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FTSE 100 Seen Higher on Fed Rate Prospects; BOE Awaited

05/05/2022 | 03:04am EDT

London Stocks Seen Opening Higher After Fed Decision; BOE Awaited

0644 GMT - The FTSE 100 index is expected to open 83.7 points higher, according to IG, after the U.S. Federal Reserve raised interest rates by 50 basis points, as fully expected, but played down the prospect of a 75 basis-point rise in future. This was a relief to investors, who had become concerned about prospects of a bigger increase, but the Fed is still poised for more aggressive tightening to fight soaring inflation. The next focus will be a decision at 1100 GMT by the Bank of England, which is expected to raise rates by 25 basis points. Individual stocks in focus include oil giant Shell, retailer Next, property company Barratt Developments and BAE Systems after earnings updates. (jessica.fleetham@wsj.com)

 
Companies News: 

Next's 1Q Full-Price Sales Rose in Line with Guidance, Maintains FY 2023 Views

Next PLC said Thursday that full-price sales increased in the first 13 weeks of fiscal 2023, in line with guidance, and that it is keeping its full-year pretax profit views unchanged.

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Barratt Developments' Home Completions Rise; Sees FY 2022 in Line

Barratt Developments PLC said Thursday that it has completed more homes in the second half of the year to date, and that its outlook for fiscal 2022 is in line with management's expectations.

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Shell 1Q Profits Rose Ahead of Views, Books $3.9 Bln Hit From Russia Exit

Shell PLC on Thursday reported higher-than-expected profits for the first quarter of 2022, although the bottom-line result was hit by $3.9 billion of charges related to its exit from Russia.

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AstraZeneca Says Farxiga Heart Treatment Phase 3 Trial Met Primary Endpoint

AstraZeneca PLC said Thursday that its Farxiga drug showed positive results from the Deliver and Dapa-HF Phase 3 trial in reducing the risk of cardiovascular death or worsening heart failure.

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Endeavour Mining Posts 1Q Net Loss; On Track to Meet Full-Year Guidance

Endeavour Mining PLC on Thursday reported a net loss for the first quarter and said it is on track to meet 2022 production guidance.

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Hikma Slashes 2022 Generics Guidance on Narcolepsy Treatment Delay

Hikma Pharmaceuticals PLC on Thursday downgraded revenue and margin guidance for its generics business due to the delayed launch of a generic of the Xyrem treatment for narcolepsy.

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BAE Systems Says 1Q Performance Was in Line With Views

BAE Systems PLC said Thursday that its performance in the first quarter was in line with expectations, and that if the current dollar rate persists this would be a tailwind to earnings.

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Melrose Industries Early 2022 Performance Met Views; Confident in Offsetting Inflation

Melrose Industries PLC said Thursday that its performance for the first four months of 2022 met its expectations, and that it is confident it can offset the effects of inflation.

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Reach PLC's Four-Month Revenue Falls on Year Despite Digital Strength

Reach PLC said Thursday that revenue fell in the four-month period to April 24 as a more challenging market affected the digital growth rate and advertising demand was lower.

 
Market Talk: 

Miners, Lawmakers Face Balancing Act on Community, Supply Needs

0507 GMT - The tension between community objections to mining and the need for minerals is going to need to be addressed, says former Rio Tinto Chairman Simon Thompson, who stepped down from the role after the miner's Australian shareholder meeting Thursday. There is growing recognition by governments that more critical minerals are needed to address climate change, but mines can't be developed without having an impact on the environment and on communities, he tells reporters. "So I think the challenge that we all face--in the sense of how do you enable that public good of accessing lithium or copper or rare-earth elements... whilst compensating those people who at a local level are being impacted by that mine--that's something that as an industry, and with government as well, we just have to think through." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Green Steel Needs a Carbon Price, Or Buyers Willing to Pay a Premium

0457 GMT - A key question in the development of green steel is whether customers will pay a premium for it, former Rio Tinto Chairman Simon Thompson says. Thompson--who stepped down from the role after the miner's Australian shareholder meeting Thursday--says it is "obvious that the world has got to find a way of producing green steel." Even if companies increase scrap recycling, there will still be large demand for primary steel, he tells reporters. "The challenge for many of our customers is, how do you do that? It is, I think, almost inevitably going to be more expensive than conventional blast-furnace technology." So, either a carbon price or a premium for green steel is needed, he says. "Those are the two choices to create the demand that we need to encourage the investment in green steel." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Russia-Ukraine War Highlights Need to Advance Renewable Energy, Rio Tinto CEO Says

0449 GMT - Russia's invasion of Ukraine emphasizes the need for quicker development of renewable energy, Rio Tinto CEO Jakob Stausholm tells reporters. The Danish businessman highlights western Europe's dependence on Russia for fossil fuels. "I think what we have learned here over the last year is if you are not focusing on the energy sources you have today, then you're going to create problems," he says. "So, there are some very difficult questions to be asked in Western economies." Rio Tinto is seeking to increase output of metals such as copper used in renewable energy infrastructure. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

05-05-22 0303ET

Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC -0.30% 10754 Delayed Quote.24.31%
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.22% 0.56413 Delayed Quote.5.39%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.01% 0.69452 Delayed Quote.-4.42%
BAE SYSTEMS PLC 2.12% 800.2 Delayed Quote.42.42%
BARRATT DEVELOPMENTS PLC 0.93% 476.9 Delayed Quote.-36.89%
BRITISH POUND / US DOLLAR (GBP/USD) 0.23% 1.23054 Delayed Quote.-9.29%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.06% 0.631214 Delayed Quote.8.04%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.17% 0.7763 Delayed Quote.-2.00%
ENDEAVOUR MINING PLC 0.40% 27.61 Delayed Quote.-0.90%
EURO / BRITISH POUND (EUR/GBP) 0.18% 0.86197 Delayed Quote.2.35%
EURO / US DOLLAR (EUR/USD) 0.40% 1.06072 Delayed Quote.-7.18%
FTSE 100 0.76% 7268.97 Delayed Quote.-2.38%
GOLD -0.51% 1821.3 Delayed Quote.-0.17%
HIKMA PHARMACEUTICALS PLC 1.41% 1662 Delayed Quote.-26.23%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.64% 0.010365 Delayed Quote.4.96%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.27% 0.012748 Delayed Quote.-4.81%
LONDON BRENT OIL 2.25% 114.67 Delayed Quote.43.77%
MELROSE INDUSTRIES PLC 1.02% 153.5 Delayed Quote.-5.03%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.12% 0.63205 Delayed Quote.-7.66%
NEXT PLC 0.13% 5996 Delayed Quote.-26.60%
REACH PLC 0.89% 113.6 Delayed Quote.-60.11%
RIO TINTO PLC 1.73% 5070 Delayed Quote.1.99%
S&P GSCI GOLD INDEX -0.37% 1061.83 Real-time Quote.0.09%
SHELL PLC 1.70% 2125 Delayed Quote.28.72%
SILVER 0.60% 21.252 Delayed Quote.-9.36%
US DOLLAR / BRITISH POUND (USD/GBP) -0.22% 0.812513 Delayed Quote.10.24%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.46% 53.1141 Delayed Quote.-28.47%
WTI 2.53% 109.313 Delayed Quote.42.71%