The FTSE 100 is called to open 1 point
higher at 7501.
UK Gilt 10 Year Yield 1.031 Spot Gold
$1268.90 +2.27 Brent Crude $4844 -0.39
$ per £ 1.2748
€ per £ 1.1369
$ per € 1.1214
Asian equities were mixed, with solid gains
in Australia and New Zealand offset by China, where markets weakened despite
data showing resilience in retail sales and industrial output. The dollar held
declines and Treasuries edged higher ahead of the Federal Reserve’s policy
decision. South Korea’s benchmark gave up earlier gains that came on the back
of U.S. stocks climbing to all-time highs as technology stocks rebounded.
Economic data from China were largely in line with forecasts, but stocks
slipped on concerns regulators will place further curbs on insurers’
investments. The yen was little changed, while sterling fell after rising for
the first time since the U.K. election. Oil also resumed its decline as
industry data showed U.S. crude stockpiles expanded, exacerbating an inventory
overhang. A rebound in tech shares on Tuesday in Asia carried through to U.S.
trading, restoring what had been a key driver for global equity gains.
PRESS COMMENTARY
The Times: Philip Hammond is preparing to
lead a battle within the government to soften Brexit by keeping Britain inside
the EU customs union.
The Daily Telegraph: The City of London has
warned Brussels that attempts to grab large parts of its euro clearing market
will put financial stability at risk as EU bureaucrats unveiled plans to move
big clearing houses inside the bloc after Brexit.
COMPANY NEWS
Zara owner Inditex SA reported quarterly
earnings that rose at the fastest pace in almost two years as online sales
bolstered growth at the Spanish clothing retailer. Operating profit gained 18
percent to 834 million euros ($936 million) in the three months through April,
Inditex said in a statement Wednesday. Analysts expected 832 million euros.
Bellway PLC (BWY.LN) said it will report
10% growth in home sales for fiscal 2017, ahead of original expectations, but
added that the average price for its homes remained at 260,000 pounds
($334,987).
British American Tobacco PLC (BATS.LN) said
trading for the year to date is in line with its expectations, and that
earnings are expected to benefit from the current weakness of the British
pound.
3i Group Plc, the U.K.’s largest publicly
traded buyout firm, is in talks with banks about refinancing Scandlines’ debt
in preparation for a potential sale, according to people familiar with the
matter.
WH Smith PLC (SMWH.LN) reported a mixed
sales performance for the 15 week period to June 10, and said it remains
confident in the outcome for the full year.
Biffa Says FY Ebitda Rises, Plans Maiden
Dividend. Biffa underlying Ebitda up 12.6% to GBP137.7m. Maiden dividend of
2.40p per share proposed
Fiat diesels emitted pollution by 3-20
times government limits, according to Daniel Carder, director of West Virginia
University’s Center for Alternative Fuels, Engines and Emissions, the same lab
that uncovered the VW scandal.
Billionaire Paul Singer’s Elliott
Management Corp. is demanding BHP Billiton Ltd.’s incoming chairman review the
management team and refresh the board as a widening activist campaign shifts up
a gear to target the leadership of the world’s largest mining company.
Ryanair in talks to place an order for
Boeing’s proposed new 737 Max 10 jetliner, Reuters says, citing two people
familiar. Boeing, Ryanair spokesmen declined to comment. Source Quilter Cheviot
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