FTSE 100 Expected to Open Higher Ahead of Key US Payrolls Data
0636 GMT - The FTSE 100 is expected to open higher after declines in the previous session as investors await the latest U.S. nonfarm payrolls report. IG futures data show the London index opening up 27 points after closing down 135 points on Thursday. "Traders are going to take a very cautious approach ahead of the U.S. NFP data," AvaTrade analyst Naeem Aslam writes. "Generally speaking, there is a minimal volume in the markets ahead of this data as the action tends to happen only after the economic reading." Markets expect another set of decent readings from the data, Aslam says. The data will be released 1230 GMT. (renae.dyer@wsj.com)
Companies News:
De La Rue Appoints New Managing Director of Authentication Division
De La Rue PLC said Friday that it has appointed David Sharratt as managing director of its authentication division, with effect from Sept. 12.
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UK Regulator Clears Acquisition of Avast by NortonLifeLock Inc.
The Competition and Markets Authority said Friday that it has cleared the acquisition of Avast PLC by U.S.-based NortonLifeLock Inc. after carrying out an extensive investigation into the merger of the cyber safety software companies.
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Ted Baker 2Q Revenue Rose on Higher In-Store Sales
Ted Baker PLC said Friday that it benefited from revenue growth in the second quarter of fiscal 2023 when compared with the year-earlier period, boosted by in-store sales.
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Ashmore Group FY 2022 Pretax Profit Fell More Than Expected Amid Risk Aversion
Ashmore Group PLC reported on Friday a worse-than-expected pretax profit fall for fiscal 2022, driven by the widespread risk aversion due to Ukraine war, inflation and higher rates.
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Allied Minds Sees Little Takeover Interest Ahead of De-listing Consultations
Allied Minds PLC said Friday that it hasn't received any notable interest from potential offerors ahead of its plans to consult with shareholders over a potential de-listing to save money, as disclosed on Aug. 24.
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Capital Ltd. Appoints Peter Stokes as CEO
Capital Ltd. said on Friday that it has appointed Peter Stokes as chief executive with effect from Oct. 3.
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Shell CEO Ben van Beurden Is Set to Step Down Next Year, Reuters Reports
--Shell PLC Chief Executive Ben van Beurden is preparing to step down next year after nearly 10 years in the role, Reuters reports, citing unnamed sources.
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Corero Network Security Appoints Interim CFO
Corero Network Security PLC said on Friday that it has appointed Andrew Miller as interim chief financial officer with effect from yesterday, replacing Neil Pritchard.
Market Talk:
Bond Yields Could Exceed June Levels
0547 GMT - ?Bond yields could exceed June levels, which were previously seen as their peak, says Chris Iggo, chair of AXA Investment Managers Investment Institute and chief investment officer of AXA IM Core. ?In the U.K., it has already happened with the 10-year gilt yield reaching 2.9% compared to the June high of 2.74%, he says in a note. Iggo sees both the Federal Reserve and the European Central Bank likely to raise their rates by 75 basis points at their respective September meetings, he says.(emese.bartha@wsj.com)
Rio Tinto's Offer for Turquoise Hill Below GS's Valuation
2336 GMT - Rio Tinto's C$43/share cash offer for shares in Turquoise Hill that it doesn't already own falls short of Goldman Sachs's valuation. Turquoise Hill, which is 51%-owned by Rio, has a 66% interest in the Oyu Tolgoi copper-gold mine in Mongolia. In a note, analyst Paul Young estimates Oyu Tolgoi is worth US$23.5 billion, citing Goldman's long-term outlook for copper prices. That means Rio's current 34% effective share of the operation is worth US$9.1 billion. "The US$3.3 billion offer equates to an enterprise value of US$10.4 billion including Turquoise Hill's net debt as at 30 June of US$3.8 billion, which implies a valuation of US$15.7 billion for 100% of Oyu Tolgoi," Mr. Young says. (david.winning@wsj.com; @dwinningWSJ)
Rio's Turquoise Hill Offer Looks Full, Fair to UBS
2308 GMT -- Rio Tinto's C$43/share cash offer for Turquoise Hill looks full and fair to UBS. Turquoise Hill, which is 51%-owned by Rio, has a 66% interest in the Oyu Tolgoi copper-gold mine in Mongolia. Analyst Lachlan Shaw says his Oyu Tolgoi model implies a 16% internal rate of return on Rio's bid at an implied copper price of US$4.15/lb using a 10% discount rate. However, Rio has likely included more of Oyu Tolgoi's proved, probable resource and may have used a different discount rate, Shaw says. "Weighing these factors, the bid could imply a copper price of
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
09-02-22 0311ET
