- FTSE 100 closes higher
- Centrica boosted by update
- Haleon and B&M among the fallers
4.44pm: FTSE closes in green
FTSE 100 closed in the green on Thursday as the fall in US inflation cheered stock market investors.
Britain's blue-chip benchmark finished the day around 79 points higher, or 1.08%, at 7,375.
"US inflation data has provided a welcome shot in the arm for markets, with the declines seen across both headline and core inflation bringing the kind of optimism that has been lacking without seeing non-energy related inflation turn lower," said Joshua Mahony, a senior market analyst at online trading group IG.
"Markets are now pricing a 73% chance of a 50-basis point hike in December, coming off the back of four consecutive 75-basis point moves from the Fed. Quite whether that slowdown in tightening will be enough to maintain a prolonged period of upside for stocks remains to be seen. However, today’s data has certainly lifted hopes of a festive end to the year for investors," he added.
3.54pm: Footsie flying as investors relieved following US data
Leading shares are sharply higher heading into the close.
Having spent much of the day drifting lower amid mixed trading updates, the FTSE 100 was turbocharged by the better than expected US inflation figures, and is now up 79.04 points or 1.08% at 7375.29.
Meanwhile the pound has added 2.75% to US$1.168, as the greenback weakened amid talk the Federal Reserve may be less aggressive in raising interest rates in the light of this latest data.
Michael Hewson, chief market analyst at CMC Markets UK, said: "The market reaction to the sharply lower inflation number was instant and sharp, as equity and bond markets both rallied hard, with bond yields falling sharply.
"If you’re of the mind that falling inflation will temper the size of future rate rises from the Federal Reserve, then this report is for you and markets are reacting on that basis, with bond yields falling sharply in anticipation of a slower pace of Fed rate rises.
"The only word of caution is that today’s CPI is but one number, albeit an encouraging one, raising the prospect that central banks may not have to go as hard on inflation as had been initially feared, which means rates may peak at a much lower level. Now we need to see further evidence in subsequent data for this rebound to stick."
Among the companies issuing trading updates, medical firm ConvaTec Group PLC (LSE:CTEC) is leading the way, up 9.54%, followed by British Gas owner Centrica PLC (LSE:CNA), 8.25% higher.
But Haleon PLC (LSE:HLN, NYSE:HLN), the consumer group spun out of GSK, fell after its results showed margins slipped 70 basis points to 19.7%, down 5.64%. Discounter B&M European Value Retail SA (LSE:BME) was 4.46% lower after its half year results.
A number of companies saw their shares fall as they went ex-dividend. These included J Sainsbury PLC (LSE:SBRY), down 3.25%, Shell PLC (LSE:SHEL, NYSE:SHEL), 2.08% weaker and BP PLC (LSE:BP.), which fell 1.8%.
Back with the risers and financial firms gained ground. Schroders PLC (LSE:SDR) is up 8.15%, St James's Place PLC (LSE:STJ) added 7.45% and Intermediate Capital Group (LSE:ICP) climbed 7.52%.
3.10pm: Inflation figure may be lower than forecast but is still well above target
Markets have been boosted by the better than expected US inflation figures, but a figure of 7.7% is still well above the Federal Reserve's target of 2%.
Danni Hewson, AJ Bell financial analyst, said: “It seems slightly odd that an inflation rate of 7.7% is actually something to celebrate, but today’s US CPI number came in much cooler than had been anticipated and will create headlines that ‘peak inflation’ in the States might be well and truly behind us.
“There were significant falls in clothing prices, medical services and utility gas for homes and businesses.
“Though after the immediate relief there comes the reality that higher prices for things like food and shelter are stubbornly sticking around, and another rise in the price to pay for fuel at the pumps will be a real kick to American motorists as well as a visible daily reminder of what’s going on with the economy.
“But the inflation juggernaut is decelerating. In fact, October’s increase came in at the slowest rate since the start of the year and that, coupled with a rise in jobless claims for the past week, is already giving markets a boost.
“Will the changing picture prevent a fifth consecutive 75 basis point hike in interest rates from the Fed next month? That’s the question that will be on all investors’ minds today. But October’s number is still uncomfortably hot, almost four times the target central bankers are aiming for, and they will most certainly want to see sustained easing of core inflation before they take their foot off the brake.
“Ease up too quickly and all the hard work, all the pain might have been for nothing. Whilst today’s bad jobs news will be viewed by markets as good news, employment is still startlingly high for a country expecting a serious growth slowdown and that means competition for workers will keep wages elevated for at least the short term.
“And if wages are resilient then consumer spend will also be resilient and no business is going to balk at passing on price increases if they can get away with it.
“Supply issues are gradually working through the system; changes have been made and chains remade. But with such geopolitical instability there are no guarantees.”
