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☆ London stocks hit three-month low dragged by defence stocks; Aston Martin surges
▼ + stars: | 2023-06-26 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) slipped 0.4%, hitting a three month low as the aerospace and defence sector (.FTNMX502010) lost 2.1% after fighters of the Wagner group attempted a mutiny in Russia over the weekend. "Defence stocks tend to benefit from bad news in terms of geopolitical tensions," said Christopher Peters, trading floor manager at Accendo Markets. Britain's biggest defence company BAE Systems (BAES.L) slumped 3.1%, dropping to the bottom of the FTSE 100. The more domestically-focussed FTSE 250 midcap index (.FTMC) also fell 0.5%, touching a three-month low. Among individual stocks, Cineworld Group (CINE.L) dropped 28.9% after the cinema chain operator said it will file for administration as part of a proposed restructuring plan.

Persons: Russia Cineworld, Aston Martin, carmaker Aston Martin, Wagner, Christopher Peters, JP Morgan, Shashwat Chauhan, Sherry Jacob, Phillips Organizations: Defence, U.S, EV, Lucid, carmaker, Accendo, BAE Systems, Lloyds, Bank of England, Bank for International, Cineworld, Thomson Locations: Russia, Bengaluru

☆ London stocks open lower on recession fears; homebuilders worst hit
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 down 0.2%, FTSE 250 off 0.4%June 23 (Reuters) - UK's benchmark indexes extended their slide on Friday, led by a decline in homebuilders, as investors' concerns over recession heightened following the Bank of England's outsized interest rate hike. The benchmark FTSE 100 (.FTSE) was down 0.2% at 0706 GMT, while the FTSE 250 (.FTMC) mid-cap index lost 0.4%. Both indexes were on track for their worst weekly drop since the U.S. banking turmoil in March. Retail sales, however, unexpectedly rose in May, suggesting most consumers were coping with rigid inflation's impact on their spending power. Reporting by Ankika Biswas in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: BoE, Ankika Biswas, Sherry Jacob, Phillips Organizations: Bank of England's, Federal Reserve, GSK, Thomson Locations: homebuilders, U.S, Norway, Switzerland, Bengaluru

☆ Stocks and bonds reflect fears of Powell embracing his inner hawk
▼ + stars: | 2023-06-21 | by ( Lawrence White | ) www.reuters.com time to read: +5 min

Housebuilders (.FTNMX402020) declined 3% at one point as the prospect of more rate increases raised fresh concerns about mortgage costs. The U.S. dollar was firmer ahead of Powell's congressional testimony, with the dollar index up 0.1% at 102.62. Minutes of the central bank's last meeting showed only one of nine board members suggested reconsidering its policy of keeping bond yields low, and even then suggested it was best to wait a while. Rising interest rates and higher bond yields have been a burden for gold, which was pinned at $1,934 an ounce , just above last week's three-month low of $1,924.99. The Brent benchmark edged down 4 cents to $75.86 a barrel while U.S. crude lost 3 cents to $71.16.

Persons: Toby, Powell, Jerome Powell, Tapas Strickland, Jerry del Missier, doggedly, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman Organizations: London Stock Exchange Group, REUTERS, . Federal, NAB, Nasdaq, Copper, BRITAIN Investors ramped, Bank of, U.S, Bank of Japan, Thomson Locations: City, London, Britain, Beijing, Asia, Pacific, Japan, Bank of England

That threw a new curveball at UK markets, as just last week economists polled by Reuters had unanimously expected the BoE to raise by 25 basis points. I would not be surprised if we see a 50-bp rate rise from the Bank of England tomorrow." Other analysts said delivering a larger rate rise on Thursday risked further undermining the BoE's messaging. Bets on where BoE rate hikes might peak rose as high as 6% on Wednesday. The rise in yields hit UK housebuilders (.FTNMX402020), which were down as much as 3.1%.

