FTSE 100 Set to Fall After Downbeat Asia, US Trading

The FTSE 100 looks set to open 13 points lower at 7,110, according to IG data, after negative trading in Asia and on Wall Street. Markets in mainland China, Hong Kong and Japan are all in the red and the Dow Jones Industrial Average closed 0.3% adrift. European markets finished the day broadly unchanged and look set to open lower this morning, CMC Markets says. "Wednesday looks set to play out in a similar fashion, with inflation concerns set to remain in focus," says CMC's Michael Hewson. 


 
Companies News:

UK Regulator Clears AstraZeneca's Alexion Deal

The U.K. Competition and Markets Authority said Wednesday that it won't refer AstraZeneca PLC's anticipated acquisition of Alexion Pharmaceuticals Inc. for further review.

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Boohoo Closes Middle East Partnership With Alshaya

Boohoo Group PLC said Wednesday that it has signed a partnership with MH Alshaya Co. WLL to operate Debenhams in the Middle East and build its presence in the region.

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Barratt Developments FY21 Completions Rose, Expects Profit to Beat Market Views

Barratt Developments PLC said Wednesday that selling prices and completions in fiscal 2021 rose amid strong customer demand and underlying market strength, and it expects adjusted profit to beat market views.

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Ashmore's Fourth-Quarter Assets Under Management Rose

Ashmore Group PLC said Wednesday that assets under management for the fourth quarter of fiscal 2021 rose when compared with the previous quarter.

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Water Intelligence to Raise $9.5 Mln to Fund Growth

Water Intelligence PLC said Wednesday that it plans to raise $9.5 million via a share placing and subscription and will use the money to drive growth as part of its five-year plan.

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McBride Sees FY 2021 Adjusted Pretax, Operating Profit in Line With Views

McBride PLC said on Wednesday that it anticipated fiscal 2021 adjusted pretax and adjusted operating profit to be in line with current market expectations, and that the board doesn't expect to propose a final dividend for the year ended June 30.

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SSP Group CEO to Step Down at End of Year

SSP Group PLC said Wednesday that Chief Executive Simon Smith has advised the board of his intention to step down at the end of 2021 to pursue a new opportunity at a private-equity-backed business.

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M Winkworth Declares 2Q Dividend, Special Dividend After High Sales

M Winkworth PLC said Wednesday that it will pay a dividend of 2.2 pence (3 cents) to shareholders for the second quarter, and declared a special dividend due to a strong performance.

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Dunelm 4Q Sales Doubled; Expects to Beat FY 2021 Pretax Profit Forecasts

Dunelm Group PLC on Wednesday said that sales for the fourth quarter of fiscal 2021 more than doubled and that it now expects full-year pretax profit to beat market forecasts.

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Numis Says 3Q Revenue Was Strong, Sees Further Expansion

Numis Corp. said Wednesday that it expects to report a record performance for the whole year, with revenue rising on year in the third quarter, although at a slightly slower pace than in the first half.

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Finsbury Food Group FY 2021 Revenue Rose on Strong 2H Performance

Finsbury Food Group PLC said Wednesday that it delivered a strong performance in the second half of the year, with fiscal 2021 revenue rising 2.3%, close to pre-pandemic levels.

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Liontrust 1Q Assets Under Management Increased

Liontrust Asset Management PLC said Wednesday that assets under management rose in the first quarter of fiscal 2022 compared with the previous quarter. 


 
Market Talk:

Rio Tinto EPS Expected to Soar to More-than Decade High

Rio Tinto should achieve its highest first-half earnings-per-share in more than a decade, at $7.06/share, according to RBC, even though the broker expects lower shipments and consequently lower sales. Rio Tinto, one of the world's biggest producers of iron ore, has been benefiting from record-high prices for the steel ingredient. "Cash tax payments and FY 2020 dividend curtail the probability of a special dividend beyond the usual 50% payout although, with a (half-year) net-cash position of $1.3 billion, there is room on the balance sheet should the board decide," says RBC.

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BHP Could Lavish All Its FY 2021 Earnings on Investors

BHP could potentially hand shareholders 100% of its earnings alongside its full-year results next month, RBC reckons. Even with a 100% payout ratio for FY 2021, equal to roughly $3.53/share in dividends, RBC predicts an average iron-ore price of $157/ton over the next six months would allow the miner to comfortably return below its net debt target, of $12-$17 billion, by year-end. "We caveat this with potential for a buyback to be added to the equation, which we have not built into our base case (as BHP is trading well ahead of NAV on our current long-term estimates), but the board may take a different view," RBC says.

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07-14-21 0303ET