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☆ UK stocks open lower after Fed's hawkish stance; BoE on watch
▼ + stars: | 2023-09-21 | by ( ) 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 blue-chip FTSE 100 index (.FTSE) was down 0.5% by 0710 GMT, while mid-cap stocks (.FTMC) dipped 0.4%. The Fed held its interest rates steady on Wednesday, but stiffened a hawkish monetary policy stance that its officials increasingly believe can succeed in combating inflation. Asian stocks tracked the lacklustre mood in U.S. peers on Wednesday after the Fed revised its economic projections. JD Sports Fashion (JD.L) climbed nearly 6% to the top of FTSE 100 after the sportswear retailer forecast a higher annual profit.

Persons: Toby Melville, BoE, Siddarth, Sherry Jacob, Phillips Organizations: London Stock Exchange Group, City of, REUTERS, Treasury, Federal Reserve, Bank of, Fed, Bank of England, Thomson Locations: City, City of London, Britain, London, Bengaluru

☆ Morning Bid: Bonds burn on as China rate cut underwhelms
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

A sign is seen outside the 11 Wall St. entrance of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2021. Although prompted by a deepening property sector bust and worrying economic activity undershoot, China's latest widely expected interest rate cut on Monday was surprisingly small - underscoring concerns that official efforts to shore up the economic malaise are still just piecemeal. The People's Bank of China lowered its one-year lending rate by only 10 basis points to 3.45% - less than the 15bp cut forecast - and it left five-year rates unchanged. UBS became the latest global bank to slash China's annual economic growth forecast for this year - down to 4.8% from 5.2%. Ten-year Treasury yields hovered below last week's highs on Monday, however, and Wall St stock futures were firmer ahead of the open.

Persons: Brendan McDermid, Mike Dolan There's, China's, Xi Jinping, Vladimir Putin, disinflation, Germany's, Crest Nicholson, Mike Dolan, Bernadette Organizations: New York Stock Exchange, REUTERS, People's Bank of, Stock Connect, HK, UBS, Treasury, Federal, Jackson, Wall St, BRICS Summit, Reuters Graphics Reuters, Reuters, Thomson Locations: New York, U.S, China, People's Bank of China, South Africa, Brazil, Russia, India, Ukraine, Wall, Johannesburg

☆ Britain's Bellway says new home sales to fall 'materially'
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville/File PhotoAug 9 (Reuters) - Britain's Bellway (BWY.L) said on Wednesday it would build fewer homes this year and warned that it expects sales completions to drop "materially" amid a sharp housing sector slowdown triggered by higher mortgage rates. Bellway said it built 10,945 homes in the fiscal year ended July 31, slightly down from the guidance of 11,000 units. "In the current financial year, given the level of the order book and prevailing low reservation rates, legal completions are expected to decrease materially," it said in a statement. Bellway, whose builds range from one-bedroom apartments to six-bedroom family homes, said its full-year overall reservation rate fell 28.4% to 156 per week, and it also saw a steep fall from 190 units during the Feb. 1-June 4 period. Bellway's mid-cap competitors Crest Nicholson (CRST.L) and Vistry (VTYV.L) have said high mortgage rates were hampering demand from first-time buyers.

Persons: Toby Melville, Bellway, Barratt, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Paul Sandle, Alexander Smith Organizations: REUTERS, FTSE, Berkeley, Thomson Locations: London, Britain, Newcastle, England, Bengaluru

☆ 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

☆ London stocks inch higher on mining and energy push; Vodafone slumps
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.1%, FTSE 250 flatJune 8 (Reuters) - UK's main stock indexes edged higher on Thursday, supported by a boost from mining and energy stocks, although a sharp drop in the shares of British mobile operator Vodafone capped gains. The resource-heavy FTSE 100 (.FTSE) was up 0.1% as of 0718 GMT, while the domestically-focused FTSE 250 (.FTMC) midcap index was little changed. Oil and gas (.FTNMX601010) and miners (.FTNMX551020) were the top sector gainers, while precious metals (.FTNMX551030) and chemicals (.FTNMX552010) took the worst hit. Wizz Air (WIZZ.L) gained 1.8% after the European low-cost airline forecast a net profit of 350 million euros to 450 million euros ($374.57 million to $481.59 million) in its current financial year. ($1 = 0.9344 euros)Reporting by Ankika Biswas in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Crest, Ankika Biswas, Rashmi Organizations: British, Vodafone, Reuters, Hutchison, HK, Wizz, Crest Nicholson Holdings, Thomson Locations: Bengaluru

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