FTSE 100 Edged Lower, Buoyed by Resilient Retail -2-

1329 GMT - Watches of Switzerland's long-range targets are well ahead of expectations, while management also stated that pipeline visibility has improved, RBC Capital Markets analysts Piral Dadhania and Richard Chamberlain say in a note. The luxury-watch retailer's GBP3 billion revenue target for FY 2028 is double that of FY 2023 levels and nearly 30% ahead of expectations, they say. The company's EBIT target is 34% ahead of consensus estimates, the analysts say. Watches of Switzerland is also set to benefit from a more established track record in the U.S. and the start of expansion into continental Europe, they say. Shares are up 11%. ([e-mail])

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European Stocks Fall After Asia Losses; US Set to Drop

1234 GMT - European stocks drop after mostly downbeat trading in Asia and ahead of an expected lower U.S. open. The Stoxx Europe falls 0.3%, the CAC 40 retreats 0.6% and the DAX backtracks 0.2%, while the FTSE 100 slips 0.1%, with automotive shares among the biggest pan-European fallers. Oil majors also lose ground as Brent crude drops 1.8% to $83.66 a barrel. Asia markets mostly closed in negative territory, though mainland Chinese stocks rose 0.2%. IG futures data show the Dow opening at 34007, versus Monday's close of 34095. "Asian indices fell back overnight as some of the bullish momentum of the past week faded," IG analysts write. "Chinese trade data showed a mixed picture, with imports stronger but exports weaker." ([e-mail])

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Hilton Food's Medium-Term Growth Targets Could Disappoint

1234 GMT - Although Hilton Food Group's 3Q update was solid, with performance in line with expectations, medium-term growth targets sit marginally below current market views of a compound annual growth rate in the 8% to 9% range, which might disappoint some, Goodbody analyst Patrick Higgins says in a note. The company noted the seafood business continues to deliver on operating targets and is on track to deliver profitability in 3Q and for the full year, Higgins says. Based on this update, Goodbody doesn't anticipate any significant changes to the adjusted pretax profit estimate of GBP65.2 million, or consensus forecasts of GBP63.2 million, for the year. Shares are up 5.7% at 683 pence.([e-mail])

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UK Gilts Outperform Eurozone Bonds on Mid-2024 Rate Cut Expectation

1255 GMT - U.K. gilts outperform eurozone government bonds driven by Monday evening's comments from the Bank of England chief economist Huw Pill on the possibility of rate cuts in the middle of 2024, HSBC head of U.K. rates strategy Daniela Russell says. "It was a bit of a surprise to hear him validate market expectations for cuts in the middle of next year and it marks a change from the persistent higher-for-longer narrative that we'd heard up until that point," Russell says. U.K. 10-year gilt yield falls 5 basis points to last trade at 4.313%, German 10-year Bund yield falls around 3bps to last trade at 2.704% and France 10-year government bond yield declines 3bps to last trade at 3.300%, Tradeweb data show. ([e-mail])

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(END) Dow Jones Newswires

11-07-23 1223ET