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(Alliance News) - Stocks in London are called higher, as investors shrug off nerves ahead of a key US inflation reading.
Eyes are firmly on Wednesday's consumer price index data at 1330 BST. This is the main focal point for investors this week.
According to FXStreet-cited consensus, consumer prices are expected to have risen 3.4% annually in April, cooling slightly from 3.5% in March.
In early corporate news, Experian reported an increase in annual revenue and profit. Burberry's results were less impressive, however.
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 0.4% at 8,460.70
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Hang Seng: down 0.2% at 19,073.71
Nikkei 225: closed up 0.1% at 38,385.73
S&P/ASX 200: closed up 0.4% at 7,753.70
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DJIA: closed up 126.60 points, 0.3%, at 39,558.11
S&P 500: closed up 25.26 points, 0.5%, at 5,246.68
Nasdaq Composite: closed up 122.94 points, 0.8% at 16,511.18
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EUR: up at USD1.0824 (USD1.0818)
GBP: up at USD1.2595 (USD1.2582)
USD: down at JPY156.30 (JPY156.41)
Gold: up at USD2,357.80 per ounce (USD2,351.24)
(Brent): up at USD82.94 a barrel (USD82.25)
(changes since previous London equities close)
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ECONOMICS
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Wednesday's key economic events still to come:
08:15 EDT Canada housing starts
08:30 EDT Canada manufacturing sales
11:00 CEST eurozone unemployment
11:00 CEST eurozone GDP
11:00 CEST eurozone industrial production
08:45 CEST France CPI
08:30 EDT US CPI
08:30 EDT US New York empire state manufacturing index
08:30 EDT US retail sales
15:20 EDT US Federal Reserve Governor Michelle Bowman speaks
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BROKER RATING CHANGES
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JPMorgan places B&M on 'negative catalyst watch'
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Berenberg raises Anglo American price target to 3,000 (1,600) pence - 'hold'
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Barclays raises Vodafone price target to 85 (80) pence - 'equal weight'
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COMPANIES - FTSE 100
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Experian reported that revenue rose to USD7.10 billion in the year ended March 31, from USD6.62 billion a year earlier. Pretax profit jumped to USD1.55 billion from USD1.17 billion. On the back of the results, Experian upped its full year dividend to 58.50 US cents from 54.75 cents. "For FY25, we expect further strategic progress and expect to deliver organic revenue growth in the range of 6-8%. We also expect good margin expansion, in the range of 30-50 basis points, at constant currency," said Chief Executive Brian Cassin. "Looking further ahead, we expect the combination of economic recovery, continued new product and vertical market expansion as well as productivity gains from technology cloud transition to elevate our financial performance. We anticipate strong organic revenue growth, good margin accretion and reduced levels of capital expenditure."
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Burberry reported that revenue fell to GBP2.97 billion in the year ended March 30 from GBP3.09 billion a year earlier. Pretax profit plummeted to GBP383 million from GBP634 million. Burberry left its dividend unchanged at 61.0p. Looking ahead, Burberry said it expects trade in the first half of financial 2025 to "remain challenging". CEO Jonathan Akeroyd said: "While our FY24 financial results underperformed our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements. We are using what we have learned over the past year to finetune our approach, while adapting to the external environment."
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Vodafone said it plans to kick off its EUR2.0 billion share buyback programme after Spanish authorities gave the green light to the planned sale of its Spanish business. The Newbury, Berkshire-based telecommunications provider said the sale of Vodafone Spain to Zegona Communications is expected to complete at the end of May. At that time, Vodafone will receive EUR4.1 billion in cash and EUR900 million in the form of redeemable preference shares. As a result, Vodafone has commenced an initial EUR500 million share buyback programme, as part of plans to return EUR2.0 billion over 12 months.
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On Tuesday, a consortium of investors, including Blackstone and Thomson Reuters, said they plan to sell shares worth just short of GBP1.6 billion in London Stock Exchange Group. BCP York Holdings Delaware, a consortium including Blackstone, the Canada Pension Plan Investment Board, GIC Special Investments Pte and Thomson Reuters said it was selling 17.3 million shares in LSEG, by way of a placing to institutional investors. At Tuesday's closing price, the shares are worth GBP1.57 billion. The sale represents around 3.3% of LSEG's share capital.
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COMPANIES - FTSE 250
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Hunting said it has secured a "record" USD145 million oil country tubular goods order with the Kuwait Oil Co. It noted that revenue is expected to be recognised late into the fourth quarter of 2024 and into 2025. Given the timing of this order, Hunting now expects earnings before interest, tax, depreciation and amortisation to be towards the top end of its current guidance of USD125 to USD135 million for 2024. "We would like to thank KOC for this order and look forward to working with them over the coming months as we deliver on this material order," CEO Jim Johnson commented. "This OCTG order win is the largest in the company's history and underscores our Hunting 2030 strategic ambitions, combining our leading premium connection technology and strong end-to-end integrated supply chain in Asia Pacific."
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Marshalls reported that revenue during the four months to March 30 was down 10% on a like-for-like basis to GBP199 million from GBP227 million. It explained that this reflects "the expected continuation of weak demand in the group's key end markets of new build housing and private housing RMI." Looking ahead, Marshalls said it expects a "modest" recovery in the second half of the year. It added that it remains confident that profit in 2024 will be in-line with its previous expectations and at similar levels to 2023.
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OTHER COMPANIES
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Conduit Holdings reported that gross premiums written for the three months ended March 31 came in at USD356.8 million, a 28% increase over the first three months of 2023. It also noted a 35% increase in reinsurance revenue to USD181.1 million. CEO Trevor Carvey commented: "Following a successful 2023, our momentum was maintained in the first quarter, with growth continuing in line with our plans. The broad trading landscape remains very attractive and we continue to see a significant range of high quality opportunities."
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By Sophie Rose, Alliance News senior reporter
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