London pre-open: FTSE to regain some of yesterday's losses

22nd Feb 2013 07:30

City sources predict the FTSE 100 will open up 30 points from yesterday's close of 6,292, clawing back some of yesterday's heavy losses after hawkish comments from the Federal Reserve weighed heavily on markets. Last night US stock markets extended losses on the back of the previous night's release of the minutes of the last Federal Open Market Committee (FOMC) meeting, as traders showed concerns that the Fed would scale back stimulus measures. Stocks however did manage to finish off their worst levels of the day, as comments from some Fed speakers came in a tad less aggressive. German news is set to dominate on today's agenda, with the Munich-based IFO Institute for Economic Research releasing its widely followed monthly business barometer. It will come on the heels of yesterday's weaker than forecast purchasing managers' surveys. In UK company news, total full year revenue at Millennium & Copthorne Hotels declined by 6.4% from £820.5m to £768.3m, while revenue per available room (RevPAR) rose 3.9% from £64.81 to £67.32. Revenue from hotels alone dropped 2.1%, while headline operating profit slid 14.7% to £163.3m. Headline profit before tax declined 14.6% to £157.7m. However, the dividend was increased to 13.59p from 12.50p a year earlier. Aggreko, the temporary power and temperature control solutions group, has appointed David Taylor-Smith MBE as a director of the company, who will be responsible for Europe, Middle East and Africa, with effect from March 11th this year. 51-year-old Taylor-Smith worked for G4S between 1998 and 2012, most recently in the role of Chief Operating Officer and Regional Chief Executive of UK, Ireland and Africa. Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, has said that the ZMA-A20 development well in the Zhana Makat field has successfully reached a total depth of 924 metres, encountering hydrocarbons in line with expectations. The group will now complete the well and then place it on production as soon as practicable.