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London Stocks Seen Lower as Fed Decision Awaited

11/03/2021 | 03:05am EST

London Stocks Seen Opening Lower as Investors Await Fed Decision

0745 GMT - The FTSE 100 is expected to open 30.3 points lower, according to IG, having closed Tuesday at 7274.81, in cautious trade ahead of a U.S. Federal Reserve decision after European markets close, as well as a Bank of England decision on Thursday. The Fed is widely expected to announce the start of asset-purchase tapering and it may hint on the timing of a first interest-rate rise due to concerns about inflation. U.S. ADP private payrolls data at 1215 GMT will give a first indication of how the U.S. jobs market performed in October, ahead of Friday's nonfarm payrolls figures. Individual stocks in focus include Coca-Cola HBC, retailer Next and packaging company Smurfit Kappa after earnings updates. (jessica.fleetham@wsj.com)

 
Companies News: 

Next 3Q Full-Price Sales Increased; 4Q Sales Expected to Decline

Next PLC said Wednesday that full-price sales in the third quarter of fiscal 2022 rose, but that fourth-quarter sales are expected to be lower as the effects of pent-up demand are likely to continue to diminish.

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Anglo American CEO Mark Cutifani to Retire April; Duncan Wanblad Named

Anglo American PLC said Wednesday that Chief Executive Mark Cutifani will retire next year after nine years in the role and be replaced by Duncan Wanblad.

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Micro Focus Sells Archiving and Risk Management Portfolio to Smarsh for $375 Mln

Micro Focus International PLC said Wednesday that it is selling its archiving and risk management portfolio to Smarsh Inc. for $375 million.

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Land Securities Buys 75% Shareholding in MediaCity for GBP425.6 Mln

Land Securities Group PLC said Wednesday that it has acquired a majority stake in MediaCity for a net purchase price of 425.6 million pounds ($579.4 million).

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Ibstock Says 3Q Performance Strong; Backs Guidance

Ibstock PLC said on Wednesday that it performed well during the third quarter, and that despite the difficult supply-chain backdrop it was confident of delivering 2021 adjusted Ebitda in line with guidance.

 
Market Talk: 

Pound's Reaction to BOE Decision Likely to Be Contained

1649 GMT - Sterling may not move sharply in either direction after Thursday's Bank of England policy decision, BMO Capital Markets says. Any gains in sterling would be limited because a high number of interest rate rises are already priced in and because an "aggressively hawkish" BOE would dent demand for the currency through weaker risk appetite, BMO forex strategists say. A potential sterling depreciation would also be contained because it's an "open question" whether the market will attach a high weight to any efforts by the BOE to push back against rate rise expectations, they say. GBP/USD falls 0.4% to a near three-week low of 1.3608 and EUR/GBP rises 0.2% to a three-week high of 0.8515, according to FactSet. (renae.dyer@wsj.com)

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Brent Prices Could Fall in 1H 2022 Amid Expectations of Oil Oversupply

0310 GMT - Brent crude prices look set to fall in 1H 2022 amid expectations of slowing demand and an increase in oil supply next year, Fitch Solutions says. "From 2022, market conditions will become more challenging, as demand growth decelerates and OPEC+, the U.S. and potentially Iran ratchet up large production gains, tipping the market back into oversupply," it says. Fitch Solutions expects Brent prices to average $72/bbl in 2022 and $73/bbl in 2023. It thinks prices will enter the new year around $80/bbl, supported by short-term supply constraints and the broader energy shortage. Front-month Brent is 1.6% lower at $83.40/bbl. (yongchang.chin@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-03-21 0405ET

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