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FTSE 100 seen opening lower after falls in Asia

Stock Markets Aug 02, 2022 07:40
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© Reuters. FTSE 100 seen opening lower after falls in Asia
 
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FTSE 100 seen lower after falls in Asian markets

• US-Sino tensions prompt nervousness

BP (LON:BP) reports second quarter results

FTSE 100 is expected to make a weak start to trading on Tuesday reflecting a weak performance in Asia overnight and with ongoing concerns about the strength of the global economy.

Asian markets were knocked by nervousness about an escalation in Sino-US tension, with US House of Representatives Speaker Nancy Pelosi expected to visit Taiwan during the day.

The Hang Seng and Nikkei both suffered sharp falls.

US markets also failed to hold in positive territory breaking their three-day winning streak.

The Dow closed Monday down 47 points, 0.1%, at 32,798, the Nasdaq Composite dropped 22 points, 0.2%, to 12,369 and the S&P 500 slid 12 points, 0.3%, to 4,119.

In London oil major BP reported second quarter results with underlying replacement cost profit of $8.5bln compared to US$6.2bln in the previous quarter.

This was driven by strong realized refining margins, continuing exceptional oil trading performance and higher liquids realizations.

Reported profit for the quarter was $9.3bln, compared with a loss of $20.4bln for the first quarter 2022.

Looking ahead, BP said it expects to have capacity for an annual increase in the dividend per ordinary share of around 4% through 2025.

Sage said it expects full year revenue growth at the top end of forecasts as it provided investors with a trading update today.

The accounting software provider reported recurring revenue for the first nine months of the year up by 9% to £1,330mln, driven by a 20% rise in Sage Business Cloud revenue to £886mln.

Software subscription revenue grew by 14% to £1,051mln resulting in subscription penetration of 75%.

Jonathan Howell, Chief Financial Officer, commented:

"Sage has performed strongly in the first nine months of the year, with momentum continuing to build, as more businesses choose Sage Business Cloud solutions to support their digital transformation.”

“ As a result, we now expect organic recurring revenue growth for FY22 to be towards the top end of our guidance range of 8% to 9%.”

Travis Perkins (LSE:LON:TPK) reassured the market as it said it expects to deliver a full year performance broadly in line with market expectations.”

The news came with first half year results and follows a recent profits warning by industry rival Wickes.

The building materials group reported a 10.3% increase in revenue to £2,535mln and an 11.7% rise in EPS to 51.6p.

Nick Roberts, Chief Executive Officer, commented:

“The strong performance of our Merchant businesses is set to continue into the second half, driven by our agility in managing inflation and by our leading service propositions.”

“This will be offset by a combination of the normalisation of Toolstation’s customer base and the increased investment in the Toolstation growth opportunity in the UK and Europe.”

7.00am: FTSE 100 expected to open lower after Asian falls

FTSE 100 is expected to open lower on Tuesday following falls in Asia overnight with spread betting companies are calling the lead index down by around 44 points to 7,386.

Asian markets were knocked by nervousness about an escalation in Sino-US tension, with US House of Representatives Speaker Nancy Pelosi expected to visit Taiwan during the day.

In the US the Dow closed Monday down 47 points, 0.1%, at 32,798, the Nasdaq Composite dropped 22 points, 0.2%, to 12,369 and the S&P 500 slid 12 points, 0.3%, to 4,119.

The benchmarks enjoyed time above water but couldn't salvage a winning day to begin August after a strong final week of July.

“Markets may test the substantial rally that occurred last week as they consider the progress the Federal Reserve has made thus far to stem the course of inflation,” John Stoltzfus, Oppenheimer’s chief investment strategist, wrote in a note, according to CNBC.

Read more on Proactive Investors UK

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FTSE 100 seen opening lower after falls in Asia
 

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Kochar Bipin
Kochar Bipin Aug 02, 2022 8:24
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After bitter Russia experience one wonders if Institutional Investors will invest countries in potential conflict zones
 
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