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(Alliance News) - Stock prices in London were seen opening higher on Monday, as investors gear up for another week of earnings from prominent listings, as well as key economic data.
In early UK company news, shipping services firm Clarkson reported strong interim results and expressed confidence in its prospects. Recruiter PageGroup declared a special dividend after posting similarly robust interim results. Joules Group confirmed a weekend press report that Next will take a stake in the lifestyles retailer.
IG futures indicate the FTSE 100 index will open 25.56 points higher at 7,465.30. The index closed down 8.32 points, or 0.1%, at 7,439.74 on Friday.
Clarkson raised its interim dividend, as the shipping services provider said it delivered a positive performance across all divisions.
For the six months to June 30, pretax profit was GBP42 million, up 53% from GBP27.3 million last year, on revenue of GBP266.7 million, up 40% from GBP190.1 million.
Clarkson raised its interim dividend by 7.4% to 29 pence from 27p paid a year before.
"The outlook for the business remains strong due to the structural supply shortage in the global shipping fleet and we continue to benefit from our international footprint, leading market position, diverse offering and a deep understanding of the energy transition," Chief Executive Officer Andi Case said.
PageGroup said it achieved a strong first-half performance across of its geographies, disciplines and brands, prompting the recruiter to raise its dividend.
For the six months to June 30, pretax profit rose 80% to GBP114.5 million from GBP63.7 million last year on revenue of GBP977.3 million, up 28% from GBP766.4 million.
"The largest headcount investments were made in the markets where we saw the strongest growth and with the highest growth potential, including Germany, the US and India. This investment has driven record performances in four of our five large, high-potential markets and both of our high-potential disciplines," said Chief Executive Officer Steve Ingram.
PageGroup declared an interim dividend of 4.91p, up 4.5% from 4.70p paid last year. In addition, the headhunter announced a special dividend of 26.71p, unchanged from last year. Taking these two dividend payments together, this amounts to a cash return to shareholders of GBP100.5 million, it noted.
"Looking forward, we recognise the heightened degree of global macro-economic and geo-political uncertainty, particularly with regards to increasing inflation around the world. In July, we noted a slight slowing in time to hire in some of our markets, and we continue to closely monitor our forward-looking key performance indicators. However, at this point, our expectations for 2022 full year operating profit remain in line with the company compiled consensus of GBP206 million," said Ingram.
Joules Group confirmed a press report that it is in discussions with FTSE 100-listed retailer Next about a potential equity investment, raising proceeds for Joules of GBP15 million.
Joules said the stake would be taken "at no less than Joules' current market price", which would result in Next becoming a strategic minority shareholder. The equity investment would be subject to approval by Joules' shareholders, it added.
On Sunday, Bloomberg reported Next was in talks to acquire a minority stake in the British lifestyle brand for about GBP15 million.
Joules shares closed flat at 33.00p on Friday and are down 76% so far this year.
New York ended mostly lower on Friday following a strong US jobs report. The Dow Jones Industrial Average closed up 0.2%, but the S&P 500 slipped 0.2% and the Nasdaq Composite by 0.5%.
Official data published Friday showed the US economy added 528,000 positions, defying all expectations of a slowdown.
In Asia on Monday, the Nikkei 225 index in Tokyo closed down 0.3%. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was down 0.8%. The S&P/ASX 200 in Sydney ended up 0.1%.
China's foreign trade continued to grow unexpectedly strongly in July, with an 18.0% rise in exports compared to the same period last year, the Chinese customs authority said. Analysts had actually predicted a slowdown in Chinese export growth after a similarly large increase of 17.9% was recorded last month.
By contrast, imports into China increased by just 2.3%.
China's trade with Russia in particular saw a huge rise, increasing by 37% overall. China's imports from its neighbour - which is under international economic sanctions for its invasion of Ukraine - rose by 49%, while Chinese exports to Russia grew by 22%.
Meanwhile, China carried out fresh military drills around Taiwan on Monday, Beijing said, defying calls for it to end its largest-ever exercises encircling the democratic island.
Live fire drills kicked off Thursday, a day after a controversial visit to the island by US House Speaker Nancy Pelosi.
Those exercises were expected to draw to a close on Sunday, but neither Beijing nor Taipei confirmed their conclusion.
"The Chinese People's Liberation Army continued to carry out practical joint exercises and training in the sea and airspace around Taiwan island, focusing on organising joint anti-submarine and sea assault operations," the Chinese military's eastern command said in a statement.
Beijing has deployed fighter jets, warships and ballistic missiles in what analysts have described as practice for a blockade and ultimate invasion of the self-ruled island - which China claims as its territory.
The pound was quoted at USD1.2077 early Monday, up from USD1.2060 at the London equities close Friday.
The euro was priced at USD1.0170, up from USD1.0165. Against the yen, the dollar was trading at JPY135.43 in London, higher against JPY135.20.
Brent oil was quoted at USD95.80 a barrel Monday morning, down from USD96.23 late Friday. Gold stood at USD1,774.22 an ounce, lower against USD1,776.71.
Earnings season continues in earnest this week. Interim results are due from InterContinental Hotels and fund manager abrdn on Tuesday, insurer Prudential on Wednesday, miner Antofagasta on Thursday, and gambling company Flutter Entertainment on Friday.
Ahead in the economic calendar this week, US consumer price index data is on Wednesday and UK economic growth figures is out on Friday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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