23rd Jul 2015 05:59
LONDON (Alliance News) - UK stocks are called to open higher Thursday, rebounding from heavy losses on Wednesday, ahead of another busy day of company updates and with UK retail sales data also due in the morning.
IG says futures indicate the FTSE 100 to open higher at 6,697.1. The index closed down 1.5% at 6,667.34 Wednesday with London's heavily-weighted resource sector leading declines as world commodity prices continued their slump. Disappointing earnings outlook from Apple also weighed on tech stocks, in particular ARM Holdings, which closed down 6.6% on Wednesday.
Ahead of the open gold prices are holding steady but still under USD1,100 an ounce mark. The metal has been in focus this week following the steep drop seen over the weekend to a new five-year low of USD1,073.40 an ounce. Gold currently trades at USD1,098.22 an ounce.
UK retail sales are the highlight of the economic calendar on Thursday. Month-on-month, economists expect sales to rise 0.3% in June, slightly accelerating from the 0.2% seen in May. On an annual basis, sales are expected to increase 4.9% in June, compared to 4.6% in May.
On Wall Street Wednesday, the DJIA closed down 0.4%, the S&P 500 ended down 0.2% and the Nasdaq Composite ended off 0.7%.
In Asia Thursday, the Nikkei in Tokyo is up 0.3%, the Hang Seng trades up 0.7% and the Shanghai Composite is up 2.1%.
In another busy UK corporate calendar, there are half-year results from Anglo-Dutch consumer goods giant Unilever and Anglo-Dutch publisher RELX, while DIY retailer Kingfisher, drinks maker SABMiller and Aberdeen Asset Management all release trading updates. In the FTSE 250, investment trust Alliance Trust, TSB Banking and kitchens and joinery products supplier Howden Joinery all report half-year results. Drinks company Britvic, Mothercare, Daily Mail & General Trust, De La Rue, Halma, and Premier Foods issue trading statements. Pharmaceutical firm Shire reports second quarter results at 1200 BST.
In the economic calendar, there are UK mortgage approvals and retail sales at 0930 BST, before the Confederation of British Industry trade survey results at 1100 BST. Later in the day are US initial and continuing jobless claims at 1330 BST, and the US Conference Board leading indicator at 1500 BST, alongside eurozone consumer confidence.
By Neil Thakrar; [email protected]; @NeilThakrar1
Copyright 2015 Alliance News Limited. All Rights Reserved.
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Alliance TrustBritvicKingfisherHalmaHowden JoineryRelxUnileverDMGT.LMothercarePremier FoodsDe La RueShireSAB.LARM.LADN.L