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(Alliance News) - Stock prices in London are seen opening lower on Tuesday as investors watch a third wave of Covid-19 infections hit Europe.
In early company news, housebuilder Crest Nicholson said it expects annual profit to be ahead of market forecasts. Swiss miner Glencore announced the start date for its new chief executive. Irish building materials firm CRH named a new finance head.
IG futures indicate the FTSE 100 index is to open 35.50 points lower at 6,690.60. The blue-chip index closed up 17.39 points, or 0.3%, at 6,726.10 Monday.
Crest Nicholson said it has continued to deliver a good trading performance in financial 2021 with strong progress on all of its strategic priorities.
Crest highlighted that the UK housing market has remained resilient to the damage caused by Covid-19 and the sector is set to benefit from the measures recently outlined in the UK budget statement earlier this month. These include the extension of the Stamp Duty holiday and the introduction of the government-backed 95% mortgage guarantee scheme.
Crest said that, as of 22 March, the order book is over 70% covered for 2021, up from 55% as reported with its annual results in January. This includes sales that will legally complete after the end of Help to Buy phase 1 and the Stamp Duty holiday extension, further highlighting customers' confidence in the market, it noted.
The Chertsey, Surrey-based housebuilder said that, in light of the good trading performance and the continued strategic progress, it now expects financial 2021 adjusted pretax profit to be around GBP85 million - 14% ahead of current analyst consensus of GBP74.3million.
Dublin-based CRH said it has promoted Jim Mintern to the role of group finance director-designate. Mintern will assume the role on June 1 following the retirement of Senan Murphy. Mintern is an executive vice president of CRH and a member of the company's global leadership team. He has most recently been chief of staff to CEO Albert Manifold.
Glencore said Gary Nagle will assume the role of chief executive on July 1, replacing Ivan Glasenberg who will retire on June 30. Glencore designated Nagle as CEO in December. He currently serves as global head of Glencore's coal industrial business based in Sydney, Australia.
Cineworld Group said it is to reopen its Regal Theatres in the US on April 16 for the first time in six months. The movie theatre operator said the phased reopening will begin with a limited number of cinemas opening for "Godzilla vs Kong" on April 2 and going wider with "Mortal Kombat" on April 16. Cineworld also plans to reopen in the UK, its second biggest market, in May, in line with current government guidance, it said.
"This is a great moment for us - the US market represents 75% of our business - and soon will be followed with all our markets. We are great believers in the theatrical experience, which only a year ago (2019) generated USD43 billion worldwide." CEO Mooky Greidinger said. "We have no doubt that by offering our customers the highest level for watching a movie, Cineworld and Regal will continue to be - The Best Place to Watch a Movie."
In addition, Cineworld said it has agreed a multi-year deal to show Warner Bros films in US and UK. It will have a 45-day theatrical exclusivity for Warner Bros films in US and UK .
Stock market sentiment was dealt a blow after Germany said Tuesday it will impose a strict lockdown for five days over Easter as Covid-19 infections spiral "exponentially", while a row over exports of the AstraZeneca vaccine continues in Europe.
Chancellor Angela Merkel ordered the harsh nationwide measures after marathon talks with regional leaders, warning a potent strain of coronavirus was raging through the EU's most populous country.
"The situation is serious," Merkel said. "Case numbers are rising exponentially and intensive care beds are filling up again."
A variant first identified in the UK has become the dominant strain circulating in Germany, the under-pressure leader said, adding that "we are in a new pandemic".
Drugmaker AstraZeneca said Monday that US trials showed its drug was 100% effective in preventing severe disease.
However, a spat is simmering between the UK and the EU over much-needed supplies of the jab, which is cheaper and easier to store than many of its rivals. European officials are furious that the Anglo-Swedish firm has been able to deliver its UK contract in full, while falling short on its supplies to the EU.
Merkel on Tuesday threw her weight behind the bloc, which has threatened to ban AstraZeneca vaccines produced in the bloc from being exported unless it delivers more of the 90 million doses it agreed to supply in the first quarter of 2021.
The UK, meanwhile, on Tuesday marks the anniversary of its first coronavirus lockdown with a "National Day of Reflection", which will see Parliament hold a minute's silence in tribute to the more than 126,000 people who have died.
The Japanese Nikkei 225 index ended down 0.6% on Tuesday. In China, the Shanghai Composite closed down 0.9%, while the Hang Seng index in Hong Kong was down 1.5%.
"Asia markets have slipped back, and this in turn looks set to act as a drag on European markets this morning, as concerns over European attempts to curb the virus tempers overall sentiment," said CMC Markets analyst Michael Hewson.
The pound was quoted at USD1.3834 on early Tuesday, down from USD1.3860 at the London equities close Monday.
The euro was priced at USD1.1925, lower from USD1.1936. Against the yen, the dollar was trading at JPY108.75, up from JPY108.69.
Brent oil was quoted at USD63.82 a barrel Tuesday morning, down from USD64.21 a barrel at the London equities close Monday. Gold was priced at USD1,738.71 an ounce, little changed from USD1,738.99.
In the economic events calendar, focus will be on Congressional testimony by US Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen later on Tuesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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