- FTSE 100 rises 39 points
- Aviva, Burberry, Spirax, B&M impress with results
- Pound sinks to lowest since July, before rebounding
4.15pm: Small recovery
The FTSE 100 is up almost 40 points, or 0.5%, at just under 8,070 as we near the closing bell on Thursday, with today proving a small recovery from the index's three-month low after briefly dipping below 8000 yesterday.
Mid-caps were outperforming their blue-chip siblings, with the FTSE 250 jumping 147 points or 0.7% at 20,507.
B&M European Value Retail SA (LSE:BME) was top of the Footsie tree, up 4.9%, followed by Spirax, Aviva PLC (LSE:AV.), 3i Group PLC (LSE:III) and other companies that gave themselves a boost with encouraging results today.
Financials and utilities were other sectors notable among the risers.
Among the mid-caps, Burberry Group PLC (LSE:BRBY) was strutting itself at the top, up almost 20% now, followed by Alfa Financial Software Holdings PLC (LSE:ALFA), Kier Group and FirstGroup, all of which also unveiled numbers today.
FTSE 350 fallers were led by construction engineer Keller Group PLC (LSE:KLR), insurer Lancashire, WH Smith PLC (LSE:SMWH) and QinetiQ off the back of figures that disappointed investors.
In currency markets, after the GBP/USD sank to a four-month low, the pound perked back to flat by the late afternoon.
“European indices finally got a bit of a break today, as dip buyers came in and prompted substantial gains in these beaten-down markets," says Chris Beauchamp, chief market analyst at IG.
He says "broad-based buying augurs well for a near-term recovery", but the continued uncertainty around the implementation of the new US administration’s policies, "the relief might be short-lived".
3.55pm: UK government to ban new coal mines
Licensing of new coal mining projects in the UK will be prohibited under new legislation that the government plans to pass "as soon as possible", the Department for Energy Security and Net Zero said in an announcement today.
Britain last month closed its last coal-fired power station, ending a source of energy that had generated up to 40% of the UK’s electricity supply as recently as 2012.
There were eight active coal mining sites in the UK as of June this year, with overall coal production of 19,000 tonnes in the second quarter of the year, down 84% year on year after the last large surface mine, Ffos-Y-Fran, closing at the end of November 2023.
3.15pm: Satire M&A on the rise again?
The satire M&A market has been quiet for a while (Digitalbox's purchase of the Daily Mash in 2019 the last headline-maker?) but today analysts are likely to be rushing to scan the market for new opportunities.
This follows today's acquisition by The Onion, the US satirical news website.
The fact it has splashed out to buy Infowars, the home of tin-hat-wearing Alex Jones, after a bankruptcy auction.
The Onion said it paid for the purchase with the backing of families of victims of the Sandy Hook school shooting, who won a $1.5 billion defamation lawsuit against Jones for spreading false rumours that it was a hoax.
“The Onion is proud to acquire InfoWars, and we look forward to continuing its storied tradition of scaring the site’s users with lies until they fork over their cold, hard cash,” chief executive Ben Collins said. “Or bitcoin. We will also accept bitcoin.”
Jones, who was forced to file for bankruptcy after losing the lawsuit, called the takeover a “total attack on free speech”.
2.49pm: US stocks start lower
Wall Street has started in the red, though the moves are mostly small.
Going against predictions on the futures market, the Russell 2000 has dropped 0.6% to lead the retreat, while the Nasdaq Composite is down 0.3%.
The S&P 500 has dropped 0.2% and the Dow Jones 0.1%.
Tesla Inc (NASDAQ:TSLA) is one of the notable fallers, down 1% as investors take profits after the post-election surge, while Super Micro Computer Inc (NASDAQ:SMCI) continues to plunge.
Disney is the top riser on the S&P, up 11% on the back of its bumper earnings update, boosted by the Deadpool & Wolverine movie.
In Europe, the FTSE is up 0.4%, while the DAX, CAC and FTSE MIB are all up over 1%.
2.05pm: BoE 'will keep cutting rates once a quarter'
The Bank of England is likely to cut rates slower than most people were hoping a few weeks ago, but mortgage rates are still likely to decline (slowly) and house prices to rise, according to Capital Economics.
Average mortgage rates are likely to fall from 4.4% now to 3.9% by the end of 2026, says economist Ruth Gregory, with house price growth picking up from 2.5% in 2024 to 3.5% in 2025 and to 4.5% in 2026.
