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(Alliance News) - Stocks in London are called to open higher on Friday, ahead of key US inflation data
Friday's economic calendar has the monthly US PCE reading for March at 1330 BST.
In early corporate news, Anglo American rejected BHP's takeover offer.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: called up 0.7% at 8,133.20
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Hang Seng: up 2.5% at 17,721.80
Nikkei 225: closed up 0.8% at 37,934.76
S&P/ASX 200: closed down 1.4% at 7,575.90
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DJIA: closed down 375.12 points, 1.0%, to 38,085.80
S&P 500: closed down 23.21 points, 0.5%, at 5,048.42
Nasdaq Composite: closed down 100.99 points, 0.6%, to 15,611.76
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EUR: up at USD1.0726 (USD1.0713)
GBP: up at USD1.2507 (USD1.2490)
USD: up at JPY156.12 (JPY155.52)
Gold: up at USD2,337.40 per ounce (USD2,331.32)
(Brent): up at USD88.17 a barrel (USD86.48)
(changes since previous London equities close)
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ECONOMICS
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Friday's key economic events still to come:
08:30 EDT Canada manufacturing sales
11:00 EDT Canada budget balance
10:00 CEST eurozone money supply
08:45 CEST France consumer confidence
09:00 CEST Spain unemployment
09:00 CEST Spain retail sales
10:00 CEST Switzerland Swiss National Bank Chair Thomas Jordan speaks
08:30 EDT US personal consumption expenditures index
10:00 EDT US Michigan consumer sentiment index
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BROKER RATING CHANGES
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HSBC raises Ashtead to 'buy' - price target 6,600 pence
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HSBC raises abrdn to 'hold' - price target 150 pence
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COMPANIES - FTSE 100
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Anglo American said it has rejected BHP's takeover proposal. "The board has considered the proposal with its advisers and concluded that the proposal significantly undervalues Anglo American and its future prospects," Anglo American said. "In addition, the proposal contemplates a structure which the board believes is highly unattractive for Anglo American's shareholders, given the uncertainty and complexity inherent in the proposal, and significant execution risks." On Thursday, Anglo American received a takeover tilt from mining peer BHP. The deal would value Anglo at around GBP31 billion.
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NatWest total income fell to GBP3.48 billion in the first quarter of 2024 from GBP3.88 billion a year earlier. Pretax profit fell to GBP1.33 billion from GBP1.81 billion. Chief Executive Paul Thwaite said: "Our performance is grounded in the vital role we play in the economy and in the lives of our 19 million customers. Though macro-uncertainty continues, customer confidence and activity is improving, with both lending and deposits up in the quarter and impairments remaining low, reflecting our well-diversified business."
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Sainsbury begins share buyback of up to GBP200 million, to be completed by March 1, 2025. The first tranche of the share buyback programme will be for up to GBP150 million.
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COMPANIES - FTSE 250
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Redde Northgate announced plans to change its name to Zigup PLC. "Our new brand and company name, Zigup are allied to a refreshed strategic framework under the new pillars of Enable, Deliver and Grow, and a recent UK&I-focused management reorganisation, as we embrace the changing environment in which we and our customers operate. Together these reflect the strength and breadth of our current proposition as an enlarged group of businesses, our continued focus on growth, and commitment to being a leading provider of responsible and integrated mobility solutions and automotive service," Redde said. It noted that it will hold a general meeting on May 15, for shareholders to vote on the new name. If approved, the roll-out of the new brand will commence on May 20.
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Senior said it is trading in line with expectations, with revenue up 7% annually on a constant currency basis. Aerospace revenue grew by 12% year-on-year driven by growth in commercial aerospace, it added. Looking ahead, Senior expects "good growth" for 2024 in line with expectations. "The group's diversified position across key civil and defence aircraft platforms and increasing aircraft build rates is expected to drive good growth in Aerospace Division revenue through 2024," it noted.
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OTHER COMPANIES
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Kingspan said it has had a "reasonable" first quarter, despite a "sluggish start to the year due in part to seasonal factors." Group sales approached EUR2 billion in the three months ended March 31 and were 1% behind prior year. "Trading volumes overall have been positive with pricing stable since the turn of the year albeit behind year-on-year reflecting lower raw material prices. It is possible however that our primary input costs could rise again in the near term," Kingspan explained. Looking ahead, the company said outlook remains "encouraging" as its moves through the early part of the second quarter.
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By Sophie Rose, Alliance News senior reporter
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