London pre-open: FTSE to track Asian stocks lower

11th Jul 2012 07:42

City sources predict the FTSE 100 will open down 22 points from yesterday's close of 5,664 tracking losses seen in both Asia and the US, pushed lower by a decision by Germany's highest court to delay a vote over whether or not participation in Europe's bailout fund is constitutional. Licensing revenue was down year-on-year at Burberry but otherwise the luxury brand powerhouse trundled on in its fiscal first quarter. Total revenue in the three months to the end of June was up 11% to £408m from £367m in the corresponding period of 2011. Retail revenue was up 14% to £280m from £245m the year before, with the UK, France, Germany and Greater China leading the way. Like-for-like sales were up 6.0% year-on-year.Power systems group Rolls-Royce has won an order from Avianca (part of the AviancaTaca group) for Trent 700 engines to power four Airbus A330 freighter aircraft. The order, worth $280m at list prices, confirms a memorandum of understanding announced in November 2011. "The Trent 700 continues to be the most popular choice for Airbus A330 operators who want a reliable and cost-effective engine solution," said Peter Turner, the Civil Aerospace Vice President of Rolls-Royce's Customer Business.Inter-dealer broker ICAP said profits were down in the first quarter and trading volumes would remain subdued for at least the next few months. The firm said group revenue for the first quarter was 9% lower compared with the same quarter last year. Broking activity in the first quarter was thin as the ongoing Eurozone crisis, the Queen's Jubilee and regulatory uncertainty reduced trading volumes, it said.