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Real-time Estimate Cboe Europe  -  08:22 2022-06-28 am EDT
1021.00 GBX   -1.35%
07:29aJPM predicts lower water sector returns as Ofwat review nears
06/23UNITED UTILITIES GROUP PLC : Ex-dividend day for final dividend
06/20UNITED UTILITIES : Windermere's sewers are going on a fat-free diet
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Retailers lift European stocks but growth worries persist

05/26/2022 | 05:24am EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

* Retailers advance as UK unveils new stimulus

* United Utilities slumps after higher cost warning

* BT drops on govt review of Drahi's stake

May 26 (Reuters) - European markets rose on Thursday with the retail sector leading the charge as Britain revealed new stimulus plans, while the U.S. Federal Reserve sticking to its monetary policy tightening script also bolstered risk appetite.

The pan-European STOXX 600 index closed higher for a second straight session, up 0.8%. Gains were largely broad-based, with retailers up 4.7%.

British retailers Ocado, Marks & Spencer, Next and Primark owner Associated British Foods rallied between 4.4% and 11.5% on hopes that a new 15 billion pound ($19 billion) package of support for households struggling to meet soaring energy bills will encourage them to keep spending.

Luxury stocks also ticked up, with Louis Vuitton owner LVMH up 3.7% - the biggest boost to the STOXX 600.

Sentiment remained fragile, however, on lingering worries about slowing economic growth from central bank tightening.

On Wednesday, minutes of the Fed’s early May policy meeting showed policymakers agreed to raise interest rates by 50 basis points at the next two meetings to tame surging prices and also discussed the possibility of pausing after July should inflation start to ease.

Regionally, the European Central Bank is expected to begin a hiking cycle in July.

“While (Fed) minutes didn’t really add much to the outlook for monetary policy, they did at least calm fears that a faster pace of tightening is on the way," said Chris Beauchamp, chief market analyst at online trading platform IG.

"Beyond bargain hunting there seems little concrete rationale for the bounce, which leaves investors wondering whether next week will see yet another dramatic reversal in stocks.”

Markets have had a volatile week, and the STOXX is set to end yet another month lower as investors worry about the effect of central bank tightening, the Russia-Ukraine war and China’s COVID-19 curbs on economic growth.

Fund managers expect the STOXX 600 to reach 450 points by year-end - just about 3.5% higher from current levels, according to a Reuters poll.

European utilities fell 1.2% on Thursday, limiting gains. Water company United Utilities slumped 6.6% after warning of higher costs in the current year. Other British utilities also slipped on worries over an energy windfall tax being extended to the sector.

BT Group slid 2.3% after Britain launched a national security review of a deal by the telecoms group's biggest shareholder Patrick Drahi to increase his stake to 18%.

Some markets in Europe, including Switzerland, Sweden and Finland, were closed for a local holiday. (Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu Sahu and Sriraj Kalluvila, Kirsten Donovan)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALTICE USA, INC. -4.64% 9.04 Delayed Quote.-41.41%
ASSOCIATED BRITISH FOODS PLC 0.61% 1656.55 Delayed Quote.-18.53%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.29% 0.6947 Delayed Quote.-4.42%
BRITISH POUND / US DOLLAR (GBP/USD) -0.26% 1.22404 Delayed Quote.-9.29%
BT GROUP PLC 2.89% 190.6 Delayed Quote.11.18%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.17% 0.7784 Delayed Quote.-2.00%
CHRISTIAN DIOR SE 1.33% 572.5 Real-time Quote.-21.44%
EURO / US DOLLAR (EUR/USD) -0.11% 1.05666 Delayed Quote.-7.18%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.60% 0.012671 Delayed Quote.-4.81%
LVMH MOËT HENNESSY LOUIS VUITTON SE 1.86% 590.4 Real-time Quote.-19.20%
MARKS AND SPENCER GROUP PLC -1.14% 143.3618 Delayed Quote.-37.77%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.25% 0.62785 Delayed Quote.-7.66%
NEXT PLC 0.50% 6016 Delayed Quote.-26.60%
OCADO GROUP PLC -0.07% 859.9547 Delayed Quote.-48.12%
STOXX EUROPE 600(EUR)(TR) 0.63% 959.41 Delayed Quote.-13.33%
UNITED UTILITIES GROUP PLC -1.41% 1021.25 Delayed Quote.-7.07%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.38% 52.8978 Delayed Quote.-28.47%
07:29aJPM predicts lower water sector returns as Ofwat review nears
06/23UNITED UTILITIES GROUP PLC : Ex-dividend day for final dividend
06/20UNITED UTILITIES : Windermere's sewers are going on a fat-free diet
06/20ANALYST RECOMMENDATIONS : Glencore, National Grid, Tesco, United Utilities, Wise...
06/20Jefferies Keeps United Utilities on Hold, Cuts PT
06/06Deutsche Bank Maintains United Utilities at Hold, Trims PT
05/26Retailers lift European stocks but growth worries persist
05/26UNITED UTILITIES : £280 million of support for United Utilities customers
05/26TRANSCRIPT : United Utilities Group PLC, 2022 Earnings Call, May 26, 2022
05/26United Utilities Reports FY22 Loss Over One-off Charge in Deferred Tax Liability
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Analyst Recommendations on UNITED UTILITIES GROUP PLC
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Sales 2022 1 856 M 2 283 M 2 283 M
Net income 2022 133 M 164 M 164 M
Net Debt 2022 7 643 M 9 403 M 9 403 M
P/E ratio 2022 53,8x
Yield 2022 4,20%
Capitalization 7 058 M 8 683 M 8 683 M
EV / Sales 2022 7,92x
EV / Sales 2023 7,99x
Nbr of Employees 6 061
Free-Float 99,8%
Duration : Period :
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Technical analysis trends UNITED UTILITIES GROUP PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 13
Last Close Price 1 035,00 GBX
Average target price 1 099,62 GBX
Spread / Average Target 6,24%
EPS Revisions
Managers and Directors
Steven Lewis Mogford Chief Executive Officer & Executive Director
Philip Anthony Aspin Chief Financial Officer & Executive Director
David Hartmann Higgins Non-Executive Chairman
Mark Sydney Clare Senior Independent Non-Executive Director
Stephen Andrew Carter Independent Non-Executive Director