Persons: BoE, Melanie Baker, Liz, Nick Rees, Richard McGuire, Rabobank's McGuire, Yoruk Bahceli, William Schomberg, Dhara Ranasinghe, Danilo Masoni, Alun John, Peter Graff Organizations: Bank of England, Reuters, Royal London Asset Management, Reuters Graphics Reuters, Wednesday's, MPC, FX, Monex, Rabobank, Sterling, Thomson Locations: Monex Europe

☆ London stocks open lower as inflation data deepens rate hike concerns
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

Pressured by a firm sterling , the export-oriented FTSE 100 (.FTSE) was down 0.5% at 0710 GMT. The FTSE 250 (.FTMC) mid-cap index shed 0.7%. After data showed consumer inflation was unchanged at 8.7% in May, contrary to expectations of a slight fall, traders ramped up their bets of a 50 basis point (bps) BoE rate hike on Thursday from the 25 bps hike anticipated earlier. In a testimony later in the day, Powell is poised to be questioned on the future of rate hikes by the world's most influential central bank. Reporting by Ankika Biswas in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, BoE, Powell, homebuilder, Ankika Biswas, Sonia Cheema Organizations: Bank of England, Federal, FTSE, Berkeley Group Holdings, Thomson Locations: Bengaluru

SummarySummary Companies Travis Perkins falls, warns of downbeat profitUK inflation data, BoE rate decision due next weekFTSE 100 up 0.2%, FTSE 250 flatJune 16 (Reuters) - UK's FTSE 100 climbed on Friday, with defensive stocks such as utilities and healthcare leading the charge, while top building materials supplier Travis Perkins slumped after a profit warning. The internationally-focused FTSE 100 (.FTSE) gained 0.2%, posting a weekly gain of 1%, snapping a three-week losing streak underpinned by strength in mining stocks. Investors now look ahead to domestic inflation data and a probable 25-basis-point rate hike from the Bank of England next week. "It looks like, at least at this point, that this is the central bank that's going to remain the most restrictive for the longest period of time." A BoE survey showed the British public's expectations for inflation in the coming 12 months cooled in May.

Persons: Travis Perkins, BoE, Julien Lafargue, Ankika Biswas, Shashwat Chauhan, Khushi Singh, Sherry Jacob, Phillips, Shailesh Organizations: U.S . Federal Reserve, European Central Bank, Bank of, ECB, Barclays Private Bank, FTSE, Britain's, Thomson Locations: 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

The companies in discussion are largely small- to mid-sized, making them achievable targets, as opposed to firms listed on the FTSE 100. 'DRY POWDER'One of the contributing factors for PE firms' abundance of cash, or "dry powder", is the continued buildup of uninvested capital during the pandemic, according to fund managers. During the first five months of 2023, nine listed firms on the London Stock Exchange were approached by PE firms, exceeding the number of targets in the same time period last year, according to Refinitiv data. Among those out shopping for firms, many seem attracted to these lower valuations of small- and mid-cap firms. Though firms listed on the smaller UK indexes are more domestically focused than their larger counterparts, analysts point out that nearly half of their revenue is from their international presence, making them an even more attractive purchase for PE firms.

Persons: Richard Bullas, Martin, Franklin Templeton, John Wood, Bullas, Moodley, Johann M Cherian, Shounak Dasgupta Organizations: Bank of, Network International Holdings, Hyve, Medica Group, Pharmaceuticals, PE, Martin Currie UK Equity, London Stock Exchange, Apollo, John, John Wood Group, BNP, FTSE, U.S, Thomson Locations: Bank of England, Britain, United States, 10.2x, Europe, U.S, Bengaluru

☆ FTSE 100 edges higher as NatWest, StanChart shares rise
▼ + stars: | 2023-05-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies Domestic house prices rise in MayUK lowers stake in NatWest, shares climbDechra Pharma down after profit warningUS debt ceiling talks to resume after impasseFTSE 100 0.3%, FTSE 250 flatMay 22 (Reuters) - UK's blue-chip index edged higher on Monday, with NatWest shares rising after it agreed to buy 1.3 billion pounds ($1.6 billion) worth of its shares back from the government, although lingering uncertainty over the U.S. debt ceiling impasse weighed on overall mood. The FTSE 100 (.FTSE) rose 0.3%, with bank stocks in the lead. Standard Chartered (STAN.L) rose 2.4% after Bank of America upgraded the stock to "buy" from "neutral". UK-listed stocks have traded in tight bands since late April as investors digested mixed corporate earnings, weakening outlook for commodity-linked stocks and standoff over the U.S. debt ceiling deal. ($1 = 0.7923 pounds)Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ UK equities rise on upbeat global mood, BT Group tumbles on weak cash flow
▼ + stars: | 2023-05-18 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"There's clearly a lack of real strategy and it's not enough to just say we're going to cut costs. Vodafone Group Plc (VOD.L) earlier this week said it would cut 11,000 jobs globally over three years after it warned that a poor performance in its biggest market Germany would hit cash flow. The blue-chip FTSE 100 (.FTSE) rose 0.6%, reflecting an upbeat mood in global markets on hopes that Washington is edging closer to a deal to raise the U.S. debt ceiling and avert a default. Among other movers, luxury group Burberry Group Plc (BRBY.L) fell 6.2% as continued weakness in the United States overshadowed a stronger-than-expected fourth quarter sales driven by a rebound in China. EasyJet Plc rose 1% after the airline posted a first-half loss in line with its guidance.

