24th Jul 2026 07:51
(Alliance News) - Reckitt Benckiser says it has struck a deal to sell a Russian unit, Antofagasta says operations have resumed at a Chilean asset after heavy rain, while discoverIE and Renishaw are performing ahead of expectations.
Elsewhere, Wise says a US application has been rejected by a watchdog.
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 0.4% at 10,597.47
GBP: higher at USD1.3324 (USD1.3303 at previous London equities close)
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ECONOMICS
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UK retail sales were stronger than expected last month, numbers from the Office for National Statistics showed Friday, with annual growth spiking to the loftiest level since January. UK retail sales volumes surged 4.2% year-on-year in June, picking up speed from 3.5% in May. The June figure topped the FXStreet-cited consensus, which had pencilled in a slowdown in annual retail sales growth to 2.3%. It was the chunkiest annual surge since a 4.6% rise in January. Retail sales rose 1.0% in June from May, beating expectations of a 0.3% decline. Monthly growth cooled from 1.2% in May from April. Excluding fuel, sales rose 1.1% monthly in June, after a 1.2% rise in May from April. The ex-fuel reading topped expectations of a 0.3% decline.
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UK consumer confidence improved in July, survey results showed. The overall score for the GfK UK consumer confidence index rose to minus 17 points in July from minus 23 points in June. A reading of minus 21 was expected based on the consensus forecast cited by FXStreet. Neil Bellamy, consumer insights director at GfK, said: "Hot on the heels of the summer heatwaves, July has delivered a wave of optimism...The lion's share of the improvement is in the economy, with a ten-point advance in how consumers view the past year and an eight-point gain for the next 12 months. The sense of a fresh start following the appointment of a new prime minister surely accounts for some of this bounce. There were also hopes at the start of July that the Middle East conflict might stabilise and bring UK fuel prices down. The feel-good factor of the FIFA World Cup will have reinforced sentiment too."
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Donald Trump will press ahead with a new 10% import tariff on UK goods after time-limited levies introduced by the president in response to a Supreme Court defeat expire on Friday, the US trade representative has said. At the direction of the US president, ambassador Jamieson Greer is imposing the charges on Britain and 59 other countries over claims they have not done enough to enforce bans on items produced by forced labour. A UK government spokesperson said: "There is no change to the tariff rate facing UK businesses as a result of this announcement. The UK remains on a 10% tariff rate and the preferential access secured under our agreement with the US remains in place. We take forced labour very seriously and ensure that in global supply chains UK businesses are not complicit in forced labour and human rights violations. The US has recognised the steps the UK is taking, which is why there are no additional tariffs for the UK under this announcement."
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The UK "stands ready 24/7 to defend itself", the government has said, after Iran claimed Britain would "bear responsibility" for allowing the US to use British bases. It comes after Iran's Ministry of Foreign Affairs accused the government of "complicity in the crime of aggression and war crimes" by allowing the US to carry out "unlawful attacks". While the government has refused to take part in offensive campaigns against Iran, it has allowed the US to launch defensive strikes from British bases hosting American personnel. In a statement, the MFA said that anyone who supports "military aggression against Iran will bear responsibility for the consequences and repercussions of its decision".
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BROKER RATINGS
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UBS cuts Standard Chartered to 'neutral' from 'buy' - price target 2,180 (2,130) pence
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COMPANIES - FTSE 100
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Reckitt Benckiser has agreed to sell its Russian hygiene business to Arnest Management for an undisclosed sum. The Russia hygiene arm represented roughly 1% of net revenue from Reckitt's "core" offering last year. Core Reckitt includes the hygiene products and consumer good's firms "powerbrands", which is made up of names including Dettol and Strepsils. "Subject to the satisfaction of customary conditions, including relevant UK regulatory approvals, the transaction is expected to complete during the second half of 2026. Reckitt retains ownership of the Russia Health business which continues to supply consumer health products," it adds. Arnest has previously snapped up assets from firms divesting Russian offerings since the invasion of Ukraine in February 2022. Unilever sold its Russian unit to Arnest in 2024, while brewer Heineken did the same with its Russian operations in 2023.
