By Samuel Indyk
Investing.com – At 07:30GMT, FTSE 100 futures are trading higher by 0.4% at 7237.
In FX markets, GBP/USD is trading at 1.3434, EUR/GBP is trading at 0.8390. The US Dollar Index is up 0.2%.
Today’s calendar highlights include UK CBI Industrial Trends Orders, US Existing Home Sales, Eurozone Consumer Confidence.
Economy
Bank of England Governor Andrew Bailey said risks to the inflation outlook are both ways. Bailey added that the central bank will have to raise rates if the economy evolves as expected but that the situation is “febrile”.
Stocks
BHP Group PLC (LON:BHPB) - To merge oil & gas portfolio with Woodside Petroleum. Woodside is to the entire share capital of BHP Petroleum in exchange for new Woodside shares. On completion, the merger will create a global top 10 independent energy company by production and the largest energy company listed on the ASX. BHP has also approved $1.5 billion in capital expenditure for the development of the Scarborough upstream project in Western Australia.
Hochschild Mining (LON:HOCM) - The company is aware of meeting minutes signed by the Peruvian Head of Cabinet that state that a commission has been constituted in order to negotiate the timetable and terms for the closure of certain mining projects in southern Ayacucho, including the Company's Pallancata and Inmaculada mines. Hochschild said it has not received any formal communication from the government regarding this matter.
IAG (LON:ICAG) – The UK Competition & Markets Authority (CMA) is looking at whether IAG's planned €500 million purchase of Spain's Air Europa would harm competition in the UK.
Marks and Spencer (LON:MKS) - CEO Steve Rowe could step down from the role within the next 18 months. (The Times)
Smiths Group (LON:SMIN) - New CEO Paul Keel has defended the company’s conglomerate structure, following GE and Toshiba’s plans to break up. (FT)
Diploma (LON:DPLM) - FY revenue up 46% to £787.4 million. Adjusted operating profit up 71% to £148.7 million.Total dividend increased to 42.6 pence per share. 2022 outlook unchanged. Expect circa 10% reported revenue growth, including mid-single digit underlying revenue growth.
Edinburgh Investment Trust (LON:EDIN) - Net asset value in total return terms up 9.8%, compared to 8.0% rise for FTSE All-Share. Share price discount to NAV widened from 4.5% to 9.3%. First interim dividend of 6.0p per share to be paid on 26 November 2021.