Carnival drags FTSE off 13-year high

LONDON | Tue May 21, 2013 8:19am BST
(Reuters) - The FTSE 100 edged off 13-year highs early on Tuesday, led by a selloff in cruise operator Carnival Corporation.

Shares in Carnival shed 14.8 percent as the group said it expects lower revenue due to the lower ticket pricing that it is employing to attract passengers following a string of high-profile mishaps.

It was the top faller on the FTSE 100, which was down 0.1 percent at 6,747.60 points at 0713 GMT.

FTSE 100 flat early on as strong miners offset weak banks

GBP CPI y/y 2.4% 2.6% 2.8%

GBP PPI Input m/m -2.3% -1.2% -0.1%

GBP RPI y/y 2.9% 3.1% 3.3%

GBP Core CPI y/y 2% 2.3% 2.4%

GBP HPI y/y 2.7% 2.3% 1.9%

GBP PPI Output m/m -0.1% 0.2% 0.3%

Inflation falls in April, giving more leeway for stimulus

(Reuters) - Inflation fell twice as fast as expected last month, giving incoming Bank of England governor Mark Carney more leeway to support the economy with more stimulus should the recovery weaken.

Inflation eased to 2.4 percent from 2.8 percent in March, with almost half of that drop coming from weaker petrol and diesel costs. The pound fell and British government bonds rose after the figures.

Combined with recent signs that the economy is gaining traction, the easing in price pressures will be welcome news for Carney. The Canadian, who replaces Mervyn King at the helm of the Bank in July, has a reputation for monetary activism and has stressed the importance of the economy achieving "escape velocity" before stimulus is withdrawn.

Britain's economy grew 0.3 percent in the first quarter of this year and surveys suggest it has picked up pace since.

FTSE 100 marginally higher at midday on miners strength

Stocks: Focus on Apple, Carnival and JPMorgan

With stocks sitting at record highs, it's probably time for a breather. U.S. stocks edged lower Monday, but all three major indexes are up 17% to 18% so far this year.
Shares of Carnival (CCL) sank 12% in premarket trading Tuesday after the cruise ship operator slashed its earnings forecast, and said it was cutting prices in an effort to attract customers back onto its ships.

It's also Jamie Dimon's day of reckoning. The JPMorgan (JPM, Fortune 500) CEO is facing a shareholder vote over whether to split the chairman and CEO roles, which he both holds. Shareholders also want to hear from the board about how they're shoring up risk controls.

Related: JPMorgan shareholders ready to grill the board
Apple (AAPL, Fortune 500) will also be in focus as CEO Tim Cook and other executives appear on Capitol Hill to testify about the company's tax practices. A report released Monday by Senators John McCain and Carl Levin criticized Apple for its use of obscure subsidiaries and accounting tactics to reduce its tax burden.

Futures Flat; Fed Remains in Focus

U.S. stock-index futures budged little Tuesday as traders continued questioning when the Federal Reserve will begin tapering its vast bond-buying program.
Today's Markets
As of 8:00 a.m. ET, Dow Jones Industrial Average futures climbed 3 points to 15322, S&P 500 futures fell 1 point to 1664 and Nasdaq 100 futures slumped 1.5 points to 3020.

FTSE 100 breaks through 6,800 barrier as miners thrive

Thanks for all the input skinny :)