This makes Capital Economics more optimistic on house prices than most forecasters, she notes.
A 3.9% forecast for mortgage rates in 2025 is up from her prior expectation of 3.5%, for two reasons, Gregory says, as the recent rise in swap rates is seen translating into higher mortgage rates (as seen with Santander, NatWest and Barclays this week).
Two-year swap rates have risen 40 basis points since the start of October, suggesting the average quoted rate on a 2-year fixed mortgage will rise from 4.4% in October to 5.1% in November, while 5-year swap rates now point to a rebound in the average quoted 5-year fixed mortgage rate from 4.1% in October to 5.0%, she says.
Second, policies in the UK Budget are expected to push inflation higher, resulting in the BoE cutting interest rates by 25bps a quarter, with the next cut in February until rates reach 3.50% in early 2026, though markets see 4.0% as the lowest the Bank will go in the current cycle.
1.44pm: BoE policymaker calls for rates to remain on hold
UK interest rates should be kept on hold until inflation risks are more fully under control, Bank of England Catherine Mann has said in a speech, warning that Donald Trump's re-election is likely to have inflationary consequences on this side of the Atlantic.
Mann, it should be noted, was the only member of the monetary policy committee who voted to keep interest rates on hold at the last meeting.
The re-election of Donald Trump as US president increased the uncertainty about inflation so the MPC should wait until the impact is clearer, said Mann.
"In the face of uncertainties about the outlook for inflation and output, waiting buys time to learn more about developments, to make a better assessment of whether the inflation risk has subsided sufficiently to justify changing the policy stance," Mann said in a speech at the Society of Professional Economists' annual conference, per Reuters.
"The latest political developments across the Atlantic have not made a disorderly trade scenario less likely, which would have consequences for output and inflation in the UK," she said.
1.07pm: Oil glut predicted
Oil supply will exceed demand by more than one million barrels a day next year, according to the latest forecast by the International Energy Agency.
That amounts to a glut of around 1% of global output even with recent capacity reductions by major oil producers.
Weak demand in China, worries over US inflation and a rising value of the dollar are all having an impact said the agency.
12.33pm: Boohoo slams Frasers
Alongside its results earlier, Boohoo Group PLC (AIM:BOO) accused Mike Ashley of being “conflicted” and having an “ulterior motive” as it urged shareholders to reject his attempts to take control of the retailer.
Ashley’s Frasers Group PLC (LSE:FRAS), Boohoo’s largest shareholder, was slated in a letter to investors for attempting to “disrupt” a strategic review by acting in its own “self-interest”.
It marks the latest turn in a spat between the two that saw Boohoo earlier this month snub Frasers by appointing Dan Finley, boss of subsidiary Debenhams, as chief executive...read more
12.12pm: Stock markets on the front foot
FTSE 100 investors have grown in confidence as the morning has gone on, with the index now up 40 points or 0.5% to 8,071.
All but two of the top 10 largest names are in green now, with AstraZeneca and BP up 1% and 2%, while Shell shares are held back as they went ex-div today.
The FTSE 250 is also up 0.5% at 20,460.
All of the top of the blue-chip leaderboard is made up of companies that reported results today: Spirax-Sarco Engineering (LSE:SPX) is up top with a 5.3% gain, followed by 3i Group PLC (LSE:III), Aviva PLC (LSE:AV.), B&M European Value Retail SA (LSE:BME) and United Utilities Group PLC (LSE:UU.).
Likewise, on the FTSE 250, Burberry is top riser, up 19% now, followed by Kier Group PLC (LSE:KIE) and FirstGroup PLC (LSE:FGP), which all unveiled numbers today.
Fallers on the FTSE 350 are led by Keller Group PLC (LSE:KLR), insurer Lancashire Holdings Ltd (possibly on the back of Aviva's update), WH Smith PLC (LSE:SMWH) and QinetiQ Group PLC (LSE:QQ.), all on the back of their trading updates.
Precious metals miners, including Fresnillo and Centamin, are among the bigger fallers, as gold and silver prices retreat.
In Europe, stocks are also buoyant, with Germany's DAX rising 1.3% and France's CAC up 1.1%.
US stock futures are modestly higher, led by the Russell 2000, up 0.7% as its Trumpian rally continues.
Dow Jones futures are up 0.2%, while S&P 500 and Nasdaq 100 futures are both up around 0.1%.
