FTSE 100 to Tumble After U.S., Asia Stocks Retreat

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FTSE 100 to Open Lower After US, Asia Stocks Retreat

0646 GMT – The FTSE 100 is seen opening lower following declines in U.S. and Asian equities with spreadbetting firm IG expecting the London index to fall 67 points after ending Monday up 51 points. “The continued rise in energy prices, as well as supply-chain pressures, are likely to impact company profit margins at a time when consumer incomes are likely to face increasing pressure as we head into the winter months,” CMC Markets analyst Michael Hewson says. Meanwhile, datashowed the U.K. unemployment rate fell to 4.5% in the three months to August from 4.6% the previous quarter and employment rose 207,000 to a record 29.2 million in September.(renae.dyer@wsj.com)

 
Companies News: 

InterContinental Hotels in Talks to Find a Replacement for Chairman Patrick Cescau -Sky News

InterContinental Hotels Group is in talks with headhunters to appoint a successor to veteran chairman Patrick Cescau, Unilever’s former CEO, Sky News says.

Entain 3Q Net Gambling Revenue Rose 4%

Entain PLC on Tuesday reported that its net gambling revenue increased 4% in the third quarter, and reaffirmed full-year earnings expectations.

De La Rue Says FY Outlook Remains in Line With Expectations

De La Rue PLC said Tuesday that its outlook for the year ending in March 2022 remains in line with expectations.

French Connection 1H Loss Narrowed, Revenue Remained 21% Below Pre-Pandemic Levels

French Connection Group PLC on Tuesday reported a narrowed loss for the first half of the fiscal year, but its revenue remained below pre-pandemic levels due to a reduced retail portfolio and temporary Covid-19 store closures.

EasyJet Expects to Report a Headline Loss for FY 2021

easyJet PLC said Tuesday that it expects to report a headline loss for fiscal 2021, and that its headline loss for the fourth quarter fell by more than half on year.

Liontrust Asset Management 1H 2022 Assets Under Management Rose 15%

Liontrust Asset Management PLC said Tuesday that assets under management were up 15% over the first half of the fiscal year, as inflows increased.

BlueRock Diamonds Production, Sales, Prices Rose in 3Q

BlueRock Diamonds PLC on Tuesday reported higher diamond production, sales and realized prices for the third quarter of the year.

 
Market Talk: 

Weir’s Transformation Seen as Underappreciated

0529 GMT – Although Weir Group’s strategy of focusing its capital allocation on becoming a mining-technology business has transformed the engineering company, this has been underappreciated by the equity markets, Berenberg says. Today the company boasts a high level of aftermarket revenue, expanding margins, inflecting returns on invested capital, structural and cyclical end-market growth, improved cash generation, and a strengthened balance sheet, the German brokerage says. The company’s near term outlook is supportive as, among other things, the outlook for U.S. infrastructure and industrial production is positive. “We think sustainability trends can drive organic revenue growth in the mid- to high single digits over the long-term,” Berenberg, initiating its coverage of the stock with a buy rating and a 2,060-pence target price. (anthony.orunagoriainoff@dowjones.com)

 

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

October 12, 2021 03:09 ET (07:09 GMT)

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