UK stocks: Factors to watch on November 4
SPY•Britain’s FTSE 100 was seen opening down 0.5% on Wednesday. Company news included Smith+Nephew’s ended merger discussions with Johnson & Johnson, Barratt Redrow’s 12% drop in home completions and Coca-Cola HBC’s higher annual revenue growth forecast.
1. Stocks seen lower
Britain’s FTSE 100 was seen opening down on Wednesday, with futures down 0.5%.
2. Company updates
Smith+Nephew confirmed it approached Johnson & Johnson earlier this year about a potential merger with the US company’s orthopaedics arm, but discussions have ended. BP appointed Emma Lewis to lead its downstream business. Barratt Redrow reported a 12% fall in home completions in the 17 weeks to October 25, citing slower bookings by individual buyers as elevated mortgage and interest rates weighed on demand.
3. Other developments
Marks & Spencer said first-half profit rebounded from last year’s cyberattack-hit level but was down on a two-year basis. Coca-Cola HBC raised its annual organic revenue growth forecast. Unilever said it would overhaul its operating model and cut €1 billion in costs by the end of 2029. Oil and gold prices rose, while copper edged lower.
