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UPDATE 1-UK Stocks-Factors to watch on July 9

Published 09/07/2020, 06:40
Updated 09/07/2020, 08:07
© Reuters.

July 9 (Reuters) - Britain's FTSE 100 (.FTSE) index is seen opening 46 points higher at 6,202 on Thursday, according to financial bookmakers, with futures (FFIc1) up 0.5% ahead of cash markets open.

ECONOMY: Britain is facing a significant recession but it is too early to tell how quickly the economy will be able to recover, British finance minister Rishi Sunak said.

ROLLS ROYCE: Aerospace engineer Rolls-Royce (RR.L) said it had burned through 3 billion pounds ($3.8 billion) in its first half as the hours flown by its engines halved due to the COVID-19 pandemic.

ROBERT WALTERS: Recruiter Robert Walters(LON:RWA) (RWA.L) reported a one-third fall in second-quarter net fee income as companies put hiring on ice during coronavirus-linked lockdowns.

PAGEGROUP: Global recruiter PageGroup (PAGE.L) said it laid off another 326 employees in May and June, while reporting a 47.4% slump in second-quarter profit.

PERSIMMON: British housebuilder Persimmon Plc's (PSN.L) first-half revenue plunged 32% as the coronavirus lockdowns halted construction and delayed deliveries.

WORKSPACE: British shared-office space provider Workspace Group (WKP.L) said customer enquiries slumped by more than half in the first quarter.

RIO TINTO: Aboriginal and human rights groups called for miner Rio Tinto (LON:RIO) Ltd (RIO.AX) to be stripped of its status as a human rights leader. Rio Tinto (RIO.AX) said it will close its aluminium smelter operation in New Zealand due to high costs and a challenging market.

BHP: BHP Group (BHP.AX) said its Escondida copper mine in Chile had offered some workers the option for early retirement amid the coronavirus pandemic.

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AMRYT PHARMA: Amryt Pharma (AMYT.L), (AMYT.O), a rare disease specialist listed on London's AIM and Dublin's ESM markets, debuted on Nasdaq on Wednesday.

BOOHOO: Two-thirds of analysts covering fashion retailer Boohoo (BOOH.L) retained a "buy" recommendation on the company's stock despite a 45% drop in less than a week.

PROPERTY FUNDS: Funds that offer daily redemptions to investors may have to restructure to better reflect the time it takes to sell illiquid assets like property.

FINANCE: Britain will suspend purchase taxes for homes costing up to 500,000 pounds until the end of March next year.

GOLD: Gold steadied above the key $1,800/oz level on Thursday, as worries over mounting COVID-19 cases offset hopes of a swift global economic recovery.

OIL: Oil prices drifted lower as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand.

The UK blue-chip index (.FTSE) slipped 0.6% on Wednesday, as another jump in global COVID-19 cases overshadowed hopes of an economic rebound.

UK CORPORATE DIARY:
Robert Walters (LON:RWA) (RWA.L) Q2 Trading update
Vistry Group (VTYV.L) Trading Update
Workspace Group (WKP.L) Q1 Management Release
Pharos Energy (PHARP.L) Trading Statement Release
Rolls-Royce Holdings (RR.L) Trading Statement Release
Persimmon (PSN.L) Trading Statement Release
Pagegroup (PAGE.L) Q2 Trading Statement Release

For more on the factors affecting European stocks, please click on: LIVE/

TODAY'S UK PAPERS
> Financial Times PRESS/FT
> Other business headlines PRESS/GB

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