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☆ London stocks slip on sluggish GDP data, Diageo's profit warning
▼ + stars: | 2023-11-10 | by ( Khushi Singh | ) www.reuters.com time to read: +2 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The exporter-focused FTSE 100 (.FTSE) was down 0.9% at 0932 GMT, while the mid-cap FTSE 250 (.FTMC) dropped 2.2%, on track for the biggest one-day fall since early July. The broader beverages index (.FTNMX451010) fell 11.0%, touching the lowest levels since March 2021 and was on track for its biggest one-day decline in over 36 years. Meanwhile, data showed the British economic output failed to grow in the July-to-September period, but at least managed to avoid the start of a recession. Reporting by Khushi Singh in Bengaluru; Editing by Eileen Soreng and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Johnnie Walker, Khushi Singh, Eileen Soreng Organizations: London Stock Exchange Group, City of, REUTERS, FTSE, Diageo, Bank of England, Bank of, Victoria, U.S . Federal, Thomson Locations: City, City of London, Britain, America, Caribbean, Bengaluru

☆ British homebuilder Taylor Wimpey flags market uncertainty
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A builder working for Taylor Wimpey builds a roof on an estate in Aylesbury, Britain, February 7, 2017. REUTERS/Eddie Keogh/File Photo Acquire Licensing RightsNov 9 (Reuters) - UK homebuilder Taylor Wimpey (TW.L) on Thursday flagged "significant market uncertainty" as high mortgage rates dent demand, but forecast annual operating profit at the top end of its previous outlook range. Taylor Wimpey's trading update echoed sector peer Persimmon's (PSN.L), which on Tuesday marginally lifted its annual home-build targets while pointing to "highly uncertain" market conditions in 2024. Taylor Wimpey said year-to-date cancellation rate improved to 18%, compared with 24% during the four weeks to July 30, while its total order book excluding joint ventures as at Nov. 5stood at about 1.9 billion pounds ($2.33 billion), down 27% from a year earlier. ($1 = 0.8143 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Taylor Wimpey, Eddie Keogh, Taylor Wimpey's, Aby Jose Koilparambil, Rashmi Organizations: REUTERS, Bank of, FTSE, Thomson Locations: Aylesbury, Britain, Bank of England, Bengaluru

☆ UK housebuilder Persimmon lifts home-build target in tough market
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

A company logo is seen on the outside of a sales office at a Persimmon housing development in Liverpool, Britain, August 23, 2023. The target hike comes after peers Barratt (BDEV.L) and Vistry (VTYV.L) last month flagged that challenges in the British housing market would continue over the coming months. High mortgage rates have dented sales for much of this year, forcing builders to warn on profits and cut home-build targets at a time when the UK economy is battling marked challenges, including sticky inflation and slowdown. The FTSE 250 (.FTMC) firm now expects to build 9,500 homes in 2023, above its August forecast of 9,000 units, helped by improved sales since the start of October. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Barratt, Persimmon, Aby Jose Koilparambil, Subhranshu Sahu Organizations: REUTERS, FTSE, Thomson Locations: Liverpool, Britain, York, Bengaluru

☆ Miners boost FTSE 100 on China optimism; Vistry jumps
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 up 0.6%, FTSE 250 adds 0.4%Sept 11 (Reuters) - The UK's exporter-heavy FTSE 100 index opened higher on Monday boosted by miners after positive China data signalled stability in the world's second-largest economy, while Vistry shares jumped after the homebuilder kept its annual profit outlook. The blue-chip FTSE 100 index (.FTSE) rose 0.6% in early trade, while the mid-cap FTSE 250 index (.FTMC) was up 0.4%. Vistry Group (VTYV.L) jumped 14.4% after the British homebuilder said it would merge its affordable-housing business 'Partnerships' with its Housebuilding operations, while maintaining its annual profit forecast. Reporting by Siddarth S in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, British homebuilder, Pascal Soriot, Siddarth, Rashmi Organizations: London Stock Exchange, REUTERS, Vistry, AstraZeneca, The Mail, Barclays, Reuters, Thomson Locations: Canary Wharf, London, Britain, China, British, Bengaluru

☆ From holidays to mortgage waivers, UK homebuilders dish out freebies to revive sales
▼ + stars: | 2023-09-01 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +4 min

