UK pre-market update – Shell, Natwest, Glencore, Premier Foods

imageStock Markets13 hours ago (Oct 29, 2021 07:39)

© Reuters

By Samuel Indyk – At 07:33BST, FTSE 100 futures are trading lower by 0.4% at 7,191.

In FX markets, GBP/USD is trading at 1.3788, EUR/GBP is trading at 0.8462. The US Dollar Index is up 0.1%.

Today’s calendar highlights include UK Nationwide House Price Index, German GDP, UK Mortgage Lending, Eurozone CPI, GDP, US PCE, Personal Spending, Personal Income, Canadian GDP, IPPI, Chicago PMI, University of Michigan Consumer Sentiment.

Earnings are due from ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX), AbbVie (NYSE:ABBV), Charter Communications (NASDAQ:CHTR), Aon (NYSE:AON), Colgate-Palmolive (NYSE:CL), Phillips 66 (NYSE:PSX), L3Harris Technologies (NYSE:LHX), LyondellBasell Industries (NYSE:LYB) and Royal Caribbean Cruises (NYSE:RCL).

Natwest – Q3 2021 operating profit before tax of £1.074 billion. Income across the UK and RBSI retail and commercial businesses, excluding notable items, increased by £103 million, or 4.4%, compared with Q3 2020. Retain outlook guidance provided in the 2021 Interim Results.

Glencore (LON:GLEN) – Year to date own sourced copper production down 4% to 895,500 tonnes. Own sourced zinc production broadly unchanged at 855,800 tonnes. No changes to previous production guidance. Now expect full year 2021 adjusted EBIT to exceed the top end of $2.2-3.2 billion per annum long-term guidance range due to Basis Marketing’s continued strong performance. 

Royal Dutch Shell (LON:RDSa) – Top 10 shareholder Abrdn has dismissed the idea that breaking up the company would unlock long-term value for shareholders.

Computacenter (LON:CCC) – Q3 finished marginally above company expectations which combined with Q4 forecasts means the company is “very comfortable” with its current expectations for the full year.

ConvaTec (LON:CTEC) – Q3 group reported revenue up 3.7% to $511 million. Now expect organic revenue growth to be towards the upper end of 3.5-5.0% guidance range with a constant currency adjusted EBIT margin of 18.0-19.0%.

Premier Foods (LON:PFD) – Announces new ESG strategy with a series of sustainability commitments. 

Hilton Food Group (LON:HFG) – In the period from 19th July to date, trading has been in line with the Board’s expectations. Separately, Hilton has Acquired Fairfax Meadow Europe for cash considerations of £23.8 million.

Plus500 (LON:PLUSP) – Board has approved the continuation of the current share buyback programme to acquire an additional $12.6 million of issued share capital.

UK pre-market update – Shell, Natwest, Glencore, Premier Foods

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