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(Alliance News) - Stocks in London were called flat on Wednesday, with the focus for the day on a US inflation reading in the afternoon, before the release of central bank meeting minutes later.
US inflation data for March will be released at 1330 BST. Markets are expecting the annual inflation rate to cool to 5.2% from 6.0%, according to FXStreet. From the previous month, consumer prices are expected to rise 0.4%, compared to 0.5% in February.
Core inflation - excluding food and energy - is expected to edge up to 5.6% annually from 5.5% in February, however.
There also will be the release of the Federal Open Market Committee meeting minutes at 1900 BST.
"Tonight's Fed minutes could also offer a useful insight into the discussions at the previous Fed meeting, when the US banking system was undergoing significant turbulence due to the collapse of Silicon Valley and Signature Bank," said CMC Markets analyst Michael Hewson.
"Today's minutes are also likely to be instructive as to how seriously the option of a pause on rates was discussed, and whether in going down that route may have sent a signal that the Fed was more concerned with the current situation than markets would have liked," Hewson added.
In early UK company news, Anglo American sales third cycle De Beers diamond sales were in line with expectations, noting a positive consumer demand outlook. Hikma Pharmaceuticals named its head of Injectables, Riad Mishlawi, as its new CEO from September.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: called down 3.0 points at 7,782.72
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Hang Seng: down 0.7% at 20,333.77
Nikkei 225: closed up 0.6% at 28,082.70
S&P/ASX 200: closed up 0.5% at 7,343.90
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DJIA: closed up 98.27 points, 0.3%, at 33,684.79
S&P 500: closed little changed at 4,108.94
Nasdaq Composite: closed down 0.4% at 12,031.88
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EUR: up at USD1.0935 (USD1.0914)
GBP: up at USD1.2443 (USD1.2427)
USD: up at JPY133.83 (JPY133.61)
Gold: up at USD2,018.15 per ounce (USD2,002.83)
(Brent): up at USD85.75 a barrel (USD85.22)
(changes since previous London equities close)
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ECONOMICS
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Wednesday's key economic events still to come:
10:00 EDT Canada interest rate announcement
14:00 BST UK BoE Governor Andrew Bailey speaks
07:00 EDT US MBA weekly mortgage applications survey
08:30 EDT US CPI
09:10 EDT US Fed Richmond President Thomas Barkin speaks
14.00 EDT Federal Open Market Committee meeting minutes
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US President Joe Biden will hold a bilateral meeting with UK Prime Minister Rishi Sunak in Belfast on Wednesday after arriving in Northern Ireland on Tuesday night as part of a historic four-day trip to the island of Ireland. The leaders of Northern Ireland's main political parties will have the opportunity to engage with Biden before he delivers an address at Ulster University's new GBP350 million Belfast campus. The Stormont powersharing Assembly, which was established in the peace deal, is not currently operating due to a protest over post-Brexit trading arrangements by the DUP, the largest unionist party in Northern Ireland. However, the White House said there will not be a formal group meeting with the leaders. Speaking to reporters before his departure, Biden said that his top priority was to "make sure the Irish accords and the Windsor agreement stay in place, keep the peace".
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BROKER RATING CHANGES
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Jefferies cuts EnQuest to 'hold' (buy) - price target 20 (27) pence
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Jefferies cuts Tullow Oil to 'underperform' (hold) - price target 25 (40) pence
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Credit Suisse starts Entain with 'neutral' - price target 1,390 pence
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COMPANIES - FTSE 100
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Student accommodation provider Unite updated on its UK Student Accommodation Fund and London Student Accommodation joint venture's quarterly trading. In the 2023/24 academic year, it noted "strong progress" in booking, with 90% of rooms already sold. "Reservations are significantly ahead of recent sales cycles, reflecting strong demand from both new and existing students as well as new nomination agreements with universities," said Chief Executive Richard Smith. The progress reinforces its confidence in rental growth of 6% to 7% for the period, Unite said. It noted the supply of purpose-built student accommodation "cannot keep pace" with growing demand, with houses in multiple occupation landlords also leaving the sector. USAF's property portfolio valuation was unchanged on a like-for-like basis during the quarter at GBP2.89 billion at March 31. LSAV's portfolio was valued at GBP1.92 billion, edging down 0.1% on a like-for-like basis during the quarter. "The valuation movement in the quarter is driven by increased rental growth with offsetting increases in property yields," Unite explained.
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Anglo American announced the value of rough diamond sales for De Beers in the third sales cycle of the year. Sales values rose to USD540 million from USD497 million in the second cycle. However, sales were down from USD566 million in the third cycle of 2022. The third cycle ran from March 27 to April 11. "Sales were in line with expectations and we continue to see some encouraging positive trends in consumer demand for diamond jewellery, not least in China where we're beginning to see some signs of recovery in consumer confidence following the relaxation of travel restrictions," said De Beers CEO Al Cook.
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COMPANIES - FTSE 250
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Hikma Pharmaceuticals named Riad Mishlawi as its new chief executive officer. Mishlawi will become CEO from September 1, and is currently the president of Hikma's Injectables business. Acting CEO Said Darwazah will step down, and resume his role as executive chair. "The board believed that Riad was the standout candidate, an exceptional operator with a proven track record of execution and delivery as well as an excellent understanding of our business and the wider industry," said Darwazah.
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OTHER COMPANIES
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De La Rue said it has been hurt by demand for banknotes sinking to a more than 20-year low. It expects full year adjusted operating profit for the year ended March 25 to be "a mid-single digit percentage below market expectations". De La Rue said it is seeing signs of recovery, with a "significant number of new tenders actively underway", though the pace of a bounce back is uncertain. More positively, it expects revenue in its Authentication to top GBP100 million for the first time in the new financial year. De La Rue added: "The company is in discussions with its lending banks in relation to seeking an amendment to its banking covenants, reflecting the revised outlook and also reflecting the increase in the company's funding costs resulting from higher Bank of England base rates."
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Central Asia Metals updated on its first quarter operations at Kounrad, with copper production rising year-on-year to 3,336 tonnes from 3,024 tonnes. At Sasa, zinc production fell to 4,917 tonnes from 5,240 tonnes, while lead production edged down to 6,618 tonnes from 6,736. CEO Nigel Robinson said the firm was on track to meet annual production guidance at both sites. In 2023, it targets copper production of 13-14,000 tonnes, zinc in concentrate production of 19-21,000 tonnes, and lead in concentrate at 27-29,000 tonnes.
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DP Eurasia said annual revenue in 2022 rose 7.6% to TRY2.22 billion, around USD115.0 million, from TRY2.06 billion a year before. The master franchisee for Domino's Pizza in Russia, Turkey, Azerbaijan and Georgia said retax profit fell 11% to TRY191 million to TRY215 million. It continues to evaluate its Russian presence, considering a divestment of its operations in the country, but notes there can be no certainty as to the outcome. "In the meantime, the group continues to limit investment in Russia and remains focused on optimising the existing store coverage," it said. Looking ahead to 2023, it expects strong store openings momentum to continue in Turkey, delivering "another year of strong network expansion". It expects to maintain organic and like-for-like sales momentum, with sales growth of 18% in continuing operations in the first 11 weeks of the year. However, it notes the macro-economic backdrop and inflation risk may affect overall growth levels.
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By Elizabeth Winter, Alliance News senior markets reporter
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