UK trading is holding up relatively well this morning, despite the FTSE falling a fraction to 4153.8...
UK trading is holding up relatively well this morning, despite the FTSE falling a fraction to 4153.8 so far, as it is the struggling MyTravel Group pulling the market down along with yet more cuts to company earnings.
The FTSE 100 lost 16.90 points or 0.4% within the first hour of trading, thanks to NSB Retail Systems and Titon.
NSB Retail Systems, which supplies computer software to retailers like Marks & Spencers and Gap, plunged 3.75p or 58% to 2.75p after revealing its operating profit is unlikely to meet analysts forecasts because a delay in making new orders.
MyTravel has fallen another 4.25% or 14.9% to 24.25, extending yesterday's 63% loss when it cut fiscal profit forecasts and cancelled its dividend payments.
Titon, designers and maker of window ventilators and handles, has also lost 15p or 15.8% to 80p because 2nd half sales did not grow as anticipated.
This is in stark comparison to Asian markets, which have today seen Japan's Nikkei 225 climb to its best level in seven months.
Technology-related stocks such as Sony and Samsung Electronics gained after Microsoft raised its earnings forecast.
Microsoft yesterday told the NYSE it will earn $1.89 to $1.95 a share for the year ending June 30, leading analysts to believe a recovery may be on the way.
As a result, Japan's Nikkei 225 Stock Average climbed 1.4% to 9086.13 and the Topix added 1.1% to 893.95, while South Korea's Kospi index rose 4.1% thanks to Samsung Electronics.
Singapore's Straits Times Index added 0.6%, led by Creative Technology and Venture alongside Taiwan's TWSE index rose 4.1% paced by Hon Hai Precision Industry Co. and other suppliers to Nokia Oyj. The world's biggest mobile-phone maker said third-quarter profit more than tripled.
Sony added 3.2% to Yen5,540 and Fujitsu jumped 9.3% to Yen493 while NEC, which reports its first-half profit next week, gained 5.5% to Yen522.
Samsung Electronics, managed to improve its net income by won 1.73trn compared with won 420bn. This boosted its stock value by 6.2% to won 326,500.
And Hong Kong's Hang Seng posted its biggest weekly gain for a year as it climbed 1.4% to 9711.64.
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