UK Factors to watch on 09 Jan 2017

Mon Jan 09 2017
Eric Whitman (309 articles)
UK Factors to watch on 09 Jan 2017

Britain’s FTSE 100 index is seen opening up about 23 points, or 0.32 percent, on Monday, according to financial bookmakers, with futures up 0.5 percent ahead of the cash market open.* The UK blue chip index closed up 14.74 points or 0.2 percent at 7,210.05 points on Friday.

* LLOYDS BANKING GROUP: Britain has cut its stake in Lloyds Banking Group to below 6 percent as it attempts to return the lender to full private ownership this year.

* BOVIS HOMES: British housebuilder Bovis Homes said its chief executive David Ritchie had stepped down with immediate effect, days after it warned on profit because it failed to complete the number of homes it expected at the end of 2016.

* WILLIAM HILL: British bookmaker William Hill Plc on Monday reported a fall in full-year operating profit to 260 million pounds ($ 316.73 million), at the lower end of its guidance range, after unfavourable football and horse racing results in December.

* SHELL: Australia on Monday agreed to let East Timor terminate an oil revenue treaty between the two neighbours, a key step towards ending a maritime border dispute that led the owners of the a $ 40 billion offshore gas field called Greater Sunrise fields — Woodside Petroleum, ConocoPhillips , Royal Dutch Shell and Japan’s Osaka Gas — to shelve the project.

* TATA MOTORS LTD: Britain’s biggest carmaker Jaguar Land Rover (JLR) sold a record 583,312 cars last year as the Indian-owned firm continues its rapid expansion with the aim of building 1 million vehicles a year at the turn of the decade.

* OIL: Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th straight week.

* IRON ORE: Australia has forecast a steep decline in the price of iron ore, its most valuable export commodity, calling an end to an unexpected rally fuelled by strong demand from China.

* UK MANUFACTURING: British factory bosses are downbeat about the outlook for the economy after last year’s Brexit vote even though they expect their sales both at home and abroad to improve in 2017, an industry survey showed on Monday.

* UK SUPERMARKET OPERATORS: Britain’s three quoted major supermarkets are expected to report this week that they enjoyed solid Christmas trading, though investor concern about a potential squeeze on consumer spending in 2017 means the focus is on their outlooks.

* BREXIT: British Prime Minister Theresa May said on Sunday she would set out her strategy for Brexit over the coming weeks, denying suggestions she was “muddled” in the pursuit of what she called the right relationship with the EU.

Britain is looking to secure privileged EU customs union access, work visas and tax breaks for certain sectors as part of a plan to protect key industries when it exits the European Union, the Sunday Times newspaper reported.

Eric Whitman

Eric Whitman

Eric Whitman is our Senior Correspondent who has been reporting on Stock Market for last 5+ years. He handles news for UK and Europe. He is based in London