FTSE 100 Seen Steadying After Sell-Off

0643 GMT - The FTSE 100 is expected to start trading higher Tuesday after suffering losses in the previous session due to concerns about rising coronavirus cases. Spreadbetting firm IG sees London's blue-chip index opening 24 higher points. The index fell to a three-and-a-half-month low of 6813 points on Monday, according to FactSet. "For so long this year the overriding concern for investors had been that the global economy might be susceptible to overheating, as the reflation trade took hold," CMC Markets analyst Michael Hewson says. "Now the worry is that growth might have peaked while prices continue to rise albeit on a slowing basis, raising concerns about stagflation," he adds. (renae.dyer@wsj.com)

 
Companies News: 

Apollo in Talks to Join Consortium for Morrisons Offer; Rules Out Rival Bid

Apollo Global Management Inc. said Tuesday that it is in talks with SoftBank Group Corp.'s Fortress Investment Group LLC to form part of the consortium bidding for U.K. grocer Wm. Morrison Supermarkets PLC, and ruled out a rival offer.

---

Virgin Wines Expects to Beat FY 2021 Revenue, Ebitda Forecasts

Virgin Wines UK PLC said Tuesday that it experienced strong customer demand over the last two months of the fiscal year and now expects to slightly beat revenue and Ebitda market forecasts for the year.

---

Young & Co. Says Recent Performance Beat Mgmt Expectations, Sales Have Recovered

Young & Co.'s Brewery PLC said Tuesday that performance since May has been above management expectations, and that total sales recovered to close to pre-pandemic levels after hospitality sites reopened.

---

Anglo American 2Q Production Increased as Restrictions Eased

Anglo American PLC on Tuesday reported higher copper, iron-ore and platinum group metals production for the second quarter, as operations benefited from the lower impact of Covid-19 lockdowns compared with the same period of 2020.

---

Fevertree 1H Revenue Rose; Raises Full-year Guidance Despite Margins Caution

Fevertree Drinks PLC said Tuesday that first-half revenue rose on the back of a strong growth in sales and raised its guidance, though it warned challenges around global logistics is affecting margins.

---

EasyJet 3Q 2021 Headline Pretax Loss Narrows

EasyJet PLC said on Tuesday that its headline pretax loss narrowed for the third quarter of fiscal 2021 as revenue rose, and that it expects capacity in the fourth quarter to be at 60% of 2019's level for the same period.

---

Wise 1Q Revenue, Volumes Grew

Wise PLC said Tuesday that revenue and transaction volumes grew sharply in the first quarter of fiscal 2022, in line with its forecasts, and that it expects to continue performing in line with guidance.

---

A.G. Barr Expects to Report Higher-Than-Anticipated FY 2022 Adjusted Pretax Profit

A.G. Barr PLC said Tuesday that trading since March has been better than expected and it now expects to report an adjusted pretax profit for fiscal 2022 higher than previously thought.

---

Supreme FY 2021 Pretax Profit Slips on Adjusted Items, Revenue Rises

Supreme PLC said Tuesday that its fiscal 2021 pretax profit slipped slightly despite a rise in revenue, on the back of a number of one-off items.

---

The Works FY 2021 Loss Narrowed on One-Offs; Chairman to Step Down

TheWorks.co.uk PLC on Tuesday reported a narrowed loss for the fiscal year, driven by lower exceptional charges and said that Chairman Dean Hoyle will step down in September.

---

FireAngel Safety Technology Sees Rising Sales, Narrowed Operating Loss for 1H

FireAngel Safety Technology Group PLC said Tuesday it expects that sales for the first half to rise from a year earlier, and that its operating loss will narrow.

---

Home REIT Mulls Equity Issue to Fund Acquisition Opportunities

Home REIT PLC said Tuesday that it is considering an equity issue to finance acquisition opportunities within its investment pipeline.

 
Market Talk: 

BHP Operations a Bright Spot as Peers Disappoint

0259 GMT - BHP stands out among the major miners for its operating performance as rivals miss expectations, Jefferies says. "While the revisions we have made to our model are relatively small" following BHP's quarterly operational update, "the contrast is that we have made modest increases to our estimates for BHP whereas we lowered estimates for Rio and Vale on the basis of their production reports," Jefferies says. It reckons other major miners yet to report quarterly production will likely miss expectations, too. BHP, nevertheless, heads deeper into the red as Australian mining stocks retreat, trading down 2.1% at A$49.45/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

BHP Expects China Curbs on Australia Coal to Last for Years

0252 GMT - Restrictions on Australian coal shipments to China are expected "to remain for a number of years," miner BHP says in an operational report. China's unofficial ban on Australian coal cargoes began late in 2020 and has altered global trade flows of the fuel, used in steelmaking and electricity generation. BHP's joint venture with Mitsubishi, BMA, is the world's biggest exporter of coal used to make steel. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

BHP's FY 2022 Guidance Looks Light, But Operational Momentum Is Solid

0229 GMT - While BHP's FY 2022 output guidance is a little lighter than RBC Capital Markets expected, the broker sees the miner's 4Q production report as having "reaffirmed BHP's strong operational momentum." A solid FY 2021 that included higher petroleum and metallurgical coal output than RBC had been anticipating puts BHP in good stead ahead of its annual earnings result next month, the broker says. "We continue to expect that the full year results should provide a strong dividend helping to insulate from potential for higher costs and capex," RBC says. BHP trades weaker alongside a slide in Australian mining stocks. Shares are down 1.7% at A$49.66. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

 

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

July 20, 2021 03:10 ET (07:10 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Aug 2021 to Sep 2021 Click Here for more FTSE 100 Charts.
FTSE 100
Index Chart
From Sep 2020 to Sep 2021 Click Here for more FTSE 100 Charts.