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(Alliance News) - Stock prices in London were set to open higher on Tuesday, following a positive session for equities in Hong Kong and Shanghai.
China is on course to achieve its 5% target for economic growth in 2023 set by Beijing earlier this year, Premier Li Qiang said Tuesday.
"For the whole year, we are expected to achieve the target of about five percent economic growth set at the beginning of this year," Li said as he opened a meeting of global political and business leaders in northern China.
Markets in Europe were beginning to settle following an aborted uprising against President Vladimir Putin in Russia over the weekend, which had put investors in a risk-off mood.
In early UK corporate news, JD Sports Fashion maintained its full-year profit guidance following positive trading in May, and Telecom Plus boasted of a record year of revenue and profitability.
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 37.02 points, or 0.5%, at 7,490.60
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Hang Seng: up 2.2% at 19,201.58
Nikkei 225: closed down 0.5% at 32,538.33
S&P/ASX 200: closed up 0.6% at 7,118.20
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DJIA: closed down just 12.72 points at 33,714.71
S&P 500: closed down 0.5% at 4,328.82
Nasdaq Composite: closed down 1.2% at 13,335.78
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EUR: higher at USD1.0929 (USD1.0913)
GBP: higher at USD1.2746 (USD1.2719)
USD: unchanged at JPY143.53 (JPY143.52)
Gold: flat at USD1,926.40 per ounce (USD1,926.27)
(Brent): higher at USD74.80 a barrel (USD74.12)
(changes since previous London equities close)
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ECONOMICS
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Tuesday's key economic events still to come:
09:00 EDT US house price index
10:00 EDT US Richmond Fed business activity survey
10:00 EDT US consumer confidence survey
16:30 EDT US API weekly statistical bulletin
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Chinese Premier Li Qiang slammed efforts in the West to "de-risk" their economies as a "false proposition" on Tuesday, hitting back against US and EU policy aimed at reducing their reliance on China. The US and the EU have in recent months moved to "de-risk" from the world's second-largest economy. "In the West, some people are hyping up what is called 'cutting reliance and de-risking'," Li told delegates at the opening of a World Economic Forum meeting in northern China. "These two concepts...are a false proposition, because the development of economic globalisation is such that the world economy has become a common entity in which you and I are both intermingled," he said in a wide-ranging speech calling for deepening economic globalisation and cooperation.
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US President Joe Biden has insisted neither the US nor Nato played any role in the turmoil in Russia. A powerful mercenary group engaging in a short-lived clash with Russia's military at the moment Ukraine is trying to gain momentum would seem like something for the US to embrace, but the public response by Washington has been decidedly cautious. Officials have insisted this was an internal matter for Russia and declined to comment on whether it could affect the war in Ukraine as they look to avoid creating an opening for Russian President Vladimir Putin to seize on the rhetoric of American officials and rally Russians by blaming his Western adversaries.
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BROKER RATING CHANGES
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UBS cuts BT Group to 'sell' (neutral) - price target 120 (146) pence
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HSBC starts Smiths Group with 'hold' - price target 1,860 pence
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Berenberg reinitiates Informa with 'buy' - price target 820 pence
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COMPANIES - FTSE 100
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HSBC will switch global headquarters to London's traditional City finance district, from its current Canary Wharf base in the east of the capital, it said on Monday. The Asia-focused bank, which has encouraged hybrid working since the Covid pandemic, announced in a memo to staff that it will switch to a smaller property near St Paul's Cathedral at the end of 2026. "We have a preferred option – Panorama St Paul's, in the City of London," the memo read. "We will now begin more detailed discussions on a potential lease, with the intention to move in late 2026." The development, which is currently under construction, is on the site of the former headquarters of telecommunications firm BT.
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JD Sports Fashion said it has seen further positive trading in all regions through May, with overall growth in organic sales at constant exchange rates in the month of around 8%. In the first three months of the year, organic sales growth at constant exchange rates was more than 15%. The moderation in growth was in line with expectations and reflected tougher comparatives in the year prior as the supply chain normalised and the availability of product improved, the retailer explained. It noted that there has been some softening of trade in North America, which partially offset positive trends in the UK, Europe and the Asia Pacific region. JD Sports nonetheless said profit before tax and adjusting items in the financial year ending February 3, 2024 will be in line with market consensus, which it put at GBP1.04 billion. This would be up from GBP991.4 million in financial 2023.
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GSK announced that the US Food & Drug Administration has granted a fast track designation for its Neisseria gonorrhoeae investigational vaccine for the prevention of the sexually transmitted infection gonorrhoea. The vaccine candidate is currently in an ongoing phase II trial and aims to demonstrate proof of concept by assessing the efficacy of the vaccine in healthy adults, 18 to 50 years of age, considered at risk of gonorrhoea. Fast track designation is intended to facilitate the development and expedite the review of potentially important new drugs and vaccines to treat or prevent serious conditions with unmet medical needs. Gonorrhoea is the second most prevalent bacterial sexually transmitted infection worldwide, the pharmaceutical company explained.
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COMPANIES - FTSE 250
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Consumer good firms PZ Cussons said it expects revenue in the financial year that ended May 31 to be around GBP655 million and adjusted pretax profit to be at least GBP70 million. The firm said this reflected like-for-like revenue growth of 6.7% in the final quarter, as well as a particularly strong performance in Africa. In Africa, PZ Cussons also welcomed the recent policy announced by the Central Bank of Nigeria to "liberalise" the foreign exchange regime, which the firm said is "highly likely" to remove some of the cash challenges faced by multi-national companies but has also resulted in a devaluation of the nation's currency. However, PZ Cussons expects no impact on its full-year results as a result of this devaluation but noted it will impact its future performance in financial 2024.
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Telecom Plus reported an "outstanding" year, with sharp rises in both annual profit and revenue. The multi-utilities firm posted a pretax profit of GBP85.5 million, up sharply from GBP47.2 million the year prior, and revenue of GBP2.5 billion, more than double the GBP967.4 million achieved the previous year. Telecom Plus said the "record" revenue and profit reflected the strong double-digit growth in customer and service numbers and significant rises in the Ofgem energy price cap over the period. The firm proposed a final dividend of 46 pence, up from 30p the year prior. This would bring its total payout for the year to 80p, up from 57p last year.
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Diversified Energy set out details for its planned share buyback programme. It will buy back up to GBP97.4 billion in shares. The programme will expire on June 30, 2024 or at the company's 2024 annual general meeting. The US-focused energy company said it believes the repurchases will enhance earnings per share and would be in the best interest of its shareholders. The maximum numbers of share repurchased will be 97.4 million.
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OTHER COMPANIES
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Wise reported a significant surge in annual profit in the financial year that ended March 31, supported by solid growth in active customers. The money transfer firm reported pretax profit of GBP146.5 million, multiplied from GBP43.9 million the year prior. Revenue in the year jumped 51% to GBP846.1 million from GBP559.9 million. This came as the company upped its active customer number by 34% year-on-year to around 10 million. It noted this customer growth led to a 37% year-on-year increase in volumes to GBP104.5 billion. The growth in customers and resulting volumes were the main driver behind the 42% increase in cross-border transaction revenue to GBP679.5 million, it added. Looking forward, Wise said it expects active customer growth to be the primary driver of income growth in financial 2024. It expects active customer growth to be between 28% and 33% in financial 2024.
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By Heather Rydings, Alliance News senior economics reporter
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