London pre-open: London participates in global sell-off

3rd Aug 2011 07:46

Equity markets are in retreat worldwide, and London is no exception, with City traders tipping that the Footsie will open around 87 points lower.Disappointing US economic data has more than offset relief that the US debt ceiling law has been passed, and is overshadowing a busy morning for company announcements.Standard Chartered, the bank focused on emerging markets, topped market expectations with record first half profits for the ninth successive year. Half-year profits before tax of $3.64bn were up from $3.12bn the year before, and ahead of the $3.4bn predicted by Japanese broker Nomura Securities.Kazakhstan-focused miner Eurasian Natural Resources Corporation (ENRC) said that production for the second quarter was at effective full capacity, with volumes in line with expectations.The increase in home hunting activity and the rapid increase in the use of mobile devices is proving a boon for property listings web site Rightmove. Revenue in the first half of 2011 was up 20% to £47.0m from £39.2m the year before, while pre-tax profit rose to £28.75m from £24.53m.