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(Alliance News) - Stocks in London are called to open higher, as markets share of nerves around the next set of interest rate decisions.
On Wednesday, all eyes will be on the latest interest rate decision from the US. The Fed will announce its latest decision at 1900 GMT.
Attention will then swiftly turn onto the Bank of England, which will announce its latest interest rate decision at 1200 GMT on Thursday. Like the Fed, the BoE is expected to keep rates unchanged.
In early corporate news, pharmaceutical company GSK reported higher revenue and profit.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: called up 0.2% at 7,681.70
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Hang Seng: down 1.7% at 15,440.47
Nikkei 225: closed up 0.6% at 36,286.71
S&P/ASX 200: closed up 1.1% at 7,680.70
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DJIA: closed up 133.86 points, 0.4%, at 38,467.31
S&P 500: closed down 2.96 points, 0.1%, at 4,924.97
Nasdaq Composite: closed down 118.15 points, 0.8%, to 15,509.90
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EUR: down at USD1.0817 (USD1.0839)
GBP: up at USD1.2672 (USD1.2665)
USD: up at JPY147.87 (JPY147.80)
GOLD: up at USD2,034.01 per ounce (USD2,033.15)
OIL (Brent): down at USD82.20 a barrel (USD82.32)
(changes since previous London equities close)
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ECONOMICS
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Wednesday's key economic events still to come:
08:30 EST Canada GDP
08:45 CET France CPI
08:45 CET France PPI
08:00 CET Germany retail sales
09:55 CET Germany unemployment
14:00 CET Germany CPI
11:00 GMT Ireland unemployment
11:00 GMT Ireland CPI
10:00 CET Italy unemployment
12:00 CET Italy industrial sales
14:00 SAST South Africa trade balance
09:00 CET Spain retail sales
10:00 CET Spain current account
08:30 CET Switzerland retail sales
08:15 EST US ADP jobs report
09:45 EST US Chicago PMI
10:30 EST US EIA Crude oil stocks
14:00 EST US interest rate decision
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UK ministers have sought to play down concerns as new post-Brexit checks on food and drink imports come into force. The long-delayed new rules are part of the UK government's introduction of a series of checks this year. But fears have been expressed about disruption to supply chains, with MPs also warning that the new border regime could present "serious biosecurity risks" to the UK. Home Secretary James Cleverly said that there would be "no interruption" to food on supermarket shelves as a result of the new rules.
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There is "growing evidence" that Russia is using "shadow tanker fleets" to circumvent a Western oil price cap, a watchdog committee of British lawmakers warned on Wednesday. Arguing Britain and its allies must maintain sanctions and military support for Ukraine for "as long as it takes", the panel from parliament's unelected upper House of Lords urged them to take "decisive action" over the issue. It comes just over a year after the G7, EU and Australia imposed the unprecedented price cap on Russian oil, hoping to starve President Vladimir Putin of much-needed revenue while ensuring he still supplied the global market. Initially successful, the USD60 per barrel price ceiling on Russian oil lost its impact once Moscow found new buyers and new tankers to deliver its exports. Recent assessments show Moscow has reduced its dependence on Western shipping services and skirted the curb by building so-called shadow fleets of tankers and buying old ships while offering its own insurance services.
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BROKER RATING CHANGES
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Goldman cuts Harbour Energy to 'sell' (buy) - price target 260 (300) pence
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Jefferies raises Elementis to 'buy' (hold) - price target 170 (110) pence
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Jefferies cuts Victrex to 'underperform' (hold) - price target 1,190 (1,420) pence
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COMPANIES - FTSE 100
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GSK reported that turnover in 2023 rose 3.4% to GBP30.33 billion from GBP29.32 billion a year earlier. Pretax profit in the year climbed 7.7% to GBP6.06 billion from GBP5.63 billion. On the back of the results, the pharmaceutical company paid out a dividend of 16p, bringing the full year dividend to 58p. Looking ahead, GSK said it expects turnover growth between 5% and 7% in 2024. It expects to payout a dividend of 60p per share. Chief Executive Emma Walmsley said: "GSK delivered excellent performance in 2023, with clear highlights being the exceptional launch of Arexvy and continued progress in our pipeline. We are now planning for at least 12 major launches from 2025, with new Vaccines and Specialty Medicines for infectious diseases, HIV, respiratory and oncology."
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Reckitt Benckiser confirms the successful completion of the first tranche of its GBP1 billion share buyback programme. The health, hygiene and nutrition consumer products company has brought back GBP250 million in shares. In line with this, the company has confirmed that the second tranche of the programme to return a further GBP250 million to shareholders will begin on Thursday.
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COMPANIES - FTSE 250
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FDM Group said it delivered a "resilient" performance in 2023, "against a backdrop of very challenging market conditions which emerged from the beginning of the second quarter and remain in place, with macro-economic and geo-political uncertainty dampening client demand." The IT-focused professional services provider expects its financial performance to be in line with expectations. Revenue for the year is expected to edge up to GBP334 million up from GBP330 million a year earlier. "The last nine months of 2023 saw difficult trading conditions across our markets, with many clients delaying and deferring decisions around projects and consultant placements given the macro-economic and geo-political uncertainties they faced. Our agile business model allowed us to take the action required to align our business activity and resources appropriately, a programme which continues into the current year," said CEO Rod Flavell.
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abrdn Private Equity Opportunities Trust reported results for the year ended September 30. The investor said its net asset value per share rose to 777.7p from 753.2p a year earlier. NAV total return 5.4%, versus 14.1% on-year and underperforming against its benchmark, which returned 13.8%. On the back of the results, abrdn Private paid out a dividend of 16.0p, up from 14.4p. "The current private equity market is proving to be tough, with the sharp rise in interest rates impacting pricing expectations, availability and cost of financing, and ultimately causing a material decrease in private equity activity during 2023," said Chair Alan Devine.
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OTHER COMPANIES
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Alfa Financial Software said it expects higher profits in 2023 than previously anticipated. The software developer expects to report about GBP1 million more in profit. Overall revenue growth for the year was in line with expectations, up 9% on-year. The company noted that it has recently completed 11 deliveries, taking the total to a record 35 for the year. CEO Andrew Denton said: "I am delighted that in 2023 we have continued to drive the business forwards with strong revenue growth, a record number of deliveries and an exciting product roadmap. Our pipeline remains strong and we have seen strong growth in subscription TCV driving overall TCV growth. The board remains confident in the future prospects for the business."
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James Halstead issued a trading statement, saying that it will, despite softening of sales demand in some European markets, report profits in the region of 15-20% in the six months to December 30 ahead of the prior year comparative and with a robust cash balance. The flooring manufacturer's expectations for the full year remain positive and for continued progress on dividend distributions, it added.
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By Sophie Rose, Alliance News senior reporter
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