What you need to know before the open
Europe is expected to open mixed this morning after Vladimir Putin said yesterday that he’ll respect the sovereignty of Ukraine, going no further than recognising Crimea as part of Russia.
Foreign secretary William Hague’s accused Russia of a “land grab”, calling the situation the most serious test of European security this century.
Of course, we’ve got the Budget at lunchtime today. With few surprises expected, it’s unlikely to alter sentiment too much.
The Bank of England minutes, out this morning, are expected to show the sharp difference of opinion on how much spare capacity there is in the UK economy.
Asian markets remained calm ahead of the Fed’s policy review later today. Despite some weak data recently, consensus is that it’s improbable that this’ll slow the pace of tapering.
Corporate news
London-based inspection firm Intertek has posted mixed results for 2013, as it extends its restructuring programme in the face of slower growth in the US and Europe.
FTSE 250 energy company Ophir Energy has announced drilling’s stopped on one well off the coast of Gabon, saying that there’s still hope elsewhere in the basin.
Inditex, the owner of retailer Zara, has posted figures slightly below forecast, with net profits at €703m, after expectations of €717m.
Smiths Group, the technology-focused engineer, saw pretax profit fall four per cent in 2013, saying that challenging healthcare and defence markets have effected results.
And Cambian Group says it’ll list on the London Stock Exchange – the latest company in a string lining up to make a market debut.
Data in focus
- 9.30am: UK Jan average earnings
- 9.30am: Bank of England MPC vote & minutes
- 9.30am: UK ILO unemployment rate, Jan claimant count
- 11.00am: US MBA mortgage applications
- 12.30pm: UK Budget
- 6.00pm: US Fed interest rate decision