London Stocks Seen Lower With Eyes on U.S. CPI Data

London Stocks Seen Opening Slightly Lower

0751 GMT - The FTSE 100 is expected to open around 26 points lower, according to IG, having closed on Tuesday at 7306.14 after U.S. midterm elections suggest the Republicans will gain control of the House, with the Senate outcome still uncertain. "This result spells gridlock for the U.S. government, which faces the likelihood of bitter partisan battles for the next two years," IG analysts write. It will remain difficult for equity markets to move back up ahead of Thursday's U.S. inflation data, amid concerns that U.S. rate rises may continue, they add. Marks & Spencer, Taylor Wimpey and Flutter Entertainment will be among individual stocks in focus after earnings updates. ([e-mail])

 
Companies News: 

Smiths Group 1Q Organic Revenue Grew 13%, Backs FY 2023 Guidance

Smiths Group PLC on Wednesday reported a 13% rise in organic revenue growth for the first quarter of the new fiscal year, and backed its full-year guidance.

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Taylor Wimpey Sees 2022 Profit Rising In Line with Market Views; 2H Sales Rate Fell

Taylor Wimpey PLC said Wednesday that it expects full-year operating profit to rise in line with market views and continues to see good levels of home-buying interest, though it has seen its second-half sales rates hit by wider economic uncertainty.

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Ashtead Group Shareholder Arab Petroleum Sells 4.8M Shares at 260P Each

Numis Securities Ltd. said Wednesday that it has placed 4.8 million ordinary shares of Ashtead Group PLC on behalf of Arab Petroleum Investments Corp. at 260 pence each, as first flagged late Tuesday.

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Purplebricks Shareholder Lecram Calls for Chairman Removal and Replacement

Purplebricks Group PLC said Wednesday that it has received a requisition notice from a shareholder calling a general meeting to remove Chairman Paul Pindar, and replace him with former Countrywide Chief Executive and Rightmove PLC founder Harry Hill.

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Flutter Entertainment Raises US Guidance After 3Q Revenue Growth

Flutter Entertainment PLC said Wednesday that it was upgrading its 2022 guidance for U.S. revenue after strong growth in the country and that group revenue for the third-quarter rose 22%.

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Marks & Spencer 1H Pretax Profit Rose; Sees Worsening Backdrop in FY 2024

Marks & Spencer Group PLC said Wednesday that pretax profit for the first half of fiscal 2023 rose despite increased costs, and that it expects fiscal 2024 market conditions to become more challenging.

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ITV Nine-Month Revenue Grew on Increased Digital Revenue, Studios Strength

ITV PLC said Wednesday that revenue for the first nine months of 2022 rose after it booked growth in digital and from ITV Studios.

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Aviva's Nine-Month General Insurance Gross Written Premiums Rose; Mulls Buybacks

Aviva PLC on Wednesday reported a rise in general insurance gross written premiums for the first nine months of the year and said it anticipates additional capital returns to shareholders.

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Watches of Switzerland 1H Revenue Rose on U.S. Robust Sales; Lifts FY 2023 Views

Watches of Switzerland Group PLC said Wednesday that performance for the first half of fiscal 2023 has been robust, driven by broad based sales growth, and raised its full-year guidance.

 
Market Talk: 

Taylor Wimpey Delivers a Reassuringly On-track Update

0744 GMT - Taylor Wimpey's market update was reassuring, reiterating it expects to meet 2022 market expectations with targeted volumes broadly similar to 2021 levels, Citi says. The house builder's shares trade at a significant discount compared to 2023 earnings projections, and while the cancellation rate has risen in the second half to date the overall order book remains strong, with 79% of homes already exchanged, Citi analyst Ami Galla says in a research note. "Overall we believe the underlying performance remains on track and the planned outlet pipeline should help partly dampen the impact of the slower site absorption rates," the U.S. bank says. Citi retains its buy rating and 119 pence price target on Taylor Wimpey's stock. Shares closed Tuesday at 95.96 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

11-09-22 0308ET