The FTSE
100 is called to open 29 points lower at 6497.
UK Gilt 10
Year Yield 1.875%, Spot Gold $1119.20 +1.45, Brent Crude $48.86. -0.05.
U.S.
stocks fell Tuesday, as a slump in consumer and energy shares snapped the Dow's
three-session winning streak. The Dow Jones Industrial Average fell 33.84
points, or 0.2%, to 17511.34. The S&P 500 lost 5.52 points, or 0.3%, to
2096.92. The Nasdaq Composite dropped 32.35 points, or 0.6%, to 5059.35. Shares
of Wal-Mart Stores Inc. led the Dow lower, losing $2.43, or 3.4%, to $69.48,
the lowest closing price since February 2013. The move shaved 16.2 points off
the Dow. Earlier Tuesday, the retailer cut its earnings guidance for the year
to between $4.40 and $4.70 a share from its previous forecast of $4.70 to $5.05
a share. For the period ended July 31, Wal-Mart said profit fell to $3.48
billion, or $1.08 a share, from $4.09 billion, or $1.26 a share, a year
earlier. Shares of T.J. Maxx and Marshalls operator TJX Companies, Inc.,
however, soared 7.2% to a record settlement price of $76.78 after the company
reported a 6.1% increase in quarterly earnings. Ross Stores Inc. shares rose
$2.03, or 3.7%, to $56.53, a record closing price.
PRESS
COMMENTARY
The
Guardian: Britain’s inflation rate ticked higher last month, heating up the
debate over when Bank of England policymakers will start raising interest
rates; the Office for National Statistics says falling food and fuel costs
failed to offset pick up in prices caused by higher clothing costs and dearer
air fares.
Financial
Times: A surge of capital gushing out of emerging markets has risen toward $1
trillion over the past 13 months, roughly double the amount that fled during
the financial crisis amid slumping confidence in the world’s developing
economies.
COMPANY
NEWS
Admiral
Group said pretax profit ticked up 1% in the first half, helped by solid gains
in the U.K. and a turnaround in its Italian business. Pretax profit for the six
months to June 30, stripping out Admiral's minority stakes in other ventures,
rose to GBP186.1 million ($291.6 million) from GBP184.9 million. "The U.K.
business turned in a very solid result helped by positive claims cost
development, with modest growth accompanying price increases," said Chief
Executive Henry Engelhardt as U.K. car insurance profits climbed 6%.
Imperial
Tobacco Group said that it remains on track to achieve its fiscal 2015 targets,
as it reported a 4% fall in tobacco revenue for the first nine months of the
year. The company said net underlying tobacco revenue for the nine months to
June-end totaled 4.44 billion pounds ($6.93 billion), down from GBP4.63 billion
in the year ago period. Volumes for the company's growth brands grew 15% in the
period.
Glencore
Plc, the commodity trader and miner headed by billionaire Ivan Glasenberg,
reported a 56 percent slump in first-half profit as raw-material prices slid.
Adjusted net income declined to $882 million in the six months to June 30, from
$2.01 billion a year ago, the Baar, Switzerland-based company said in a
statement Wednesday. That beat the $711 million average of seven analyst
estimates compiled by Bloomberg. The company will pay a dividend of 6 cents a
share.
Carlsberg
A/S, the world’s fourth-biggest brewer, reported second-quarter profit that
missed analysts’ estimates and said it expects 2015 organic operating profit to
drop as western Europe and Russia weighed on sales. Earnings before interest,
taxes and one-time items were 2.92 billion Danish kroner ($432 million), the
Copenhagen-based company said in a statement Wednesday.
Roche says
Massachusetts-based Kapa Biosystems is a provider of genomic tools in the life
sciences sector, no financials disclosed.
Swisscom
2Q net CHF433m vs est. CHF411.4m. 2Q Ebitda of CHF1.08b in line with ests. 2Q
rev. CHF2.87b vs est. CHF2.89b. Sees slightly higher targets for 2015 because
of euro adjusted rate to CHF1.05 from parity
Source
Quilter Cheviot
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