If they have a 5% deposit, then deposit boost works well where we give an additional 5% so that they can secure a 90% loan-to-value mortgage," said a sales director with Persimmon. Some homebuyers are opting for exchange options, where the builder purchases the buyer's existing property and the payment helps fund the new-home purchase. "Mortgage holidays", offered by Persimmon and other builders, are also popular among homebuyers with builders contributing towards home-loan payment during a specific period. Reuters GraphicsKNOCK ON MARGINSThe incentives, while aimed at boosting demand, come at a cost for homebuilders struggling to keep costs low. Persimmon said last month sales incentives and marketing costs shaved off 2.1% from its half-year gross margins.

Persons: Toby Melville, Barratt, Persimmon, Aynsley Lammin, Peel Hunt, Sam Cullen, Cullen, Taylor, Aby Jose Koilparambil, Sweta Singh, Saumyadeb Organizations: REUTERS, British, Reuters Graphics, Bank of England, Reuters, Peel, Thomson Locations: Bristol, Britain, British, Bengaluru

Five hedge funds shared five trading ideas on global property markets, adding that they cannot reveal trading positions for regulatory reasons. CM REITs are companies that own mortgages of multi-family residential homes as well as commercial real estate loans. Cell phone data Litt bought to research a REIT run by Alexandria Real Estate Equities (ARE.N), showed that buildings which that were supposed to be almost fully occupied were only half full. Alexandria Real Estate responded pointing to public filings which said that it was the advancement of science and related intellectual property in Alexandria’s Labspace buildings, and not employee foot traffic that drove its demand for space. But Litt believes that the shift away from office working will also hurt life and sciences real estate, generally.

Persons: Jonathan Mizrachi, CMBSs, David Amaryan, Ben Hunsaker, Hunsaker, Jonathan Litt, Litt, ANSON, Moez Kassam, Vistry, Kassam, Nell Mackenzie, Dhara Ranasinghe, Alison Williams Organizations: Property, Capital, Beach, Beach Point Capital Management, REITs, Alexandria Real, Reuters, Vistry, Thomson Locations: York, Russia, Russia's, Ukraine, Armenia, Beach Point, Alexandria, Alexandria’s, London, Carolina, New York

☆ UK homebuilders under pressure as lofty mortgages deter first-time buyers
▼ + stars: | 2023-07-24 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +4 min

Midcap firms Bellway (BWY.L) and Crest Nicholson (CRST.L) have also pointed to high mortgage rates hampering demand from first-time buyers. Even a potential revival of the government's 'Help to Buy' scheme, which offered incentives to first-time buyers, will not be enough to improve affordability, analysts have said. Persimmon (PSN.L), one of Britain's biggest homebuilders heavily exposed to first-time buyers compared to its FTSE 100 peers, has offered new customers a "10 months mortgage free" deal. Still, the housing sector faces an uncertain path to recovery, given the ultra-elevated mortgage rate levels. Meanwhile, investors will look out for updates on demand when a couple of high-profile homebuilders report half-year results next month.

Persons: Barratt, BDEV.L, Nicholson, Steve Turner, Bellway, Peel Hunt, Sam Cullen, housebuilders, Cullen, Persimmon, Rob Perrins, Jeremy Hunt, Aynsley Lammin, Aby Jose Koilparambil, Sweta Singh, Saumyadeb Organizations: Berkeley, Reuters, Home Builders Federation, Bank of, Times, Housing, Thomson Locations: Berkeley, England, Wales, Bank of England, Bengaluru

☆ Vistry flags tough housing market, reiterates profit forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 20 (Reuters) - British homebuilder Vistry Group (VTYV.L) on Thursday joined its bigger rivals in flagging an intensifying slowdown in the housing market but retained its annual profit forecast, reflecting resilience in its key affordable homes business. The FTSE 250 (.FTMC) firm, which works with local authorities and housing associations to build affordable homes, expects adjusted pre-tax profit for the year ending Dec. 31 to be in excess of 450 million pounds. Vistry, which is typically better insulated against housing market shocks as demand for affordable housing is high, said it was able to mitigate the slowdown in the market through bulk transactions in both its Partnerships and Housebuilding businesses. However, the group said its Housebuilding business, which is similar to its rivals' operations, had faced "more challenging market conditions" in the half-year period with the broader macro-economic challenges particularly impacting first-time buyers. Reporting by Suban Abdulla in London and Aby Jose Koilparambil in Bengaluru; Editing by Sonia Cheema and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Greg Fitzgerald, Suban Abdulla, Aby Jose Koilparambil, Sonia Cheema, Kate Holton Organizations: Vistry, Thursday, FTSE, Bank of England, British, Countryside, Thomson Locations: British, London, Bengaluru