☆ LSEG, Experian shares weigh on UK's FTSE 100
▼ + stars: | 2023-05-17 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

The financial services sector (.FTUB3020) slid 1.1% while the broader FTSE 100 (.FTSE) shed 0.1%. Shares of Experian Plc (EXPN.L) slipped after the credit data firm forecast annual organic revenue to grow between 4% and 6%, while analysts were expecting a 5.8% growth. "In early trade, the market looks to be taking a cautious approach (with Experian's shares)," said Steve Clayton, head of equity funds, Hargreaves Lansdown. Among other movers, Watches of Switzerland Group Plc (WOSG.L) slumped 7.4% on a marginal sales decline in the first quarter. Bucking the sombre mood, Sage Group Plc (SGE.L) rose 3.6% after upgrading its annual organic recurring revenue growth forecast.

☆ FTSE 100 edges up as consumer stocks offset Vodafone slump
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.2%, FTSE 250 adds 0.1%May 16 (Reuters) - UK's main stock index edged up on Tuesday as weakness in the sterling supported some internationally-focused consumer firms, although Vodafone slumped after it forecast a big drop in fresh cash flow. The telecom giant's stock (VOD.L) fell 4% to become the top decliner on the FTSE 100 (.FTSE) after the company announced job cuts and forecast a 1.5 billion euro ($1.65 billion) decline in free cash flow this year. However, the blue-chip FTSE 100 rose 0.2% and the mid-cap FTSE 250 (.FTMC) added 0.1%. The currency's weakness lifted shares of dollar earners like Unilever Plc (ULVR.L) and British American Tobacco Plc (BATS.L). Industrial metals miners (.FTNMX551020) slipped 0.2%, tracking easing copper prices on investor worries of patchy economic recovery in top consumer China.

With a wry nod to the weekend coronation of King Charles, Goldman Sachs' currency team labelled an upgrade of its sterling recommendation from neutral to 'Long (live) Sterling' - nudging a 3-month forecast for sterling 3% stronger to 0.86 per euro. "Headwinds on sterling in 2022 - mostly natural gas prices and the relative stance of BoE policy - have turned to tailwinds." Economic surprise indexes compiled by Citi show incoming UK readouts more positive relative to expectations than at any time since October 2020. But the FTSE 250 is mostly holding its own so far in 2023 as they have both advanced 3%-4%. UK Economic Surprises surge vs rest of the westG3 Terminal RatesFTSE100 vs FTSE250The opinions expressed here are those of the author, a columnist for Reuters.

☆ London stocks fall on caution ahead of U.S. inflation data
▼ + stars: | 2023-05-09 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) fell 0.3% after a holiday on Monday for the official coronation of King Charles over the weekend, while the FTSE 250 midcap index (.FTMC) was down 0.7%. "Travel stocks have had a really nice run for the last few days," said Christopher Peters, trading floor manager at Accendo Markets. "From mid-April, we've seen a decline in oil prices. That has an effect on costs for the airlines and travel stocks." Energy stocks (.FTNMX601010) dipped 1.2%, as oil prices relinquished some of the strong gains of the previous two sessions ahead of U.S. inflation data due on Wednesday.

The blue-chip index (.FTSE) and the mid-cap FTSE 250 index (.FTMC) rose 0.3% each, as of 0830 GMT. Oil and gas sector (.FTNMX601010) jumped 1.7%, with firm crude prices and a weaker dollar supporting gains. The U.S. Federal Reserve and the European Central Bank hiked interest rates by 25 basis points (bps) earlier this week. Though the ECB signalled more hikes were to come, the Fed indicated a potential pause in its monetary tightening. "As long as inflation doesn't move higher, it looks like the Fed has done enough in the near term."

