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(Alliance News) - Stocks in London are set to tread water on Tuesday, as investors look ahead to US corporate earnings and economic data.
In the US corporate calendar on Tuesday, there will be results from Bank of America and Morgan Stanley. Goldman Sachs, Netflix, Tesla and Johnson & Johnson to follow later in the week.
"While BoFA and Morgan Stanley’s investment branches may have taken a hit, investors will be looking at how well these banks benefited from rising rates," Swissquote Bank's Ipek Ozkardeskaya.
The economic calendar has retail sales data for the US at 1330 BST, followed by a US industrial production print at 1415 BST.
The US Federal Reserve's "blackout period", ahead of its July policy meeting, also begins. The Fed will announce its next interest rate decision next Wednesday. According to the CME FedWatch Tool, markets are expecting the central bank to lift interest rates by 25 basis points.
In early UK company news, Ocado reiterated annual guidance after revenue grew in its half-year. Revolution Beauty reached a settlement agreement with its major shareholder, boohoo, after weeks of disputes.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: called down 1.0 point at 7,405.42
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Hang Seng: down 2.0% at 19,028.39
Nikkei 225: closed up 0.3% at 32,493.89
S&P/ASX 200: closed down 0.2% at 7,283.80
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DJIA: closed up 76.32 points, or 0.2%, at 34,585.35
S&P 500: closed up 17.37 points, or 0.4%, at 4,522.79
Nasdaq Composite: closed up 131.25 points, or 0.9%, at 14,244.95
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EUR: up at USD1.1251 (USD1.1231)
GBP: up at USD1.3089 (USD1.3080)
USD: down at JPY138.47 (JPY139.11)
Gold: up at USD1,959.19 per ounce (USD1,952.33)
Oil (Brent): down at USD78.69 a barrel (USD79.11)
(changes since previous London equities close)
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ECONOMICS
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Tuesday's key economic events still to come:
09:30 BST UK card spending statistics
08:30 EDT US retail sales
08:55 EDT US Johnson Redbook retail sales index
09:15 EDT US industrial production
10:00 EDT US NAHB housing market index
16:00 EDT US treasury international capital data
16:30 EDT US API weekly statistical bulletin
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UK Energy Secretary Grant Shapps has spoken with supermarket and petrol station bosses to tell them "enough is enough" over petrol prices for customers. The prime minister's official spokesman said the call on Monday was aimed at getting retailers to agree to the Competition & Markets Authority's voluntary scheme "that would see them share their accurate road fuel prices by August so we can improve transparency and competition". Supermarkets such as Sainsbury's have already said they would welcome the scheme. Executives from Tesco, Asda, Sainsbury's and Morrisons, as well as those from fuel specialists BP, Shell and Exxon Mobil's Esso, were believed to have been at the meeting on Monday afternoon.
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Executives from AstraZeneca, Google, Shell and other major companies will gather in Downing Street on Tuesday for the first meeting of Rishi Sunak's Business Council. Pitched by Downing Street as a body to report "from the business frontlines", 14 executives and bosses will attend the meeting. Other companies represented include NatWest, Sainsbury's, Vodafone and BAE Systems. Sunak said: "I look forward to hearing first-hand from business leaders about how we can break down the barriers they face and unlock new opportunities for them to thrive."
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BROKER RATING CHANGES
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JPMorgan places Flutter Entertainment on 'positive catalyst watch'
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COMPANIES - FTSE 100
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Ocado shared its results for the half year ended May 28. Revenue rose 8.6% year-on-year to GBP1.37 billion from GBP1.26 billion, with Technology Solutions growing 59%, Retail rising 5.0%, and Logistics increasing 1.7%. Its pretax loss widened to GBP289.5 million from GBP211.3 million, thanks in large part to depreciation, amortisation and impairment charges. The company left its annual guidance unchanged from February. It expects revenue to grow around 40% in Technology Solutions, while Logistics will be "broadly stable", and Retail will see mid-single-digit revenue growth. Capital expenditure is expected to amount to no more than GBP550 million.
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AstraZeneca and Sanofi late Monday said the US Food & Drug Administration has approved the use of Beyfortus, or nirsevimab, in the US. AstraZeneca is a Cambridge, England-based pharmaceutical firm. Sanofi is a Paris-based pharmaceutical firm. AstraZeneca and Sanofi's Beyfortus has been approved in the US for the prevention of respiratory syncytial virus lower respiratory tract disease in newborns and infants born during or entering their first RSV season, and for children up to 24 months of age who remain vulnerable to severe RSV disease through their second RSV season. RSV is a contagious virus that causes respiratory illness in infants, including lung infections such as bronchiolitis and pneumonia.
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COMPANIES - FTSE 250
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Darktrace said that Ernst & Young completed its independent review. The cybersecurity firm brought in the accountants to conduct an third-party probe into its financial processes in February, after falling under scrutiny from short-seller Quintessential Capital Management. Quintessential had criticised Darktrace's management and said it is "sceptical" about its growth figures. "Neither Management, nor the board consider EY's report to have any impact on Darktrace's previously filed public company financial statements nor to change their belief that those financial statements fairly represent Darktrace's financial position and results," Darktrace said. The company also updated on recent trading, reporting year-on-year revenue growth of at least 31% in the financial year to June 30. It raised guidance for adjusted Ebitda margin to 22% from 19% previously. Looking ahead to financial 2024, it expects a "first half stabilisation" which will then be followed by a "second half re-acceleration".
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OTHER COMPANIES
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Online fast fashion retailer boohoo reached a settlement agreement with investee Revolution Beauty. After tense exchanges in recent weeks, the beauty company has agreed to shake up its leadership. Revolution Chief Executive Bob Holt and Chair Derek Zissman have agreed to resign, with Holt to stay as interim CEO until the end of August. Elizabeth Lake will remain as chief financial officer, despite boohoo previously calling for her to be removed. Alistair McGeorge will join as executive chair, while Neil Catto, Rachel Horsefield and Peter Hallett will join the board as directors. "Revolution Beauty will commence a search process to identify a new CEO with extensive experience of the beauty sector, retail and consumer brands," it said. In exchange, boohoo has agreed to withdraw the requisition notice for a general meeting. Shareholders will be able to vote on the board composition at the company's next annual general meeting.
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By Elizabeth Winter, Alliance News senior markets reporter
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