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FTSE 100 Expected to Extend Rally; U.S. Retail Sales Eyed

10/15/2021 | 01:08am EST

FTSE 100 Expected to Extend Thursday's Strong Gains

0648 GMT - The FTSE 100 is expected to open higher after closing Thursday at its highest level in two months. Speadbetting firm IG sees the London index starting 21 points higher, having finished up 65.89 at 7207 in the previous session. "There still seems to be an element of complacency amongst investors that rising energy prices won't prompt a wave of demand destruction, especially if supply chain snarl-ups also feed into higher prices, which consumers then can't absorb," CMC Markets Michael Hewson says. Friday's economic calendar includes U.S. retail sales data at 1230 GMT and the University of Michigan's consumer sentiment survey at 1400 GMT. (renae.dyer@wsj.com)

 
Companies News: 

Rio Tinto Cuts 2021 Projection for Iron-Ore Shipments, Copper Output

Rio Tinto said it expects to ship less iron ore than previously anticipated from its Australian mining operations this year because of delays to projects caused by labor shortages in the country's west.

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Pearson Sees 2021 in Line With Market Views

Pearson PLC said Friday that it has made good strategic progress in the first nine months of the year, and that it was in line with full-year adjusted operating profit market consensus.

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Hargreaves Lansdown 1Q 2022 Assets Under Administration Rose

Hargreaves Lansdown PLC said on Friday that assets under administration rose during the first quarter of fiscal 2022, and that its client retention rate remained solid at 93%.

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Iofina Says Iodine Production Remains in Line With Guidance

Iofina PLC said Friday that it remains on track to meets its second-half crystalline iodine production target of 260-275 metric tons.

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Loungers Sales Up Since Start of Indoor Trading

Loungers PLC said on Friday that its like-for-like sales grew 27% in the 20 weeks to Oct. 3, when compared to the year-prior period, and that its performance since May 17, the start of indoor trading in the U.K., has been maintained.

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K3 Capital Says FY 2022 Performance Remains in Line With Market Views

K3 Capital Group PLC said Friday that its performance remains in line with market expectations, and that it will report higher-than-anticipated revenue and earnings for the year that ended May 31 after an accounting review.

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Mediclinic International Says 1H Revenue, Ebitda Margin Rose

Mediclinic International PLC said Friday that revenue rose in the first half of fiscal 2022, and that its Ebitda margin improved notably.

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CPPGroup Expects FY2021 Performance to Meet Market Expectations

CPPGroup PLC said on Friday that it is confident it will perform in line with market expectations for the year 2021 on the back of recovery of its business in India.

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Hostmore to Float in London on Nov. 2

Hostmore PLC said Friday that it expects its shares to be admitted to trading on the London Stock Exchange on Nov. 2, following its separation from Electra Private Equity PLC.

 
Market Talk: 

BP's Investment Into New Businesses to Benefit From Rising Commodity Prices

0549 GMT - BP's stock has lagged behind peers this year but the energy company is well placed to benefit from higher commodity prices, Berenberg says. The company should generate strong free cashflow in the coming quarters and this will enable attractive shareholder returns as well as a rise in investments into lower-carbon businesses, the German brokerage says. "The key for the longer-term performance of the stock will be whether the new businesses [mainly Renewables and Customers & Products] can replace declining earnings in upstream oil and refining," the broker says. Berenberg upgrades its rating on the stock to buy from hold, and raises its price target to 425 pence from 310 pence. (anthony.orunagoriainoff@dowjones.com)

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Bull Urges Rio Tinto to Get Operations Back on Track

0159 GMT - Rio Tinto needs to get its mining operations running smoothly again if it wants to remain attractive to investors at a time when prices for its main product, iron ore, are weakening, says Jefferies. The bank says the miner's 3Q output of bauxite, aluminum and copper was weaker than Jefferies had expected and that downgrades to full-year production guidance now seem to be an annual ritual. "An operational recovery is needed for these shares to work," Jefferies says. The bank keeps a buy rating on the stock in anticipation of Rio Tinto achieving just that, but says it does see better value in rival miners including Anglo American and Glencore. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Rio Tinto Guidance Cut Hurts Its Stock Price, But Might Help Iron Ore

0017 GMT - Rio Tinto's downgrade to its annual iron-ore shipment guidance has the potential to help sentiment in the global iron-ore market, says RBC Capital Markets. But even with substantial output cuts from all major producers of the steelmaking ingredient, "there will still likely be a surplus of iron ore in 2022," RBC reckons. The broker calls it another disappointing quarter for Rio Tinto's operations more broadly. "Although none of this is particularly unexpected (we are already within newly guided ranges in most categories, including iron-ore production), the lack of recovery is unlikely to inspire much confidence in the shares," RBC says. Rio Tinto is down 0.8% in Sydney, as other mining shares rise. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

10-15-21 0308ET

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