11.42am: Gold down, oil fluctuation, bitcoin hovering
Looking across commodities, gold prices are continuing their post-US-election decline, now back to $2,550, the levels last seen in mid-September.
Oil prices continue to fluctuate, with an upwards move of 0.5% for Brent this morning to $72.64 per barrel.
As for bitcoin, having breached $93,400 yesterday, the crytp coin dropped back to below $90K overnight.
This morning, bitcoin rallied back up above $91.5K and looks to be heading higher into the US open.
On gold, analyst Fawad Razaqzada at City Index says the fifth consecutive downward session has extended its weekly losses to 5% following last week’s 2% drop.
Gold’s weakness reflects two major themes, he says: the potential for US monetary policy to remain quite restrictive in 2025 under Trump and investors pricing out geopolitical risks.
"With the US 10-year yield approaching 4.5% amid the hawkish repricing of US rates in 2025, the opportunity cost of holding low- and zero-yielding assets have been on the rise.
"Gold, which doesn’t pay any interest or dividends, has been among these assets, particularly because it was severely overbought."
On politics, with the US election uncertainty mostly out of the way, this removes one reason for holding a safe haven asset.
"But more to the point, with Trump wining quite comfortably in the end, this has given markets hope that the conflicts in the Middle East and between Russia and Ukraine could end when Trump starts his presidency next year," he says.
11.19am: Pound hit by Trump trade
If the pound doesn’t stabilise soon, "then it opens the door to a further decline to $1.25", says market analyst Kathleen Brooks at XTB.
This follows Donald Trump and the Republican party’s clean sweep in Washington, with the White House, Senate and House.
"There were some concerns that winning the trifecta of elections could give President elect Trump concentrated power, however, his choice of John Thune for Senate majority leader is interesting – he has clashed with Trump before and was not Elon Musk’s choice for the role.
"This suggests two things: firstly, that the Trump administration could surprise us.
"Secondly, that although Republicans now control the main organs of power in the US, the President elect may not get his way on all matters.
"The question is whether this appointment will halt the Trump trade, stocks are pointing to a lower open in the US, although the dollar remains upbeat."
The Trump trade has now "morphed", says Brooks, from the stock market to focusing on a strong dollar and crypto currency gains.
"The stock market rally is on pause, however, volatility remains low for US stocks, so we do not think that we will see any significant downside in US equities from here."
11.03am: Dollar rally analysed
The further surge in the dollar is being linked to the US Republican party gaining a House majority overnight.
This "only further supports the view that this will give the incoming Trump team the confidence to make swift and broad-ranging policy changes from day one," say analysts at Rabobank.
"So swift that it could overwhelm its European partners, especially since they are distracted at home."
Trump plans to use tariffs and other policies to attract more business to the US and will pressure allies to redirect supply chains from China, the analysts say.
"Although many businesses, sectors or states may wish not to take sides, the US’s ability to apply statecraft pressure makes this unrealistic," they add.
Current pessimism in Europe "isn’t hard to grasp, but it is perhaps also the kind of sentiment that is necessary to get things moving" and recent days have perhaps shown "a first glimpse of the age-old adage that Europe needs a crisis to grow stronger".
Meanwhile, the pound is no longer the best-performing currency this year among G10 nations, currency analysts at Rabobank also point out, with sterling bumped into second place by a rally for the mighty USD in recent days.
Cable has dropped around 1.7% since the start of last month, with Foley saying this mostly reflects "the popularity of Trump trades in the weeks leading up to the US election" on November 5, but with a 2.7% decline over the past week.
However, GBP continues to hold its own versus EUR, Foley points out, with the single currency the weakest performing G10 currency since the start of last month.
10.53am: European industry in recession, Trump tariff talk 'bodes ill'
Europe economist Melanie Debono at Pantheon Macroeconomics says the European data out this morning shows industrial production dropped in September, as higher output in 10 out of 20 EZ countries, including Spain, "was not enough to offset declines in the other half of the eurozone".
Ireland recorded the biggest plunge (10.7%), but the main drag on the headline was the 2.7% slump in German output, with the overall EZ fall in September and backward revisions meant industrial production fell for the third straight quarter.
"In other words, industry remained firmly in recession. The outlook for industry remains bleak, and held back by weak global trade.
"In this respect, any new trade tariffs from the US bode ill," Debono says.
"In the near term, a rush to front-load building inventories before tariffs kick in may lift output, but this will prove short-lived assuming any new tariffs come in early in 2025. The services sector will continue to do all the heavy lifting in the EZ over the coming quarters."
