Thursday 22 May 2014 2:43 am | Updated: Wednesday 29 May 2019 10:14 pm

What you need to know before the open

With no surprises from the Fed’s open market committee meeting minutes last night, European markets are expected higher, although investors will be focusing on European PMI numbers out today.

Again, the worry is that the numbers will reinforce concerns over growth for the second quarter, with powerhouse economy Germany even beginning to show signs of slowing.

No significant change is expected when it comes to the UK GDP revision for the first quarter, either, although the business investment number should be looked out for.

Corporate news

Royal Mail has posted a two per cent increase in revenues for the full-year 2013/14, with a jump in pre-tax profits. Chief Moya Greene’s warned, however, on the threat posed by tougher parcel competition and the firm’s legal obligation to deliver letters nationwide.

SABMiller’s seen profits rise three per cent, to $4.8bn, on the back of growth in developing markets.

United Utilities has reported improved revenues and profits over the year, with underlying operating profit up £37m to £641m.

Morthercare has reported a pre-tax loss of £26.3m – up from its £24m loss the year earlier. Like-for-like UK sales decreased, but underlying profit was at £9.5m.

And Halfords has reported a 2.3 per cent rise in pre-tax profits to £72.6m. Business through its website jumped by almost 18 per cent.

Data in focus