2.45pm: US investors welcome inflation data
As expected US markets have opened strongly after the news that US inflation cooled in October.
At the open, the Dow Jones Industrial Average had added 725 points or 2.3% at 33,240 points, the S&P 500 was up 125 points or 3.4% at 3,874 points, and the Nasdaq Composite was up 510 points or 4.9% at 10,863 points.
Forex.com market analyst Fiona Cincotta said this was the data the market had been waiting for: a strong sign that price pressures were falling and weakness could be seeping into the labor market.
“The market is now pricing in a probability of the Fed hiking rates by 50 basis points in the meeting on December 14th by 80%, up from 52% prior to the data,” she said.
But the FTSE 100 has lost some of the gains made in the immediate aftermath of the US data.
It remains in positive territory, however, up 30.11 points or 0.41% at 7326.36.
2.20pm: Fed now has breathing space - analysts
Market watchers agree the weaker than expected US inflation figure seems to give the Federal Reserve some breathing space, and means a possibly less aggressive rate-hiking programme even if pricing pressures remain elevated.
Samuel Fuller, director of Financial Markets Online, said: “Policymakers have got their wish. The signs are that a series of rapid interest rate rises may finally be taming rampant inflation. Prices are cooling faster than expected in the US, which makes a 0.75% rate rise next month extremely unlikely. This is going to calm nerves on both sides of the Atlantic because the data offers the tantalising promise of calmer waters where rate setters don’t have to wreck economies to bring inflation under control.
“However, with inflation slowing faster than expected, the risks of hiking too hard are greater. A half point rise was already expected next time around but an even smaller hike could be on the table in December now the Fed has so much more breathing space."
Rob Clarry, investment strategist at wealth management group Evelyn Partners, said: "Despite headline inflation remaining some way above the 2% target, we remain optimistic that inflation will ease from here and into next year.
"There are several forward-looking indicators that point to lower inflation in 2023. For example, several housing indicators point to a fall in shelter cost inflation and goods inflation should continue to fall. We expect labour market tightness to ease as the full effect of this year’s interest rate hikes feed through into the real economy. Indeed, the consensus expectation amongst economists is that CPI should fall to around 3% by the end of 2023.
"Looking to 2023, the key question is: will Jerome Powell follow through on his intention to keep Fed policy tight? So far, he has been talking tough on inflation. But assuming it peaks early next year, the temptation will be to start easing policy. While this would be welcomed by equity investors, we are concerned that this could lead to further inflationary spikes in the second half of 2023...
"Whether or not the US midterm election results will impact the Fed’s calculus remains to be seen. The Fed is supposedly independent, but in recent months it has come under significant political pressure as the Democrats hoped for lower inflation ahead of the midterms. Maxine Waters, the Chairwoman of the House Financial Services Committee, wrote to Jerome Powell urging him to pause the hiking cycle. But will the Democrats now be hoping for a slowdown in 2023 to give the economy time to recover ahead of the 2024 Presidential Election? While these factors are likely to weigh on Fed decision making, their primary focus will remain on the economy. With the labour market continuing to look tight and inflation remaining some way above target, we expect policy to remain restrictive into the first quarter of next year."
Nigel Green, chief executive of financial advisors deVere Group, said: "U.S. inflation has cooled more in October than was generally expected -- but it is still way too hot for the Federal Reserve to step down from its agenda of interest rate hikes just yet.
"Despite the positive data, the Fed will keep its foot on the brake of the U.S. economy for the time being, meaning a fifth consecutive 50 basis-point increase in interest rates is possible, if not likely, next month.
"That said, today’s inflation data is likely to excite the markets because it means the Fed is now more likely to signal it will slow down its rate-hiking pace in months to come."
1.51pm: US CPI sends markets surging
The weaker than expected inflation number has sent Wall Street futures sharply higher.
The Dow Jones Industrial Average is now tipped to open 2.75% higher, the S&P 500 is up 3.08% and the Nasdaq Composite is 3.61% better.
Meanwhile with the figure likely to ease concerns about the Fed being overly hawkish, the dollar has fallen back.
So the pound is up 2.39% at US$1.164.
All this has seen the FTSE 100 surge sharply higher, up 86.80 points or 1.19% at 7383.05.
Naeem Aslam, chief market analyst at Avatrade said: "The dollar index has taken a plunge on the back of this reading as traders know that inflation is moving in the right direction. As for the US equity markets, futures have popped and moving strongly higher...
"One thing is for certain, that the Fed will still continue to increase interest rates but there is no need to be aggressive about this which means that the pace of interest rate hikes will slow down now."