Employment data, released at the same time as the GDP and industrial production figures, show that EZ employment growth picked up in Q3, despite the message from softer hiring surveys in recent months and easing employment growth in the EZ’s two largest economies. Indeed, employment growth in year-over-year terms edged up in Spain, to 1.9% from 1.8% in Q2, but slowed in Germany and France, by 0.2pp to 0.1% and 0.4%, respectively. Data for Italy are not available yet. Neither are they available for almost half the eurozone economies. This means revisions are likely. But taking the data at face value, the employment figures, coupled with the solid GDP read for Q3, do little to suggest a need for faster ECB rate cuts. We remain confident in our view that the Bank will only trim rates by 25bp in December taking the deposit rate to 3.0% by year-end.
Today’s data confirmed GDP growth defied the PMI in Q3, as our first chart shows. The PMI points to GDP growth rolling over in Q4, despite rising in October. We think growth will slow to 0.2% quarter-on-quarter in the fourth quarter. The second chart shows employment growth picked up despite softer survey data. The third chart shows EZ industry was still in recession in Q3 and that the outlook remains bleak in early Q4.
10.42am: Pound plummeting
The pound and the euro are plunging against the dollar now, with Cable (GBP/USD) down 0.6% to $1.2630 and EUR/USD falling 0.5% to $1.0512.
DXY, the dollar index, is up above 107 for the first time since late 2022 (or so it appears on the chart I'm looking at).
Meanwhile, the FTSE 100 is picking up confidence, rising 0.2% to 8,048 and the FTSE 250 index is up 0.3% at 20,416.
Across the Channel, European stock markets are rallying even harder, with the DAX jumping 1.1% and the CAC 40 climbing 0.9%.
10.28am: Eurozone data
Eurozone GDP in the third quarter rose 0.4% quarter-on-quarter, up from a 0.2% increase in Q2, in line with the initial estimate and consensus forecasts. The year-over-year rate edged up to 0.9%, from 0.6% in Q2.
Employment in the Eurozone climbed by 0.2% quarter-on-quarter in Q3, after a 0.1% increase in Q2. The year-over-year growth rate accelerated to 1.0% from 0.9%.
Euro area industrial production fell by 2.0% on the month in September, improving from a downwardly revised 1.5% in August, below the consensus forecast for a 1.3% decline. The year-over-year rate fell to -2.8% from -0.1% in August.
9.57am: Keller crumples
Other big fallers this morning include Keller Group PLC (LSE:KLR), down 12% after a trading update this morning, which confirmed it is on track to meet full-year expectations but cited challenging conditions in many markets.
While the ground engineer boasted a record order book and said North American activity has benefited from buoyant market conditions, it acknowledged that its Suncoast cables business has seen profits hit by lower housing volumes and lower pricing, while conditions in Europe have been more challenging, due to soft macroeconomic conditions and Asian markets have been more subdued.
Elsewhere, shares in bus and train operator FirstGroup PLC (LSE:FGP) rose 4% as it unveiled a new £50 million share buyback alongside an upgrade to full-year forecasts forecast for its full year.
9.34am: Young's sales improve, not happy with Budget though
Shares in Young & Co (AIM:YNGA) are up 1.5% at it reported stronger sales in recent weeks but warned that changes to National Insurance and minimum wages in the Budget will cost it £11 million.
After like-for-like sales rose 5.2% in the first half, they were up 6.0% over the last six weeks and 9.2% over the last three weeks, with Christmas bookings up 33% on this time last year.
First-half margins slipped due to extra costs as it integrated the City Pub Company, but £6.1 million of annual overhead synergies are now expected.
"The new government's budget will result in significantly increased costs for our industry,” said Simon Dodd chief executive, though the government proposed new cuts to business rates for hospitality and retail businesses yesterday.
9.29am: WH Smith falls
One of the bigger fallers on the FTSE 350 is WH Smith PLC (LSE:SMWH), down 6% despite the retail chain reporting final results in line with expectations, topping up its dividend and saying trading had "started well" in the new year.
The high streets, airports and stations retailer said it plans a "a year of investment" in its Funky Pigeon online greeting cards platform, with higher levels of spend on the platform and brand than in 2024.
But analyst Jonathn Pritchard at Peel Hunt says there "may be a small downgrade" in consensus profit forecasts today, even though the larger investment into Funky Pigeon "should not have an immediate impact".
