Sharecast News
23 Jun, 2022 07:36

London pre-open: Stocks seen lower ahead of PMIs

dl westminster houses of parliament london big ben political pb
Sharecast / Adam Derewecki via Pixabay

London stocks were set to decline at the open on Thursday following a downbeat session in the US.

The FTSE 100 was called to open 17 points lower at 7,072.

CMC Markets analyst Michael Hewson said: "Sentiment has continued to ebb and flow this week, as stock markets continue to get buffeted by concerns about recession against a backdrop of central banks who appear determined to squeeze inflation out of the global economy.

"European markets gave back their early week gains, while US markets after initially opening lower, managed to reverse their early losses to push into the green, before closing marginally lower."

On the data front, investors will eye the S&P Global/CIPS manufacturing and services PMIs for June, due at 0930 BST.

In corporate news, gambling and gaming group 888 Holdings said it expects interim revenues to be “broadly” in line with expectations.

The Gibraltar-based firm, which is in the process of acquiring William Hill, said revenues were likely to come in between £330m and £335m for the six months to 30 June.

The figure was "broadly in line with board expectations", it noted, with growth in some European markets offset by the impact of safer gambling measures and 888’s temporary exit from the Netherlands.

Residential landlord Grainger said it had agreed to forward fund and buy the build-to-rent element of a Bristol development for £128m.

The "Redcliff Quarter" comprises 374 private rental homes, as well as 94 affordable homes and six commercial units, the company said.

Real estate investment trust Urban Logistics saw net rental income grow over the twelve months ended 31 March amid "significant" capital deployment and a 25.4% increase in the group's property valuation to £153.0m.

Urban Logistics said net rental income had surged 59.8% to £36.5m, leading to a total property return of 30.3%, up from 17.1% a year earlier, and an IFRS pre-tax profit of £172.0m.

The FTSE 250-listed company added that it had spent £282.0m on acquisitions throughout the year, at a weighted average net initial yield of 5.3%.


News Source: © 2022 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.