While the Fed is widely expected to raise rates by 25 basis points at its policy rate announcement at 1800 GMT, the hopes of a pause in increases have grown after a banking crisis that has threatened to hurt economic growth. Lloyds Banking Group (LLOY.L) edged down 0.8% despite beating quarterly profit estimates, as the bellwether lender echoed rivals in maintaining its full-year forecasts. However, energy stocks (.FTNMX601010) were a drag, down 1.2%, tracking weakness in crude prices. Haleon (HLN.L) lost 3.8% as the world's biggest standalone consumer health business reported first-quarter profit below analyst expectations. Luxury carmaker Aston Martin Lagonda (AML.L) lost 2.2% after it reported a narrower quarterly pre-tax loss and maintained its 2023 outlook.

☆ London's FTSE 100 gains on upbeat results; Capricorn Energy drops
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The London Stock Exchange Group offices in the City of London, Britain, December 29, 2017. REUTERS/Toby MelvilleSummarySummary Companies FTSE 100 up 0.1%, FTSE 250 off 0.2%April 27 (Reuters) - The UK's FTSE 100 edged higher on Thursday, snapping a three-day losing streak as markets cheered upbeat corporate updates, while shares of Capricorn Energy fell due to a full-year operating loss. The blue-chip index (.FTSE) was up 0.1%, while the mid-cap FTSE 250 (.FTMC) lost 0.2%, as of 0717 GMT. Banks (.FTNMX301010) added 0.7%, led by Barclays (BARC.L) gaining 2.7% after the lender's first-quarter profit exceeded expectations as strong performance from its credit card business offset pressure on other business lines. Unilever (ULVR.L) gained 1.3% after it smashed quarterly sales forecasts as another big rise in prices triggered only a small dip in volumes.

The blue-chip index (.FTSE) fell 0.3%, down for the third straight session, while the mid-cap FTSE 250 (.FTMC) shed 0.4% as of 0829 GMT. The FTSE 100 had a good run earlier this month, buoyed by strength in commodity stocks and defensives like pharmaceuticals. However, markets have taken to a wait-and-see mode as earnings kicked in, to assess the impact of monetary tightening on results. Oil and gas stocks (.FTNMX601010) rose 0.6% as crude prices gained on reports of falling U.S. crude oil and fuel inventories. Drax Group's shares (DRX.L) rose 3.8% after the power generator announced a 150 million pound ($187 mln) share buyback programme.

SummarySummary Companies Britain's house prices show weak rise in AprilBunelm gains on Stifel upgradeMedica Group surges on buyout dealFTSE 100 down 0.2%, FTSE 250 adds 0.2%April 24 (Reuters) - London's FTSE 100 fell on Monday as energy stocks and base metal miners lost ground on weak demand outlook, while caution set in ahead of a busy week of earnings. Oil giants BP (BP.L) and Shell (SHEL.L) lost 0.9% and 1.2%, respectively, as crude prices fell more than 1% on concerns about rising interest rates, global economic slowdown and fuel demand outlook. The FTSE 100 (.FTSE) fell 0.2%, while the mid-cap FTSE 250 (.FTMC) was up 0.2%, as of 0821 GMT. Growth companies, including Microsoft Corp (MSFT.O), Google parent Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O), are scheduled to report their earnings this week. The FTSE 100 logged its fifth consecutive weekly rise on Friday, marking its longest streak of weekly gains in more than a year, buoyed by commodity stocks, even as weak global economic growth outlook keeps investor sentiment subdued.

If it is just a lagged statistical quirk, then the huge disparity in March inflation rates - of some 3-5 percentage points with western peers - should narrow sharply by yearend. With an election due next year, that may prove a big factor in any re-convergence of inflation rates if the cost of that is a much deeper economic downturn that rest. The question about Britain as an inflation outlier re-opens the age-old issue about just how that should be priced into sterling. For much of the past 10 years, G7 inflation rates were largely locked together in either their subdued pre-pandemic state or during the wild price spikes since. If UK inflation turns "idiosyncratic" among its peers during the much-vaunted normalization, then currency markets may need to rethink fundamental long-term assumptions about purchasing power, Gallo reckons.