9am: Boohoo raises £39m after losses and debt grow
Online fast fashion retailer Boohoo Group PLC (AIM:BOO) has raised £39.3 million in what is says was a "significantly oversubscribed" placing and retail offer, with the funds to be used to reduce debt as it unveiled growing losses over the first half of the year.
The new shares were sold 31p each, reflecting a 1p premium to Tuesday’s close but with the shares down almost a fifth from the 38p at the start of the year.
Boohoo had unveiled the fundraiser alongside results after the close yesterday, which showed revenue down 15% and a wider adjusted pre-tax loss of £27.4 million, against £9.1 million a year earlier.
Net debt more than doubled as Finley pointed to ongoing challenges in the “volatile market”.
8.43am: Burberry leaps, B&M climbs, UU little moved
Burberry Group PLC (LSE:BRBY) shares have jumped 14% as investors welcome the strategy announcement from the fashion group's new CEO to focus on its heritage and row back on its attempt at becoming a super-luxury brand.
Analyst James Grzinic at Jefferies says the interim announcement "bears the scars of a tough demand backdrop, the aspirational gearing of the brand and the unsuccessful attempts at premiumisation and expansion of the offering outside its core outwear heritage".
But the scale of the pain was no worse than analysts had feared, he says, noting that new CEO Joshua Schulman focus on "reigning back in the design ambitions of previous collections, with a refocusing on the outerwear heritage of the brand" with the aim of rebuilding revenues and margins "remains an arduous one".
B&M European Value Retail SA (LSE:BME) is up 5% as the discounter reports negative but improved like-for-like sales growth for its fiscal second quarter, while also announcing that trading director Bobby Arora will retire next March.
James Wade at Jefferies says: "A soft Q2 trading performance from BME, but one that will come as little surprise after the poor Q1 update. FY25 downgrades had clearly been anticipated but, given the -30% fall in the shares since May, we wonder if the market may have been expecting something worse - even if an improving trend is assumed in the new guidance."
United Utilities Group PLC (LSE:UU.) is up 0.4% as it unveiled an inflation-busting dividend rise as it negotiates with regulator Ofwat for more money to pay for sewer upgrades to stop spillages, with environmentalists criticism ringing in its ears over regular sewage dumps into Lake Windermere and legal action from the Manchester Ship Canal for similar reasons.
In today’s statement, chief executive Louise Beardmore said United was making progress at reducing spills.
8.35am: Dollar still on the march
The pound is down against the dollar again today, another 0.2% lower to $1.2682, new three-month lows.
EUR/USD is also lower, almost 0.2% also, at $1.0544. Against the euro, sterling is roughly flat today at £0.8315.
The USD is continuing its post-election rally, which resumed yesterday evening.
"The US dollar index has now hit the highest levels in a year, it’s clearly in the overbought market territory, with the RSI index screaming that the dollar has been probably bought too fast and in a too short period of time and a minor correction could be healthy at the current levels," says market analyst Ipek Ozkardeskaya atSwissquote Bank.
"Yet, the picture is clear, the US dollar outlook is comfortably positive and the bulls are tempted to buy on rising suspicion regarding the Fed’s ability to keep cutting the interest rates. Note that the bets for next year cuts have halved since last month."
8.26am: Ex-divs effect
There is an extra factor dragging the Footsie lower today, which is that several blue-chip stocks have gone ex-dividend, reducing the index by just over 10 points in total.
Shell PLC (LSE:SHEL, NYSE:SHEL) is the big one, with its $0.344 dividend meaning that this is undermining the index by 6.8 points, while GSK PLC (LSE:GSK, NYSE:GSK), J Sainsbury PLC (LSE:SBRY), Bunzl PLC (LSE:BNZL) and Pershing Square the other names.
8.14am: FTSE 100 opens lower
The FTSE 100 has opened slightly lower, despite some of the day's many results announcements impressing investors, including from insurance giant Aviva PLC (LSE:AV.) and engineer Spirax-Sarco Engineering (LSE:SPX).
In opening trades, the London benchmark has inched five points lower to 8,023.66.
Spirax is top of the leaderboard, up 6.2% on the back of its third-quarter update, while Aviva is up 2%.
7.58am: Burberry unveils new strategy, full-year outlook uncertain
Burberry Group PLC's (LSE:BRBY) new boss has announced his strategic plan to "reignite brand desire, improve our performance and drive long-term value creation".
