FTSE 100 Seen Opening Lower After Wall Street Retreats on Apple Reports
0653 GMT – The FTSE 100 is expected to open lower following declines on Wall Street overnight after reports tech giant Apple will join a growing pool of U.S. companies in slowing hiring. The London index is seen opening down 34 points, according to IG. News of U.S. companies slowing hiring is “feeding into recession worries,” Swissquote Bank analyst Ipek Ozkardeskaya writes. Market sentiment was also hit by news that Russia’s Gazprom declared force majeure on gas supplies to Europe, she says. Meanwhile, data on Tuesday showed the U.K. unemployment rate held at 3.8% in the three months to May and the number of people in employment rose 296,000, the biggest increase since the middle of 2021. (renae.dyer@wsj.com)
Companies News:
Babcock International to Sell Part of Aerial Emergency Services Business for EUR136.2 Mln
Babcock International Group PLC said Tuesday that it has agreed to sell parts of its aerial emergency-services businesses for 136.2 million euros ($138.2 million) to funds managed by Ancala Partners LLP.
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Pebble Group Expects to Beat 2022 Expectations
Pebble Group PLC said Tuesday that it expects to perform ahead of current market expectations for 2022.
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Informa Sees Significant 1H Growth, Backs Full-Year Guidance
Informa PLC said Tuesday that it expects significant underlying revenue and adjusted operating profit growth in the first half, backed its full-year guidance and said it has acquired Industry Dive as part of its expansion plans.
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Liontrust Asset Management 1Q Assets Under Management Increased
Liontrust Asset Management PLC said Tuesday that assets under management increased in the first quarter of fiscal 2023, adding that it remains confident about the long-term outlook of its investments.
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Darktrace Expects FY 2022 Revenue Increase on Strong Demand
Darktrace PLC said Tuesday that it expects to report a rise in revenue for fiscal 2022 after booking strong demand.
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Hyve Group to Get GBP3 Mln on Ukrainian Business Sale
Hyve Group PLC said Tuesday that it will sell its Ukrainian business to ProExpo (Europe) Ltd. for up to 3 million pounds ($3.6 million) in a management buy-out.
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Yu Group Expects 1H Performance to Be Boosted by Investments Made
Yu Group PLC said Tuesday that it expects revenue to rise significantly in the first half of the year, driven by investments made in its systems and processes and despite the pressures facing the energy industry, with growth expected to continue throughout the year.
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Photo-Me International 1H Pretax Profit Rose as Costs Fell; Sees FY 2022 Revenue Growth
Photo-Me International PLC said pretax profit for the first half of fiscal 2022 rose after it booked lower costs, and that it expects revenue growth of at least 20% for the fiscal year.
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Wise 1Q Revenue Growth Boosted by Rise in Active Users, Volume
Wise PLC said Tuesday that growth in revenue for its first quarter of fiscal 2023 was supported by an increase in users and volume.
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Made.com Downgrades 2022 Guidance After 1H Sales Fell
Made.com Group PLC said Tuesday that sales in the first half of 2022 declined significantly on year amid worsening consumer sentiment, and that it is downgrading its guidance for the whole year.
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Biffa Awarded 10-Year Contract in Scotland
Biffa PLC said Tuesday that it has been awarded a 10-year contract to provide logistics, sorting and counting services in Scotland.
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Informa Sees Significant 1H Growth, Backs Full-Year Guidance — Update
Informa PLC said Tuesday that it expects significant underlying revenue and adjusted operating profit growth in the first half, backed its full-year guidance and said it has acquired Industry Dive as part of its expansion plans.
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Kier Group Sees FY 2022 Results in Line Despite Macro Pressures
Kier Group PLC said Tuesday that it expects results for fiscal 2022 to be in line with management’s expectations despite macroeconomic pressures.
Market Talk:
UK Recession Looks Inevitable as High Inflation Bites
0635 GMT – A rise in inflation to 12% later this year is expected to cause a recession in the U.K., economists at Capital Economics say in a note. Higher price growth is set to exacerbate the current squeeze in household incomes and this will very likely prompt consumer spending to fall, they say. “This recession, though, will be mild by historical standards as the balance sheets of households and businesses are relatively healthy,” Capital Economics says. Despite a decline in economic activity, inflation isn’t likely to fall back to its 2% target on its own, so CE expects the Bank of England to increase rates to 3% next year from the current 1.25%. (xavier.fontdegloria@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
July 19, 2022 03:11 ET (07:11 GMT)
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