☆ UK construction sector rebounds in February - PMI
▼ + stars: | 2023-03-06 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

The S&P Global/CIPS UK Purchasing Managers' Index (PMI) for the construction sector jumped to 54.6 in February, up from 48.4 in January, its highest since May 2022 and well above economists' average expectation of 49.1 in a Reuters poll. The sharp rebound mirrors a similar increase in Friday's services PMI, which grew at its fastest pace in June, easing many analysts' concerns that Britain's economy was slipping into recession. However, Tim Moore, economics director at S&P Global, said cutbacks in new house building projects remained a weak spot for activity in the construction sector. The house-building industry was the worst-performing construction sector as residential building work fell for the third month in a row. The wider all-sector PMI, which includes previously released services and manufacturing data, rose to its highest since last July at 53.2 for February, up from January's 48.5.

LONDON, Nov 15 (Reuters) - The moment of truth is almost here for Britain's new prime minister Rishi Sunak and finance minister Jeremy Hunt. British markets have regained some poise after the carnage triggered by September's fiscal statement, but as the UK slips into recession, the outlook is far from rosy. Here's a look at some of the likely winners and losers from Thursday's budget. "Domestic UK equities are being treated with caution by investors both domestically and internationally," he said. snapshotA CRUDE TARGETEnergy companies have reported bumper profits this year, thanks to soaring crude oil and gas prices.

☆ Europe's STOXX 600 falls for seventh day; U.S. CPI data eyed
▼ + stars: | 2022-10-13 | by ( Devik Jain | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. CPI data due at 1230 GMTAroundtown slumps after Citi downgradeOct 13 (Reuters) - Europe's STOXX 600 index fell for a seventh day on Thursday, dragged by technology and real estate stocks, with investors focussed solely on U.S. inflation data due later in the day to gauge the Federal Reserve's rate-hike trajectory. The region-wide (.STOXX) index was down 0.5% by 0810 GMT, and on pace for its longest losing streak since early February 2018, if losses hold. All eyes are on U.S. CPI data due at 1230 GMT. "The effects of inflation and expected economic contractions on shoppers caution are expected to continue to weigh on consumer discretionary stocks, particularly retail, travel and hospitality," Streeter said. Norwegian aluminium producer Norsk Hydro (NHY.OL) jumped 5.6% after reports that the United States was weighing restricting imports of Russian aluminium.

☆ Reactions: Britain's finance minister unveils "mini budget"
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +5 min

Britain's blue-chip stocks (.FTSE)remained mired in the red, in line with a broader equity-market decline. FOREX: Sterling extended losses, falling 1.9% on the day to around $1.1047, having hit a new 37-year low earlier on. British homebuilders and household goods makers hit session highs, buoyed by the prospect of consumers getting tax breaks. The tax-cutting budget and ‘go for broke’ growth aims are unlikely to change the longer-term bearish GBP trend." If you get more fiscal stimulus and less monetary stimulus, that’s something that’s buoyant for the currency.

REUTERS/Andrew BoyersSept 21 (Reuters) - Shares in British homebuilders rose sharply on Wednesday morning after a media report said the government would cut stamp duty - a tax on property purchases - in a mini-budget on Friday. Peel Hunt analyst Sam Cullen said any stamp duty cut could help housebuilders better offset inflation in building costs, which has been largely cushioned by higher house prices. The Times said the plan to cut stamp duty would be part of new Prime Minister Liz Truss's drive to boost economic growth. A temporary stamp duty cut was used to support the market by previous finance minister Rishi Sunak during the COVID-19 pandemic. Currently, no stamp duty is paid on the first 125,000 pounds ($141,650) of any property purchase.

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