UK stocks: Factors to watch on October 8
EWU•Britain’s FTSE 100 was seen opening 0.05% lower on Thursday. Company news included Tesco raising the lower end of its full-year profit outlook and Imperial Brands launching a £1.5 billion share buyback.
1. Market outlook
Britain’s FTSE 100 was seen opening lower on Thursday, with futures down 0.05%. Oil, gold and copper prices gained.
2. Company developments
Vodafone raised its VodafoneThree cost savings target to £1 billion by its 2032 financial year, from £700 million by 2030. Tesco lifted the lower end of its full-year profit outlook after reporting a 6.5% increase for the first half. Imperial Brands said it was on track to meet its full-year outlook and launched a new £1.5 billion share buyback.
3. Other UK news
Anglo American’s proposed $54 billion merger with Teck Resources and sale of its Brazilian nickel business await antitrust approval. Shell and Chevron said they were curtailing offshore operations in the Gulf of Mexico as Tropical Storm Isaias approached. Aberdeen said it would sell 52 million Standard Life shares, halving its stake to about 5.2%.
