27th Aug 2026 08:00
(Alliance News) - on Thursday, as markets await the imminent start of the Jackson Hole summit and Federal Reserve Chair Kevin Warsh's Friday speech.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 37.9 points, 0.4% at 10,916.02
GBP: down at USD1.3588 (USD1.3590 at previous London equities close)
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ECONOMICS
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UK Prime Minister Andy Burnham will head to South Wales on Thursday as he continues his summer tour of the UK. He is expected to spend the morning talking to Welsh workers and apprentices as part of a "listening tour" that has seen him travel the country to speak to voters about the cost of living. The tour has already seen him accelerate plans to tackle "everyday frustrations" such as subscription traps, after he made tackling to cost of living a key priority on entering Downing Street last month. Thursday will also see Burnham announce plans to bring together the leaders of the UK's devolved governments to discuss efforts to increase growth across the country. Burnham will also welcome French President Emmanuel Macron to Downing Street next week, making Macron the first European leader to visit the UK since Burnham took office. The visit is another sign that the former mayor of Greater Manchester looks set to continue his predecessor Keir Starmer's policy of a "reset" of relations between the UK and the EU. A UK-EU summit, which was set to be held on June 22, was postponed to autumn this year following Starmer's resignation.
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Home buyer activity in the UK has begun to pick up again following a summer lull, despite higher mortgage rates continuing to squeeze affordability, new analysis shows Thursday. The number of people searching for homes to buy increased by 7% in the four weeks to August 16, compared with last year, property portal Zoopla found. The number of house hunters is higher across every region in the UK for the first time in a year – with the strongest levels of activity coming from the east and southeast of England, and Wales. Zoopla said the increase pointed to early signs of increased demand among potential buyers, but that it will take time for searches to translate to enquiries and sales. Zoopla said average five-year fixed mortgage rates have risen from below 4% in January to around 4.8% – leading to reduced affordability for home buyers. Meanwhile, house prices across the UK grew by 0.9% in July, compared with the same month last year, to an average of GBP272,800, according to Zoopla's house price index. This is a slower rate than the 1.3% year-on-year increase recorded in June.
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BROKER RATINGS
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Berenberg cuts Admiral to 'hold' (buy) - price target 4,200 pence
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Berenberg cuts Central Asia Metals to 'hold' (buy) - price target 190 pence
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COMPANIES - FTSE 100
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HSBC is planning to overhaul its Singapore operations by combining its major banking services under one entity to streamline the structure, Bloomberg reports, citing people familiar with the matter. This would bring together HSBC's local wholesale, retail and private banking operations. Meanwhile, HSBC has the largest exposure to Hong Kong among global banks, having expanded its footprint in the city following the completion of the USD14 billion privatisation of Hang Seng Bank Ltd. Follows Allianz announcing a new distribution agreement with HSBC last month, along with a deal to acquire HSBC Life Singapore. Allianz has said the two agreements will have a combined consideration totalling EUR2.0 billion. Under the terms of the 15-year distribution agreement with HSBC, Allianz will provide protection, health, retirement and wealth solutions to HSBC customers in Singapore. The acquisition of HSBC Life Singapore is subject to regulatory approvals but expected to close in the first half of 2027.
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AstraZeneca announces that the phase 3 Crossing trial in patients with eosinophilic esophagitis has shown that its and Amgen's Tezspire, or tezepelumab, "demonstrated statistically significant and clinically meaningful improvements across both co-primary and all key secondary endpoints at week 24, which were sustained through week 52 in both doses tested." Says the primary endpoints were histologic remission and the frequency and severity of dysphagia. EoE currently affects over 470,000 people in the US and nearly half of patients "do not achieve adequate disease control with current first-line treatments".
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COMPANIES - FTSE 250
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Halfords Group releases a trading update in light of its "strong performance in the year to date." Says it now expects between GBP55 million and GBP65 million in underlying pretax profit for financial 2027, which it says is ahead of current market consensus of GBP52.6 million within a GBP48.9 million to GBP55.1 million range. Says it has continued to outperform over recent months following its full-year results announcement, reflecting "momentum in the underlying business as we continue to deliver against our strategic priorities alongside a very strong performance in seasonal categories, in part reflecting unusually warm summer weather." Estimates that the heightened seasonal demand has driven incremental profit in the mid-single digit millions of pounds. Halfords's trading update for the 26 weeks to October 2 is scheduled for October 21.
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Partners Group Private Equity reports results for the first half of 2026. Net asset value per share is EUR11.57 as of June 30, down from EUR13.00 at December 31. NAV total return is minus 8.6% for the period. Annualised total returns for the five and ten-year periods were minus 1.0% and plus 6.5%, respectively. "Such performance is disappointing and below what the board expects," PGPE states. Says it "enjoyed strong realisation activity during the period," but that the half-year "was characterised by heightened geopolitical uncertainty, intermittent market volatility and evolving economic policy expectations. Events in the Middle East, shifting interest rate expectations, and ongoing concerns around growth and inflation contributed to a softer trading environment and selective pressures on valuations." Says its investment manager "continues to build its solid investment pipeline, ready for execution in a more normalised environment."
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PPHE Hotel Group reports results for the first half of 2026, with total revenue increasing by 4.7% to GBP209.3 million from GBP199.9 million the year before. Revenue per available room increases 3.9% to GBP113.5 from GBP109.3, and room revenue rises 2.2% to GBP147.2 million from GBP144.0 million. Earnings before interest, tax, depreciation and amortisation increases 6.3% to GBP48.4 million from GBP45.5 million. Swings to pretax profit of GBP135.1 million from a GBP10.2 million loss. Declares 17 pence per share interim dividend, unchanged on-year. Forecasts full-year results "in line with market expectations," citing analyst consensus of revenue between GBP475.0 million and GBP483.0 million, and Ebitda of GBP140.0 million to GBP147.0 million.
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OTHER COMPANIES
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Macfarlane also posts results for the six months ended June 30, as it says a new GBP6 million share buyback programme will start in October. Revenue climbs 1.6% to GBP148.9 million from GBP146.6 million. Pretax profit decreases 5.1% to GBP4.7 million from GBP5.0 million. The packaging and labelling supplier declares an unchanged interim dividend of 0.96p. Adjusted operating profit decreases 2.9% to GBP9.5 million from GBP9.8 million, driven by Pitreavie swinging to an adjusted operating loss "due to restrictions in operating capacity and outsourcing of manufacturing to third party suppliers prior to the installation and commissioning of new equipment during Q1 2026." Macfarlane says full-year trading is in line with market expectations, anticipating that its second-half performance "will benefit from momentum in new business growth, control of operating expenses and build on the return to profitability at the Pitreavie business, while continuing to effectively manage the impact of events in the Middle East." The firm says it will allocate an additional GBP6 million to share buybacks to start in October.
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By Emma Curzon, Alliance News reporter
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AdmiralCentral Asia MetalsHalfordsAstrazenecaPartners Grp EHSBC HoldingsMacfarlane Grp.