Proactive Investors -
- FTSE 100 up 114 points at 7,452
- Shop price inflation eases in August
- Bunzl (LON:BNZL) climbs after raising guidance
Modest gains seen in the US
US stocks look set to creep higher, consolidating recent gains, as investors look ahead to key data on inflation and employment later this week.
In pre-market trading, futures for the Dow Jones Industrial Average were 0.1% higher, while those for the S&P 500 rose 0.1%, and contracts for the Nasdaq 100 futures were up 0.1%.
The jobs market will be in focus all week starting with JOLTS vacancy figures Tuesday, as investors look for evidence that interest rate rises are beginning to slow down a so far resilient employment market.
Data from the US Bureau of Labor Statistics is expected to show job openings edged down to about 9.46 million in July from 9.58 million the previous month.
Later this week, ADP private sector payroll figures and weekly jobless claims data will be released ahead of the main event, non-farm payrolls on Friday.
Elsewhere today, US consumer confidence figures will be released.
Morgan Stanley (NYSE:MS) expects the Conference Board Consumer Confidence Index to come in at 116.6 in August, a tick down from 117.0 in July.
In corporate news, results are due from electronics retailer Best Buy, food and beverage maker JM Smucker and discount retailer Big Lots (NYSE:BIG).
While after the closing bell it is the turn of information technology company HP and cloud storage company Box to update investors on their financial performance.
Britvic boosted by Barclays upgrade
It remains a sea of green on trading screens as equity markets return from the long weekend with a spring in their step.
Britvic PLC (LON:BVIC) has joined the party, with shares up 3.1% aided in part by an upgrade by Barclays (LON:BARC) .
The brojer has moved its rating to overweight from neutral with an increased price target of 1,100p, up from 1,000p before.
"In the wake of Covid and inflation disruption to the implementation of Britvic's new growth strategy, we now see headwinds clearing and identify multiple top-line and margin drivers that can deliver accelerated growth," the bank said.
"Our updated forecasts are 4%+ ahead of consensus from FY24E onwards," it added.
Housebuilders jump as Gove scraps environmental rules
Shares in housebuilders are firmly on the front foot after the government announced it was scrapping UK environmental rules that developers say have prevented tens of thousands of homes from being built in recent years.
Persimmon PLC (LSE:LON:PSN) rose 3.4%, Barratt Developments PLC (LON:BDEV) climbed 2.7%, Taylor Wimpey PLC (LON:TW.) advanced 2.5% and Vistry Group (LON:VTYV) gained 4.5%.
The property industry has complained that Natural England, a government agency, has blocked the building of large numbers of new developments by enforcing so-called “nutrient neutrality” regulations designed to protect the country’s waterways.
The rules were introduced under an EU directive on habitats and reinforced by a 2018 European Court of Justice ruling that said adding nutrients to soil that was already in poor condition would be unlawful.
Housing secretary Michael Gove said: "We are committed to building the homes this country needs and to enhancing our environment."
"The way EU rules have been applied has held us back. These changes will provide a multibillion-pound boost for the UK economy and see us build more than 100,000 new homes."
"Protecting the environment is paramount which is why the measures we’re announcing today will allow us to go further to protect and restore our precious waterways whilst still building the much-needed homes this country needs," he added.