FTSE 100 Expected to Open Higher After Asia Gains

The FTSE 100 is expected to open higher, tracking gains in Asian stocks as worries over China's regulatory clampdowns ease. Spreadbetting firm IG expects London's blue-chip index to rise 43 points. Last week, Asia markets had significant declines due to China's regulatory crackdown and the extent of those falls appears to have prompted a softening in tone by Chinese authorities and a recovery in Asia stocks on Monday, CMC Markets analyst Michael Hewson says. "This looks set to translate into a positive open for European markets as we look ahead to a big week of economic data," he says. At 0830 GMT, the final July U.K. manufacturing purchasing managers index survey will be published.

 
Companies News: 

HSBC's Profit Rises as Pandemic Provisions Recede

The global lender earned $3.4 billion in the quarter ended June, much higher than the $192 million it reported for the same period last year, after it reduced provisions for bad loans caused by the economic fallout from the coronavirus pandemic.

---

Meggitt Swung to 1H Profit, But Underlying Ebitda Fell 25%

Meggitt PLC on Monday reported that it swung to a profit in the first half of the year, although its underlying performance continued to be affected by the Covid-19 pandemic in the period.

---

SSE Agrees to Sell Stake in SGN for GBP1.22 Bln

SSE PLC said Monday that it has agreed to sell its remaining 33.3% stake in gas-distribution company Scotia Gas Networks Ltd. to a consortium for 1.22 billion pounds ($1.70 billion).

---

Photo-Me International Upgrades FY 2021 Pretax Profit, Revenue Views

Photo-Me International PLC said Monday its performance in the third quarter of fiscal 2021 was stronger than expected, leading the company to upgrade its pretax profit and revenue expectations for the full year.

---

Escape Hunt Expects Fall in 1H Revenue

Escape Hunt PLC said Monday that it expects to report lower revenue for the first half of 2021 due to restrictions stemming from the pandemic, especially in the U.K.

---

Sanne Group Is in GBP1.49 Bln Takeover Talks With Apex Group

Sanne Group PLC said Monday that it is in advanced talks with Apex Group Ltd. about a possible 1.49 billion pound ($2.07 billion) takeover for the provider of alternative asset and corporate services.

---

Senior Swung to 1H Profit, But Performance Remains Hit by Pandemic

Senior PLC on Monday reported that it swung to a profit in the first half of the year, but its underlying performance worsened from a year earlier.

---

Dialight Chairman Steps Down; Karen Oliver Named Successor

Dialight PLC said Monday that Chairman David Blood has decided to step down from this role and that non-executive director Karen Oliver has been appointed to the role.

 
Market Talk: 

HSBC's Cost Cutting Efforts May Mitigate Rising Tech Expenses

0558 GMT - HSBC Holdings says its cost reduction program could help mitigate its rising technology investment costs. The lender spent about $3.0 billion on technology in 1H, up 4% on year, as "digitize at scale" is one of its four pillars of strategy. Technological improvement will reduce cost base and make customer experience better, it says, and expects adjusted operating expenses for 2021 to be broadly in line with 2020. HSBC aims to expand its digital service that allows international customers to hold and send funds in various currencies without paying fees to more countries this year, having already rolled it out in the U.S., Singapore and the UAE.

 

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

August 02, 2021 03:02 ET (07:02 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Feb 2024 to Mar 2024 Click Here for more FTSE 100 Charts.
FTSE 100
Index Chart
From Mar 2023 to Mar 2024 Click Here for more FTSE 100 Charts.