City sources predict the FTSE 100 will open down 13 points from yesterday's close of 5,714, tracking declines seen in Asian stocks after the Chinese government announced that he wanted local authorities to keep property procie control policies tight. A third set of gains in the US is not thought to be enough to prevent the FTSE from losing around half of the points advanced yesterday.
Reported revenues at telecoms giant Vodafone declined in the first quarter with unfavourable foreign exchange movements in Europe providing a drag. Nevertheless, the group said that trading was in line with expectations and the outlook for the full year is maintained. Group revenue totalled £10,767m in the three months to June 30th, down 7.7% year-on-year. However, on an organic basis, revenues actually increased by 1.0%.
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