The blue-chip FTSE 100 (.FTSE) fell 0.4%, while the mid-cap FTSE 250 (.FTMC) was down 0.8%, as of 0820 GMT. Data showed Britain now has Western Europe's highest rate of consumer price inflation, after a weaker-than-expected fall in March to 10.1% from February's 10.4%. The FTSE 100 clocked its longest winning streak since December 2020 on Tuesday, buoyed by defensive and commodity-linked stocks. Food, beverages and tobacco sector (.FTUB4510) was a bright spot, up 0.8% on the heels of sticky inflation numbers. Leading losses on the FTSE 250 was Liontrust Asset Management Plc (LIO.L), down 5.5% as the asset manager reported significant quarterly net outflows.

☆ PageGroup sees 29% slump in annual profit on tough market conditions
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

April 17 (Reuters) - Global recruiter PageGroup Plc (PAGE.L) on Monday forecast a near 29% slump in its annual profit and said the challenging conditions it experienced towards the end of 2022 have continued into 2023. PageGroup now expects annual operating profit to be in line with a company-compiled consensus of 140 million pounds ($173.9 million), way below the 196.1 million pounds it reported for fiscal year 2022. High inflation and persistent recession worries have forced many companies to cut jobs or freeze hiring, and prefer temporary hiring over permanent roles in their bid to minimise potential risks. The FTSE midcap (.FTMC) firm also posted a 2.4% decline in gross profit at 262.7 million pounds in constant currency terms for the three months ended March 31, mainly weighed down by performance in the Asia Pacific region. ($1 = 0.8054 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ Recruiter PageGroup sees 29% slump in annual profit on tough market conditions
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies First-quarter gross profit down 2.4% at 262.7 mln poundsQuarterly gross profit in U.S. market declines 15%Sees FY operating profit of 140 mln poundsApril 17 (Reuters) - PageGroup (PAGE.L) on Monday became the latest recruiter to warn of tough conditions in the labour market as it forecast a near 29% slump in 2023 profit, partly hit by weakness in the technology and banking sectors in the United States. PageGroup along with peers Hays and Robert Walters have flagged weakness in the permanent hiring market because employers were turning to interim hires to ride out market uncertainty amid a tough economic outlook. PageGroup's gross profit in permanent recruitment fell 7.2% in the first quarter on constant currency terms, while temporary jobs jumped about 15%. It now expects annual operating profit to be in line with a company-compiled consensus of 140 million pounds ($173.9 million), way below the 196.1 million pounds it reported for fiscal year 2022. The FTSE midcap (.FTMC) firm also posted a 2.4% decline in gross profit at 262.7 million pounds for the three months to March 31.

The commodity-heavy FTSE 100 (.FTSE) edged 0.1% lower, while the mid-cap FTSE 250 (.FTMC) was flat as of 0814 GMT. "Gains in homebuilders is being counteracted by ex-dividend moves today," said Chris Beauchamp, chief market analyst at IG Group. Even as concerns over a potential U.S. recession have weighed on investor sentiment, defensive stocks such as pharmaceuticals as well as commodity-linked stocks have kept FTSE 100 afloat recently. Shares of Lloyds Group (LLOY.L), Unite Group (UTG.L) and Persimmon (PSN.L) among others were down between 1.7%-3% as the stocks traded ex-dividend. Reporting by Shristi Achar A in Bengaluru; Editing by Sohini Goswami and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

The blue-chip FTSE 100 (.FTSE) rose 0.5%, while the mid-cap FTSE 250 (.FTMC) lost 0.1% as of 0807 GMT. Oil and gas (.FTNMX601010) added 0.8% as crude prices gained against the dollar, lifting oil giants BP Plc (BP.L) and Shell Plc (SHEL.L) 0.6% and 1.0%, respectively. "The FTSE 100 is falling in line with the positive sentiment we saw at the start of the week, overlooking the China-Taiwan tensions," said Giles Coghlan, chief market analyst at HYCM. While concerns over a potential recession in the U.S. amid persistent inflation have weighed on sentiment recently, the FTSE 100 has been on a positive streak, helped by commodity stocks and defensives including pharmaceuticals. Shares of West Africa-focused oil producer Tullow Oil (TLW.L) slid 2.9% on Jefferies' downgrade to "underperform" from "hold."

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