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;
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(END) Dow Jones Newswires
July 20, 2021 03:10 ET (07:10 GMT)
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