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FTSE 100 Seen Opening Slightly Higher

07/16/2021 | 03:12am EDT

London Stocks Seen Opening Slightly Higher

The FTSE 100 is expected to open 17.2 points higher, according to IG, having closed Thursday at 7012.02 after a mixed session in Asia. Traders have been encouraged by testimony from Federal Reserve Chair Jerome Powell this week suggesting that monetary policy is unlikely to be tightened any time soon as higher inflation remains transitory. This is offset by weaker oil prices which might hurt oil-related stocks and by concerns about growing Covid-19 cases even as England is set to end all restrictions starting Monday. Individual stocks in focus include Burberry and DCC after trading updates.

 
Companies News: 

Segro Sells Six Italian Warehouses for EUR127.5 Mln

Segro PLC said Friday that it has sold six urban warehouses in Italy to AXA IM Alts for 127.5 million euros ($150.6 million), and that it was done on behalf of clients.

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Burberry 1Q Comparable Sales, Retail Revenue Rose

Burberry Group PLC said Friday that comparable sales rose in the first quarter to be in line with pre-coronavirus trading and retail revenue rose sharply.

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Micro Focus Settles Wapp Patent Litigation Case with $67.5 Mln Payment

Micro Focus International PLC said Friday that it has settled its patent litigation case against Wapp Tech Limited Partnership and Wapp Tech Corp., reaching a settlement for payment of $67.5 million.

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DS Smith Sells De Hoop Paper Mill in the Netherlands for EUR50M

DS Smith PLC said Friday that it is selling its De Hoop paper mill in the Netherlands for 50 million euros ($59.1 million) as part of its strategy to have a "short paper" position in Northern Europe.

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AstraZeneca Says US FDA Advisory Committee Has Voted Against Approval of Roxadustat

AstraZeneca PLC said Friday that the U.S. Food and Drug Administration's Cardiovascular and Renal Drugs Advisory Committee has voted against the approval of a new drug application for roxadustat, a treatment for anemia of chronic kidney disease.

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Learning Technologies Raises GBP85 Mln Via Share Placing, More Than Planned

Learning Technologies Group PLC said Friday that it has now raised 85 million pounds ($117.5 million) under the share placing first announced late Thursday, more than initially planned.

 
Market Talk: 

Rio Tinto May Miss Iron-Ore Guidance Entirely

0158 GMT - Rio Tinto's 2021 Pilbara iron-ore shipments could miss the miner's projected range entirely, Jefferies reckons, even after the miner predicted full-year exports at the low end of its 325-340 million ton guidance. "We believe something below the bottom end of the range is more likely as a very strong 2H would be needed to hit the targeted range after 1H shipments were just 154 million tons," Jefferies says. Rio Tinto did caveat its revised guidance by saying it remains subject to Covid-19 disruptions, risks around the incorporation of replacement mines and its management of cultural heritage issues.

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Rio Tinto Shares Drop as Output Figures Disappoint

0149 GMT - Rio Tinto's 2Q operational report disappoints, sending shares 1.1% lower. The miner's "production numbers were weak nearly across the board," says RBC Capital Markets, which reckons it "will likely take some time to restore investor confidence in the operations with many uncertainties still overhanging the business." Still, Rio Tinto might benefit indirectly from its output weakness. Lower iron-ore production could provide a boost to market sentiment, "although the weak industry shipments in 2Q are one of the reasons why iron ore is at circa $220/ton already," RBC says.

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

(END) Dow Jones Newswires

07-16-21 0311ET

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