London pre-open: Stocks seen flat ahead of manufacturing data

by | Aug 1, 2023

(Sharecast News) – London stocks were set for a flat open on Tuesday as investors eyed the latest reading on the UK manufacturing sector.
The FTSE 100 was called to open just three points higher at 7,702.

The S&P Global/CIPS manufacturing PMI for July is at 0930 BST.

CMC Markets analyst Michael Hewson said: “Today’s economic agenda shifts the focus back to the weakness of the manufacturing sector, as well as the resilience of the US labour market, as we look to a flat open.

“In Germany especially, the performance of the manufacturing sector has been dire with July manufacturing PMI expected to be confirmed at 38.8, the lowest level since the manufacturing sector was shut down due to Covid. In France, manufacturing PMI is expected to slow to 44.5, while only modest improvements are expected in Spain and Italy of 48.3 and 44.3.

“The UK manufacturing numbers are expected to slow to 45, from 46.5.”

In corporate news, BP reported a sharp 78% drop in its second quarter attributable profits to $1.79bn. Capital expenditures also declined, by $4.3bn after a $3.3bn decline over the previous three months. On a replacement cost basis, the oil major’s profit fell 73% to $2.34bn. Earnings per share on that same basis meanwhile reduced from $27.74 to $14.77. Its net debt on the other hand rose by 11.4% to $23.66bn.

Fresnillo reported a 6.1% increase in adjusted first half revenues to $1.43bn on the back of higher gold and silver volumes and prices. Also on an adjusted basis however, production costs jumped by 17.4% to $773.9m in comparison to a year earlier, as a result of the appreciation in the Mexican peso.

Hence, its profit before tax dropped 69.2% to $47.9m and basic diluted earnings per share from continuing operations by 44.7% to 8.8 US cents. Free cash flow reduced sharply, falling from $93.5m in the year earlier period to $18.7m. The miner declared an interim dividend of 1.40 US cents.

Related articles

Latest Articles

US open: Stocks open flat as bond yields continue to rise

US open: Stocks open flat as bond yields continue to rise

(Sharecast News) - US stocks were swinging between gains and losses early on with little newsflow to drive the direction either way, with the S&P 500 taking a breather after hitting a three-month low last week. By 1000 in New York, the Dow Jones Industrial Average was...

UP Global Sourcing opens new Paris showroom

UP Global Sourcing opens new Paris showroom

(Sharecast News) - UP Global Sourcing announced the opening of a new showroom in Paris on Monday as part of its drive into the continental European market. The London-listed company, which trades as Ultimate Products and oversees a brand portfolio including Salter and...

Japan’s long-term value is getting unlocked 

Japan’s long-term value is getting unlocked 

Written by Junichi Takayama, Japan Equity Investment Director, Nikko Asset Management  Japan has experienced quite a year so far. One of the highlights occurred in April, with a visit by Warren Buffett of Berkshire Hathaway. The timing of this visit, ahead of Japan’s...

HgCapital agrees sale of stake in Silverfin

HgCapital agrees sale of stake in Silverfin

(Sharecast News) - HgCapital Trust has agreed to sell Silverfin, a leading cloud platform designed for accountants, to cloud software specialist Visma, it announced on Monday. The FTSE 250 firm said that while specific terms of this deal were confidential, completion...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.
x