London pre-open: FOMC sparks lower start for FTSE

4th Apr 2012 07:35

City sources predict the FTSE 100 will open down 14 points from yesterday's close of 5,838, hit by the Federal Open Market Committee's revelation that the Federal Reserve is unlikely to make any more bond purchases to stimulate the US economy further. Highly acquisitive media giant WPP is to acquire Hungarian marketing agency Carnation Internet Tanacsado for an undisclosed sum, as it attempts to expand its footprint within digital media. Carnation, based in Hungary's capital Budapest but with other offices in Serbia, Austria and Romania, serves a variety of international clients throughout central and eastern Europe, including Coca-Cola, MTV, Procter & Gamble and Telenor.The independent directors of power producer International Power have rejected the indicative 390p share offer from majority shareholder GDF SUEZ. Under the terms of the relationship agreement between GDF Suez and International Power, the French company is generally restricted from making a takeover offer for all (or any) of the outstanding shares of the UK until August 3rd 2012, or earlier with the consent of all of the independent non-executive directors. Waste disposal expert Shanks Group said results for the fiscal year just ended should be in line with management expectations. "Since the Interim Management Statement on February 7th 2012, the group has delivered a robust performance in trading conditions which have remained challenging," the group's pre-close statement said.