GBP
It has been a bad year for UK companies trying to accurately predict their
profits. According to a report by financial services firm EY, the number of
profit warnings issued by the UK’s largest listed companies in 2014 was higher
than in any year since the height of the financial crisis. 

During the 12 months to mid-December this year, 87 profit warnings were issued
by FTSE 350 companies – 12 more than were issued in 2013. The last time this

GBP
It has been a bad year for UK companies trying to accurately predict their
profits. According to a report by financial services firm EY, the number of
profit warnings issued by the UK’s largest listed companies in 2014 was higher
than in any year since the height of the financial crisis. 

During the 12 months to mid-December this year, 87 profit warnings were issued
by FTSE 350 companies – 12 more than were issued in 2013. The last time this
number was exceeded was in 2008, when 90 warnings were issued. In terms of the
number of companies issuing warnings, this amounted to approximately one in
five – a higher proportion than in any year since 2008. 

Of all the major companies that have issued warnings this year, Tesco has
suffered the most. In December, it issued its fourth warning in six months as
its business continued to be affected by trading inaccuracies. But for the
majority of companies issuing warnings, the cause was poor performance in the
energy and mining.

USD
The dollar matched a two-year high versus the euro amid speculation the Federal
Reserve will increase interest rates as early as April while other major
central banks maintain monetary stimulus. 

During Fridays trading gauge of the U.S. currency was about 0.2
percent from the highest level in more than five years before reports on
Tuesday that analysts said will show America’s economic growth quickened
and orders for durable goods rose for the month of December.

Key Announcements:
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