London pre-open: FTSE edges higher ahead of Eurozone data

23rd Apr 2013 07:25

City sources predict the FTSE 100 will open up two points from yesterday's close of 6,281, as investors balance expectations of Eurozone data with figures out from the US yesterday and China last night. Overnight China's composite index showed manufacturing was down 2.12% to 2,194, while in the States the National Association of Realtors (NAR), existing-home sales eased by 0.6% to a seasonally adjusted annual rate of 4.92m last month, from a downwardly revised 4.95m in February. A small improvement is expected in today's manufacturing and services data from the Eurozone. Also on the cards today are US new home sales, the US housing price index, US Markit manufacturing PMI, and in the UK the release of data on public sector net borrowing and the CBI industrial trends survey. In UK company news, Associated British Foods reported a 10% rise in half-year revenue driven by sales at its clothing retail subsidiary Primark. Group revenue came to £6.3bn for the six months to March 2nd, and adjusted operating profit was 20% ahead of the previous year at £496m. Adjusted profit before tax climbed by 25% year-on-year to £495m while adjusted earnings per share increased 22% to 41.9pCarpetright, the flooring covers retailer, has said like-for-like (LFL) sales in the UK in the 12 weeks to April 20th grew 5.6%, while total sales increased 4.4%. However, as anticipated LFL sales in the Rest of Europe decreased 10.2%, with a solid performance in Belgium and the Republic of Ireland offset by continued weakness in the Netherlands.Defence aerospace and energy giant Rolls-Royce has reached an agreement to sell its shareholding and interest in the RTM322 helicopter engine programme to Turbomeca, a Safran company. Rolls-Royce would receive a cash consideration of €293m for its shareholding and interest in the programme, the group added.