London open: Stocks flat as investors eye US bank earnings
Sharecast
Published Jul 14, 2023 08:45
London open: Stocks flat as investors eye US bank earnings
Sharecast - At 0825 BST, the FTSE 100 was flat at 7,437.88.
CMC Markets analyst Michael Hewson said: "Today’s only economic numbers of note are US import and export prices for June, which are expected to reinforce the deflationary narrative of this week’s data, with both month on month and annual numbers all expected to come in negative for the second month in succession.
"We’ll also be getting the latest University of Michigan sentiment numbers for July, which have up until recently been market movers when it comes to forward inflation expectations. After this week’s CPI and PPI numbers they probably won’t get the same level of attention.
"On the earnings front the focus will be on the release of the Q2 numbers for JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC), and their respective views of the health of the US consumer, and how much they set plan to aside in additional provisions. Their guidance on how they see the US economy in Q3 is also likely to be crucial."
In equity markets, Ashmore (LON:ASHM) tanked after it posted a $1.8bn decline in assets under management for the quarter to the end of June.
Burberry edged lower even as the luxury fashion brand reiterated its full-year guidance after a resurgent China helped lift first-quarter sales.
Burberry said retail sales in the 13 weeks to 1 July rose 17% to £589m, or by 18% on a like-for-like basis. On a constant exchange rate basis, sales were 19% higher.
Within that, sales in mainland China surged 46%, as the country - one of the world’s biggest markets for luxury goods - continued to rebound from stringent Covid lockdowns last year.
Broadcaster ITV (LON:ITV) also ticked lower after saying it was no longer looking at buying TV and film production business All3Media, owned by Warner Bros Discovery and Liberty Global (NASDAQ:LBTYA). The company said it was "still monitoring" the situation.
Liontrust (LON:LIO) Asset Management fell as it reported net outflows and a fall in assets under management and advice.
Market Movers
FTSE 100 (UKX) 7,437.88 -0.03%
FTSE 250 (MCX) 18,583.32 -0.26%
techMARK (TASX) 4,378.17 -0.01%
FTSE 100 - Risers
Spirax-Sarco Engineering PLC (LON:SPX) 10,435.00p 2.91%
Get The App
Vodafone Group (LON:VOD) 72.60p 0.93%
AstraZeneca (NASDAQ:AZN) 10,416.00p 0.83%
F&C Investment Trust (LON:FCIT) 867.00p 0.58%
Beazley (LON:BEZG) 578.50p 0.52%
Haleon (LON:HLN) 313.70p 0.38%
Airtel Africa (LON:AAF) 106.30p 0.38%
Smurfit Kappa Group PLC (LON:SKG) (CDI) 2,846.00p 0.35%
Coca-Cola (NYSE:KO) 2,428.00p 0.33%
British American Tobacco (LON:BATS) 2,531.00p 0.32%
FTSE 100 - Fallers
Ocado Group (LON:OCDO) 605.00p -2.42%
Admiral Group (LON:ADML) (ADM) 2,058.00p -1.53%
Abrdn (LON:ABDN) 220.40p -1.43%
Severn Trent (LON:SVT) 2,429.00p -1.42%
RS Group (LON:RS1R) (RS1) 746.20p -1.14%
Antofagasta (ANTO) 1,531.00p -1.03%
Hargreaves Lansdown (LON:HRGV) (HL.) 825.80p -1.03%
Legal & General Group (LGEN) 225.30p -0.97%
Ashtead Group (LON:AHT) 5,346.00p -0.93%
Rolls-Royce Holdings (LON:RR.) 147.95p -0.90%
FTSE 250 - Risers
Dr. Martens (DOCS) 130.60p 3.65%
Moneysupermarket.com Group (LON:MONY) 280.00p 1.67%
Inchcape (INCH) 781.00p 1.43%
FirstGroup (LON:FGP) 149.20p 1.36%
Watches of Switzerland Group (WOSG) 719.00p 1.20%
Virgin Money UK (LON:VMUK) 165.25p 1.13%
Babcock International Group (LON:BAB) 299.00p 1.01%
Dunelm Group (LON:DNLM) 1,056.00p 0.96%
Lancashire Holdings Limited (LRE) 620.50p 0.89%
Future (FUTR (LON:FUTR)) 794.00p 0.83%
FTSE 250 - Fallers
Ashmore Group (ASHM) 202.60p -6.55%
CMC Markets (CMCX) 151.00p -4.19%
Liontrust Asset Management (LIO) 690.00p -2.68%
Hammerson (HMSO) 24.56p -2.46%
Vistry Group (LON:VTYV) (VTY) 665.50p -2.28%
IntegraFin Holding (IHP) 240.60p -2.04%
Capita (CPI) 29.02p -1.96%
Victrex (LON:VCTX) plc (VCT) 1,513.00p -1.94%
Carnival (NYSE:CCL) 1,208.00p -1.91%
Darktrace (LON:DARK) 286.90p -1.85%
Read more on Sharecast.com
Written By: Sharecast
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.