Away from the Budget, we have a new top faller in the FTSE 100, cruise operator Carnival.
Outpacing even BP - still down more than 4% on worries about the Gulf oil spill costs - Carnival's shares have lost 133p to £24.19 after a trading update. Second quarter revenues rose by $247m to $3.2bn, but it was the guidance for the third quarter which seems to have upset investors. The company said third quarter earnings per share would be between $1.43 and $1.47, but this was below estimates of $1.52 a share as compiled by Thomson Reuters.
The company said unfavourable exchange rate movements - mainly dollar/euro it would appear - would reduce earnings by $97m, but this would be partly offset by a $41m decline in costs, including fuel. Despite this fuel costs for the full year were expected to be $440m higher than in 2009.
Chairman and chief executive Micky Arison maintained bookings were holding up well despite the global economic turmoil, and that the summer season was "shaping up particularly well." Investors seem unmoved by that optimism at the moment.
