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Morning Report - 13 July 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
INTL CONSOLIDATED AIRLINE-DI 110.4 6.5%
COCA-COLA HBC AG-DI 1,928.0 3.6%
MELROSE INDUSTRIES PLC 159.9 3.2%
INTERMEDIATE CAPITAL GROUP 1,379.5 3.0%
ST JAMES’S PLACE PLC 1,169.0 2.5%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
DECHRA PHARMACEUTICALS PLC 3520.0 -3.1%
AVEVA GROUP PLC 2300.0 -2.5%
BP PLC 377.1 -2.0%
LAND SECURITIES GROUP PLC 662.4 -1.9%
BRITISH LAND CO PLC 454.5 -1.8%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,210 0.2% 1.2%
DOW JONES INDUS. AVG 30,981 -0.6% -11.5%
DAX INDEX 12,905 0.6% -18.3%
NIKKEI 225 26,337 -1.8% -8.3%
S&P/ASX 200 INDEX 6,606 0.1% -9.9%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 95.74 -0.10%
Brent Crude (ICE) USD/bbl. 99.49 -7.11%
Gold Spot USD/t oz. 1,726 0.0%
Copper (Comex) USd/lb. 326 -0.9%
The UK 100 is called to open -32 points this morning at 7180.  

1 Day; 2 Years

Click graph to enlarge

Markets Overview:

 

The UK 100 is called to open -32 points this morning at 7180. Stock prices are seen opening slightly lower on Wednesday as traders look to this afternoon's US inflation data. Another hot reading would strengthen the case for a second 75-basis-point interest rate hike in a row from the Fed later this month. UK's GDP figure for May came in better than expected this morning at +0.5% when +0.1% expansion was expected. US markets closed in the red last night with the Dow -0.6%, S&P -0.9% and Nasdaq -1%. Overnight equities in Asia were higher as Nikkei +0.4%, Shanghai +0.2% and Hong Kong +0.3%.

 

Company News & Broker Comments:

 

Company News:

Clarkson expects 2022 results to be materially ahead of previous expectations.
 
ITV: CMA launches an investigation into ITV's purchase of freelance services.
 
JD Wetherspoon have flagged higher-than-expected losses for their current financial year as labour and fuel costs continue to weigh on its bottom line. In May they updated that their profit would break even this year, they now expect to report an annual loss of £30m.
PageGroup reports that their FY22 Q2 gross profit increased 26% YoY to £280.9m.
Tullow Oil says it expects to make $200m in free cashflow this year at an average oil price of $95 a barrel, guiding that it sees no cashflow in H1 after an arbitration payment and an acquisition. The shareholder prospectus for its planned merger with Capricorn Energy will likely be published in Q4, with a vote on the deal around the end of the year.

Broker Comments:

Barclays Downgrades ABRDN to Underweight from Equal Weight (4 Buys / 6 Holds / 2 Sells)
 
CitiGroup Downgrades Direct Line to Neutral from Buy (5 Buys / 7 Holds / 0 Sells)
 
HSBC Downgrades ABRDN to Hold from Buy (4 Buys / 6 Holds / 2 Sells)
UBS Downgrades Beazley to Neutral from Buy (8 Buys / 6 Holds / 0 Sells)

 

Reporting Today:

 

PageGroup plc

 

 

 

Reporting Thursday:

 

Ashmore Group plc

 

Experian Plc

 

Hays plc

 

Severn Trent Plc

 

 

In Focus Today:

 

Chinese Exports

 

Chinese Imports

 

Chinese Trade Balance

 

UK Gross Domestic Product

 

UK Industrial Production

 

UK Manufacturing Production

 

German Harmonized Index of Consumer Prices

 

Chinese FDI - Foreign Direct Investment

 

EU Industrial Production s.a.

 

UK NIESR GDP Estimate

 

US Consumer Price Index

 

Fed's Beige Book

 

Tomorrow's Ex-Dividends:

 

FTSE 100:

Halma

 

FTSE 250:

Ninety One

 

CMC Markets

 

Telecom Plus

 

Firstgroup

 

Oxford Instruments

 

Balanced Commercial Property Trust

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