U.K. Stocks Are Little Changed Before U.S. Economic Data
U.K. stocks were little changed, after the benchmark FTSE 100 Index dropped to a two-week low, as investors awaited U.S. reports to assess the pace of the recovery in the world’s biggest economy.
Euromoney Institutional Investor Plc (ERM) rose 5.5 percent after forecasting that pretax profit and sales will increase in the 12 months through September. Premier Foods Plc (PFD) slumped 7.5 percent after saying its chief financial officer has resigned.
The FTSE 100 added 5.02 points, or 0.1 percent, to 6,562.39 at 9:56 a.m. in London. The equity benchmark has risen 2.3 percent so far this month, extending its gains this quarter to 5.6 percent, as the Federal Reserve unexpectedly refrained from reducing its monthly asset purchases. The FTSE All-Share Index gained 0.1 percent today, while Ireland’s ISEQ Index advanced 0.1 percent.
A Conference Board report at 10 a.m. New York time will show U.S. consumer confidence worsened in September from the previous month, economists surveyed by Bloomberg predicted A separate release at 9 a.m. in Washington will probably show that S&P/Case-Shiller’s index of house prices in 20 U.S. cities increased in July from a year earlier by the most since February 2006, according to the median estimate in a Bloomberg survey.
Fed Bank of Cleveland President Sandra Pianalto will speak at 8:30 a.m. in Chicago, while Fed Bank of Kansas President Esther George speaks at noon, which is after the close of European equity trading.
Euromoney rallied 5.5 percent to 1,109 pence, its biggest increase since May, after forecasting sales will grow 2 percent in its financial year ending this month. The business-information provider also said adjusted profit before tax will climb to 114 million pounds ($182 million) this year, from 107 million pounds in the preceding financial year.
Premier Foods declined 7.5 percent to 136.5 pence after saying Alastair Murray will replace Mark Moran as CFO from Sept. 30. Moran told Chief Executive Officer Gavin Darby that he would not commit to the role for the next three years, the company said in a statement. Premier Foods makes Hovis bread and Sharwood’s range of cooking sauces.
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