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Antofagasta says it has left its annual production outlook unchanged and says there has been no "material" damage to equipment or infrastructure at the Los Pelambres asset from extreme weather in Chile. The copper miner conducted an orderly shutdown of Los Pelambres processing plant and mining operations "following a period of intense precipitation and intermittent power outages that commenced late on Saturday". It adds: "As of yesterday, Los Pelambres has resumed operations and the group's full year production guidance range remains unchanged. The group will publish its half year results announcement on Thursday 13th August, and will provide a further update on the resumption of activities at Los Pelambres."
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HSBC Holdings says it will sell its HSBC Life Singapore arm to insurer Allianz for USD2.1 billion. It will also enter into a distribution deal with Allianz, the lender explains. "On completion, HSBC and Allianz will enter an exclusive 15-year bancassurance distribution agreement through which HSBC will continue to distribute high quality insurance products to its customers in Singapore," HSBC says. The Allianz acquisition of HSBC Life Singapore, a diversified life and health insurance businesses, is subject to regulatory approvals but expected to close in the first half of 2027. Allianz says: "Allianz's expanded presence in Singapore strengthens its position in one of Asia's most attractive insurance markets and leading international financial hubs. The market's appeal is underpinned by strong fundamentals, including steady economic growth, robust and independent regulation, a large savings pool and a rapidly ageing population."
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COMPANIES - FTSE 250
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Designer and manufacturer of electronic components discoverIE Group says "strong momentum" it saw last in its prior financial year has continued into this one. Sales in the first quarter ended June are up 6% on-year organically, with orders surging 31% organically. Including recent the buys of Trival and Storm, constant currency sales are 10% higher. "Both businesses are performing well and the regulatory approval process for the acquisition of 3Gmetalworx is progressing. The positive outlook continues with full year adjusted earnings tracking ahead of the board's expectations. The group has a strong order book, pipeline of design wins and acquisition opportunities, and is well placed for continued growth," it adds.
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Renishaw hails "record" fourth quarter revenue, and it expects annual profit "ahead of expectations". The supplier of manufacturing technologies, analytical instruments, and medical devices says it saw "accelerating growth" as the year ended June 30 progressed. It culminated in record fourth-quarter revenue of GBP243 million, a rise of 27% on-year and 18% on-quarter. "Demand remained strong from customers in the semiconductor and electronics manufacturing equipment sector, and from the aerospace and defence sector," Renishaw says. For the full-year, it expects revenue growth of 14% to GBP815 million and adjusted pretax profit of GBP167 million, up 31%. Annual profit is "ahead of expectations", it adds.
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OTHER COMPANIES
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Money transfer services provider Wise says a US national trust bank charter application has been rejected by the nation's Office of the Comptroller of the Currency. A trust bank licence would have allowed Wise to perform some custodial and fiduciary duties for clients. Wise says the application was made "over a year ago" and its business and compliance has matured since then. "This includes changes we have made in response to OCC feedback throughout the application process, and the OCC's letter published today refers to these historical issues with our original application that we have been addressing. We look forward to submitting a viable application to the OCC in due course which reflects both our growing business and the changing regulatory landscape," Wise adds. "The OCC's decision does not affect Wise's normal operations, in the US and elsewhere."
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Litigation finance provider Burford Capital says the ICC International Court of Arbitration tribunal has issued an award to one of its counterparties worth over USD600 million. If the award were to be paid in full today, Burford says it stands to receive over AUD250 million, some USD174.5 million. "The issuance of the award does not represent cash proceeds received by Burford. The case remains subject to significant litigation and collection risks, including potential annulment, set-aside or other post-award proceedings, as well as enforcement, collection and collateral litigation in other jurisdictions. As with all arbitration and litigation, the outcome remains uncertain until final resolution, and there can be no assurance as to the timing or amount of any ultimate recovery. Depending on the outcome of such proceedings, Burford could recover substantially less than the amount," it adds. Burford says it has made the announcement as it expects a public statement from its counterparty. "Investors should not view this release as altering Burford's general approach to public disclosure of individual matters," Burford says.
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By Eric Cunha, Alliance News news editor
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Related Shares:
Standard CharteredReckittAntofagastaHSBC HoldingsDiscoverIERenishawWise GroupBurford Capital