This includes a cost savings programme to unlock total annualised savings of around £40 million, of which roughly £25 million will be delivered in the 2025 financial year, along with an "accelerated plan" to address inventory overhang and "restore scarcity".
Joshua Schulman said the focus would be a more disciplined approach with a range of products to attract a broad base of luxury customers, with the brand having been "focused on being modern at the expense of celebrating our heritage" and with pricing too high.
First-half revenues fell 20% of £1.1 billion, which was in line with forecasts, and the group swung to an operating loss of £41 million from a profit of £223 million a year ago, which is not as bad as the £46 million City consensus.
On the outlook, Burberry said it is "too early to determine whether our second-half results will fully offset the first-half adjusted operating loss", with the crucial festive trading period ahead amidst the current uncertain macroeconomic environment.
7.32am: Aviva confidence grows
Aviva PLC (LSE:AV.) has posted its third-quarter results and the main headline seems to be that the life insurer remains extremely confident in achieving its previous guidance.
General insurance premiums in the first nine months of the year hit £9.1 billion, up 15% versus a year earlier, net investment flows were up 21% to £7.7 billion and retirement sales have risen 67% to £7.3 billion thanks to higher bulk-purchase annuity volumes of £6.1 billion compared to £3.2 billion a year ago.
The combined operating ratio of 96.8% was up from 95.4% at the half year stage and 96.3% a year ago, while the Solvency II ratio was at 195%, slightly below the average City analyst estimate of just under 196%.
Overall, chief exec Amanda Blanc said: "We are confident about the outlook for the rest of 2024 and beyond, growing the dividend and achieving the group’s financial targets."
7.15am: FTSE 100 caught in battle between buyers and sellers
The FTSE 100 is expected to remain a battleground between buyers and sellers on Thursday, on a busy day for corporate reporting and with UK gross domestic product figures due.
Futures markets currently have the London blue-chip index dropping seven points, after it spent yesterday snaking back and forth around the flat-line, ending up by closing just under five points higher at 8,030.3.
Overnight, US stocks also saw a fairly even fight between buyers and sellers, with the S&P 500 flat and the Dow Jones adding 0.1%, while the Nasdaq fell 0.3% and the small cap Russell 2000 dropped 0.9%.
Asia is a sea of red this morning, with the Hang Seng tumbling 2.1%, the Shanghai Composite 1.8% and the Nikkei 0.5%.
This follows the US dollar resuming its march higher yesterday and into this morning, with stocks coming under pressure from bond yields moving higher.
5am: Aviva, Burberry, Qinetiq and Unitied Utilities reporting today
Thursday's schedule includes UK economic data and a busy day of results and trading updates, including several from the FTSE 100, including Aviva, Burberry and United Utilities, along with several retailers, including B&M and WH Smith.
Dividends and buybacks are likely to be the focus when Aviva reports... Read more
Burberry's turnaround efforts will be in view, alongside rumours Moncler was mulling a takeover bid... Read more
Will B&M give investors more after the likes of guidance was left out of its last update... Read more
WH Smith's recent bumper buybacks will leave investors eyeing what's next for shareholder rewards... Read more
Announcements due:
Trading updates: Alfa Financial Software Holdings PLC (LSE:ALFA), Aviva PLC (LSE:AV.), Kier Group PLC (LSE:KIE), Spirax-Sarco Engineering (LSE:SPX) PLC, Burberry Group PLC (LSE:BRBY)
Interims: Assura PLC, Activeops PLC, B&M European Value Retail SA (LSE:BME), FirstGroup PLC (LSE:FGP), Great Portland Estates (LSE:GPOR), Premier Foods PLC, QinetiQ Group PLC (LSE:QQ.), Syncona Ltd, United Utilities Group PLC (LSE:UU.)
Finals: WH Smith PLC (LSE:SMWH), Schroder Oriental Income Fund Ltd
US earnings: JD.com Inc (NASDAQ:JD), The Walt Disney Co, Applied Materials Inc (NASDAQ: AMAT, ETR:AP2)
AGMs: Boston International Holdings PFunding Circle Holdings PLC, Kier Group PLC (LSE:KIE)
Economic announcements: Gross Domestic Product (UK), Gross Domestic Product (EU), Continuing Claims (US), Initial Jobless Claims (US), Producer Price Index (US)
Ex-dividends to reduce FTSE 100 by: 10.08