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Morning Report - 14 July 2021

Yesterday’s UK 100 Leaders	Price (p)	% Chg
ADMIRAL GROUP PLC	3,244.0	3.9%
B&M EUROPEAN VALUE RETAIL SA	557.0	2.2%
NATWEST GROUP PLC	206.8	2.2%
OCADO GROUP PLC	1,939.0	1.6%
EXPERIAN PLC	2,984.0	1.6%

Yesterday’s UK 100 Laggards	Price (p)	% Chg
ROLLS-ROYCE HOLDINGS PLC	95.7	-5.2%
INTL CONSOLIDATED AIRLINE-DI	177.0	-4.2%
WHITBREAD PLC	3038.0	-3.1%
ASSOCIATED BRITISH FOODS PLC	2122.0	-2.9%
COMPASS GROUP PLC	1486.0	-2.6%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,125	0.1%	15.4%
DOW JONES INDUS. AVG	34,996	0.4%	34.2%
DAX INDEX	15,791	0.7%	25.0%
NIKKEI 225	28,711	0.5%	26.4%
S&P/ASX 200 INDEX	7,332	0.0%	22.9%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	74.31	0.28%
Brent Crude (ICE)	USD/bbl.	75.34	0.24%
Gold Spot	USD/t oz.	1,809	0.2%
Copper (Comex)	USd/lb.	432	0.2%

The UK 100 is called to open -14 points today at 7110.

4 Hours; 2 Months

Click graph to enlarge

Markets Overview:

The UK 100 is called to open -14 points today at 7110. A slightly weaker open is expected this morning as investors await the latest UK inflation data. Wall Street was driven to a lower close across all major benchmarks overnight as the latest CPI reading was higher than anticipated, the Dow Jones ended 0.31% lower at 34,888 while the S&P dropped 0.35% to 4,369 and the Nasdaq fell 0.38% to 14,677. In Asia this morning, it was a similar picture, with Japan’s Nikkei 225 down 0.3% and Hong Kong’s Hang Seng falling by 0.78%.

Company News & Broker Comments:

Company News:

Ashmore group states their assets under management rose 13% in the last 12 months, up 5% this quarter.

Barratt Developments has forecast their 2021 profit to be marginally above the top end of market expectations, as the housing sector benefited from a tax holiday and higher demand for big homes suited to remote working. They expect their adjusted EBIT to be slightly above analysts' average estimate range of £860-899m.

Dunelm has forecast a higher annual pretax profit as they have benefited from strong demand during the June-quarter following reopening of stores after coronavirus curbs were eased. They expect pretax profit to be around £158m for the year ended June 26, compared with analysts' average expectation of £149-153m.

Page Group

Tullow Oil expects a FY operating cashflow of $600m, steady from last year, if the oil price averages $60 barrel for the rest of the year. If oil prices average $70 (currently around $76) for the remainder of the year, operating cashflow would go up by $50m.

Broker Comments:

Berenberg Upgrades Carnival to a Hold from Sell (4 Buys / 3 Holds / 5 Sells)

Reporting Today:

Ashmore Group plc

Barratt Developments plc

Dunelm Group Plc

Page Group

Reporting Tomorrow:

Costain Group plc

Experian Plc

Galliford Try Holdings Plc

Hays plc

In Focus Today:

UK Consumer Price Index

UK Retail Price Index

UK Core Consumer Price Index

EU Industrial Production

German 10-y Bond Auction

Tomorrow's Ex-Dividends:

FTSE 100:

None

FTSE 250:

BMO Global Smaller Companies

F&C Investment Trust

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

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