FTSE 100 Set to Rise; Asia, US Markets Fall
0732 GMT - The FTSE 100 Index is expected to open 24 points higher at 7,255, according to CMC Markets, ahead of economic data in Europe and the US. Chinese, Hong Kong and Japanese stocks are lower and the Dow Jones closed 0.9% down. "U.S. markets fell back sharply as investors pared back risk ahead of the conclusion of Wednesday's Fed meeting," CMC analyst Michael Hewson says. "This softness looks set to translate into a cautious European open, with today's focus on the latest U.K. unemployment figures for October and U.S. PPI numbers for November," he says. (philip.waller@wsj.com)
Companies News:
Antofagasta Sets Out Sustainability Targets
Antofagasta PLC said Tuesday that it will set out a raft of new targets at its capital markets day later today, including ensuring 100% of its operational energy requirements come from renewables by the end of 2022.
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Altice UK Buys 585 Mln Further Shares in BT Group
Altice UK said Tuesday that it has acquired 585 million shares in BT Group PLC, increasing its stake to around 18% of the British telecommunications provider's issued share capital.
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Ocado 4Q Retail Revenue Fell on Changing Post-Lockdown Environment
Ocado Group PLC said Tuesday that it benefited from strong underlying demand in the fourth quarter of fiscal 2021, but that its retail revenue declined for the fourth quarter on a changing post-lockdown environment in the U.K.
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Ocado Wins Patent Trial Against Autostore
Ocado Group PLC said Tuesday that a U.S. International Trade Commission trial has found in favor of the company, with a chief administrative law judge ruling that it hasn't infringed any valid patent of Autostore Holdings Ltd.
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Rentokil Initial to Buy Terminix Global Holdings in $6.7 Bln Stock and Cash Deal
Rentokil Initial PLC said on Tuesday that it will buy Terminix Global Holdings Inc. for $1.3 billion in cash and 643.3 million new Rentokil initial shares in a deal that values the U.S. company at $6.7 billion.
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Nuformix Investor Subscription to Raise GBP1.7 Mln for Product Development
Nuformix PLC said Tuesday that it will raise 1.7 million pounds ($2.2 million) through a conditional subscription with institutional investor Lanstead Capital Investors LP, allowing it to strengthen and develop its products.
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Nuformix 1H Loss Narrowed Slightly on Lower Costs
Nuformix PLC reported Tuesday a slightly narrowed loss for the first half of fiscal 2022 on reduced expenses, and said that it is confident in its outlook.
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Chemring FY 2021 Pretax Profit Rose
Chemring Group PLC said Tuesday that its fiscal 2021 pretax profit rose after booking lower costs, and that its performance since the start of the new fiscal year has been in line with expectations.
Market Talk:
Investors Likely to Cheer Rio Tinto, Turquoise Hill's Mongolia Offer
2235 GMT - Investors are likely to applaud Rio Tinto and Turquoise Hill's offer to cancel $2.3B of debt and terminate the current underground development plan at the Oyu Tolgoi copper mine in Mongolia, Morgan Stanley says. That's because it would remove a key hurdle in progressing the project. Rio Tinto has a 51% interest in Turquoise Hill and a 34% economic interest in Oyu Tolgoi. "This stake accounts for 3% of our group attributable net present value and is expected to contribute 3% to group underlying Ebitda for 2021 and 31% of copper division Ebitda," Morgan Stanley says. (david.winning@wsj.com; @dwinningWSJ)
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Rio Tinto, Turquoise Hill's Mongolia Offer Is Unhelpful Precedent
2140 GMT - Rio Tinto and Turquoise Hill's offer to cancel $2.3B of debt and terminate the current underground development plan at the Oyu Tolgoi copper mine in Mongolia sets an unhelpful precedent for the mining industry, RBC Capital Markets says. The offer, which follows months of talks between the companies and the Mongolian government, was confirmed by Turquoise Hill yesterday. "While preliminary in nature, the agreement is a large step forward, and appears to placate the two key concerns the government holds, but places the burden of funding on Rio and Turquoise Hill," RBC says. Financing structures, cash flows and timing all remain unclear "leaving a still uncertain outcome from a modelling perspective," RBC says. (david.winning@wsj.com; @dwinningWSJ)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
12-14-21 0301ET
