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Morning Report - 14 July 2022

Yesterday’s UK 100 Leaders	Price (p)	% Chg
FRESNILLO PLC	684.6	3.9%
ENDEAVOUR MINING PLC	1,656.0	1.7%
SEGRO PLC	1,031.5	1.5%
LAND SECURITIES GROUP PLC	671.2	1.3%
HARBOUR ENERGY PLC	328.0	1.2%

Yesterday’s UK 100 Laggards	Price (p)	% Chg
ABRDN PLC	154.2	-5.0%
MONDI PLC	1427.0	-4.2%
INTL CONSOLIDATED AIRLINE-DI	106.0	-4.0%
DS SMITH PLC	277.1	-3.6%
GSK PLC	1695.0	-2.7%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,156	-0.7%	0.4%
DOW JONES INDUS. AVG	30,861	-0.4%	-11.5%
DAX INDEX	12,756	-1.2%	-19.2%
NIKKEI 225	26,479	0.5%	-7.4%
S&P/ASX 200 INDEX	6,622	0.2%	-10.0%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	96.10	0.27%
Brent Crude (ICE)	USD/bbl.	99.36	-0.13%
Gold Spot	USD/t oz.	1,739	0.8%
Copper (Comex)	USd/lb.	333	1.2%

The UK 100 is called to open -8 points this morning at 7156.

1 Day; 2 Years

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Markets Overview:

The UK 100 is called to open -8 points this morning at 7156. Stock prices are seen opening slightly lower on Thursday as investors await the start of earnings season in the US, alert to any sign that the economy is slowing down against a backdrop of high inflation. Last night the US ended modestly lower with the Dow -0.7%, S&P -0.5% and Nasdaq -0.2%. In Asia the Nikkei +0.8%, Shanghai +0.2% and Hang Seng -0.2%.

Company News & Broker Comments:

Company News:

Ashmore report that their Assets Under Management fell by $14.3bn during the quarter to June 30th, as key global markets buckled under rising geopolitical tensions and inflation spooked investors. The fall comprised outflows of $6.6bn and negative investment performance of $7.7bn.

Barratt Developments have forecast that their annual profit will be slightly ahead of market expectations, underscoring robust demand despite the housing sector grappling with supply chain constraints and labour shortages. They expect to report an annual adjusted pretax profit of between £1.05-1.06bn, marginally ahead of estimates of £1.048bn.

Experian posts a 7% rise in quarterly revenue as they benefited from robust demand in their consumer services unit.

Galliford Try expects their FY22 pretax profit to be between £16.4-18m as they are moving into FY23 with "confidence".

Hays expects their FY22 operating profit to be £210m, at top end of guidance.

Playtech remains "very confident" about its long-term prospects.

Severn Trent reports a good start to the current FY, despite rise in operating costs.

SSP Group says they are benefiting from longer passenger dwell times as their Q3 FY22 revenue recovers to 87% of pre-pandemic levels. They do continue to face increasing inflationary pressures and supply chain constraints.

Broker Comments:

No new broker comments

Reporting Today:

Ashmore Group plc

Experian Plc

Hays plc

Severn Trent Plc

Reporting Friday:

Burberry Group plc

Rio Tinto

In Focus Today:

Japanese Industrial Production

US Initial Jobless Claims

US Producer Price Index ex Food & Energy

Next Week's Ex-Dividends:

FTSE 100:

None

FTSE 250:

Investec

Pennon Group

Micro Focus International

Bellevue Healthcare Trust

Cranswick

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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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