p at 227p is due to start new discussions with the Unite union today in a fresh attempt at resolving the long running and expensive dispute with cabin crew. Property group Hammerson reported a 7% rise in half year profit as its markets continued to recover from the recession over the first half of 2010, but cautioned that the outlook remains uncertain.

Engineering contractor WS Atkins is buying Florida-based professional services firm PBSJ Corporation for ?178 million in cash. Trading in the first quarter is reported to have been in line with expectations.

Business process outsourcing specialist Xchanging warned that revenue growth for the full year will be slightly lower than previously anticipated.

The raid on staff at Tullett Prebon by rival BGC in the second half of last year cost the inter-dealer broker 7% in revenue during the six months to June, but it still expects a ‘good’ outcome for the year.



THE FTSE AT 12.30 IS UP 100 @ 5358

THE DOW JONES CLOSED DOWN 1 @ 10,465

THE NASDAQ COMP CLOSED UP 3 @ 2254

Exchange Rates

GBP – USD 1. 582

GBP – EUR 1. 211