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Premarket Futures 23rd Oct | FTSE -15 | DAX -18 | DOW +3 | S&P +0.3 | Nasdaq -1.5 |
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In the US the October manufacturing index came in at 57, well above 55.9 reading analysts expected. This led to the The Nasdaq closing at a 21-month high, while the Dow and the S&P 500 closed at new more than 17-month highs. The S&P 500's close above 1,050 was seen as breaking a very significant resistant point. Marks & Spencer said its half year profits rose seven percent in line with forecasts, despite difficult market conditions. Pre-tax profit came in at 311.5 million pound in line with analysts forecasts of 305-315 million pounds. This improvement came mainly from growth in food sales after hot summer weather had affected clothing sales. They say they are optimistic for good Xmas business. JD Wetherspoon said sales rose 4.2 percent in the 13 week period to October 26, while overall sales in this first-quarter period increased by 12 percent However it added that its operating margins declined by around 0.5 percent compared to the same period last year. Associated British Foods maker of Twinings tea and Silver Spoon sugar reported a 10 percent rise in annual profits to 473 million pounds ay the top end of market expectations despite difficult conditions Carphone Warehouse reported a 69 percent rise in first profit to 20.3 million pounds ahead of analysts forecasts of 18.5 million. Like-for-like revenue climbed 15.5 percent in the 26 weeks to September 27 and it said it expects further progress across the Xmas season. It siad it expects further growth in its new fixed line business. Scottish Power said that first half pretax profit grew 17 percent to 393 million pounds from 337 million from a year earlier thanks to first quarter U.S. rate increases, volume growth and cost savings. Analysts had forecasts of between 381 and 402 million pounds. Backlash expected as BSkyB names Rupert Murdoch's son James as CEO |
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