Durlacher issues earnings warning

Durlacher, the management group for the Durlacher Blue Chip Plus Fund, believes the FTSE 100 is pricing in an earnings rise of 15% in 2003. The fund group said the global recession has not been as severe as in previous cycles, making it unlikely that a rebound of that scale can materialise. Long-term historical figures show company earnings tend to grow by around 7% per year, it said.