⚠️ This is the start of the Fed pivot. The breadth of US CPI is down sharply and moving back to a level that isn't showing 'scary' inflation. This is what matters for the Fed. One data point doesn't make a trend... but chart below shows we're moving in the right direction $USD pic.twitter.com/cRlc0vki7t
— Viraj Patel (@VPatelFX) November 10, 2022
1.33pm: US consumer price index lower than forecasts
US inflation has come in weaker than expected, easing some of the pressure for the Federal Reserve to hike interest rates more aggressively.
The consumer price index for October rose 7.7% year on year, compared to expectations of a figure of 7.9% and down on the previous month's 8.2%.
Core inflation - excluding food and energy - was 6.3%, lower than the forecast 6.5%.
US CPI (M/M) Oct: 0.4% (est 0.6%; prev 0.4%)
- US CPI Core (M/M) Oct: 0.3% (est 0.5%; prev 0.6%)
- US CPI (Y/Y) Oct: 7.7% (est 7.9%; prev 8.2%)
- US CPI Core (Y/Y) Oct: 6.3% (est 6.5%; prev 6.6%)
— LiveSquawk (@LiveSquawk) November 10, 2022
Updated version of this chart. Seen both food and core start to turn lower, with shelter the outlier here. Notable that the MoM CPI figure is actually the highest in 4 months (but YoY drops due to baseline effects - Oct 2021 MoM: 0.8%). #CPI #Inflation https://t.co/nys526e3eo pic.twitter.com/VqMv9MqTlc
— Joshua Mahony (@JMahony_IG) November 10, 2022
Meanwhile weekly jobless claims are higher than expected.
The number of Americans seeking unemployment benefits for the first time was 225,000, higher than the forecast 220,000. The previous week's figure was revised up by 1,000 to 218,000.
12.27pm: Mining shares lower as copper falls
Oil is not the only commodity under pressure on concerns about rising COVID-19 cases in China and a subsequent slowdown in the country's economy.
Metal prices are also lower, with copper down 0.9% and helping to push down mining shares.
Anglo American PLC (LSE:AAL) is 2.37% lower and Antofagasta PLC (LSE:ANTO) is off 2.27%.
12.00pm: Investors await US CPI data
US stocks are expected to make a mixed start ahead of key US inflation data and as investors consider the uncertainty arising from the midterm congressional elections.
Futures for the Dow Jones Industrial Average were 0.1% lower in pre-market trading, while those for the S&P 500 were up 0.2%, and contracts for the Nasdaq-100 rose 0.3%.
The gains seen by the Republican party in this week’s US midterm elections have been less emphatic than expected.
“While the Republicans have a slim majority in the House, it’s still too close to call for who will control the Senate. We may not get the final picture until December 6 runoff in Georgia,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
The looming uncertainty weighed on investor sentiment yesterday and is expected to continue being felt today. Just how the outcome of the midterms will play out for the economy and the path for interest rates remains to be seen. US rate-setters have delivered four consecutive interest rate hikes of 75 basis points this year as inflation remains stubbornly close to 40-year highs.
Against that backdrop, US inflation data for October will be closely watched.
“Headline inflation in the US is expected to have eased from 8.2% (the previous month) to 8% in October, and core inflation is seen softer at 6.5%, compared to 6.6% printed a month earlier,” noted Ozkardeskaya.
If the data comes outs in line with expectations, or ideally softer than expected, the hawks on the Federal Reserve will be kept at bay, and in turn contain the market selloff, she said.
“Whereas figures above expectations would be another hit to the investor sentiment, and send equities lower, yields, and the US dollar higher.”
Ozkardeskaya noted, however, that in six of the past seven months, inflation exceeded expectations.
“So, there is a good chance that it’s the case this time around as well.”
Meanwhile the FTSE 100 is still just about under water, down just 7.94 points at 7288.31.
11.50am: FTX situation rattles cryptocurrencies
Confidence in cryptocurrencies has been hit by the chaos surrounding the FTX exchange.
Having agreed to buy FTX, rival Binance pulled out of the deal, seemingly due to the dire state of its competitor's financial situation.
Craig Erlam at Oanda said: "The situation at FTX has unravelled at a remarkable pace, culminating on Wednesday evening with Binance bailing on its rescue offer following some due diligence and new allegations.
"The ripple effects throughout the industry have been severe so far, with the fear not just being which other tokens could be exposed but whether similar vulnerabilities exist elsewhere."
For the latest developments in the crypto world follow our live blog on the subject.
11.26am: Mid-cap index outperforms
Leading shares remain marginally in the red, with the FTSE 100 down 16.26 points or 0.22% at 7279.99.
Following their updates British Gas owner Centrica PLC (LSE:CNA) remains the leading riser, up 9.18%, while discounter B&M European Value Retail SA (LSE:BME) is bottom of the pile, down 5.8%.
The mid-cap FTSE 250 index is marginally higher, up 0.02% at 18,653.51.
Selco owner Grafton Group PLC (ISE:GFTU) is up 6.81% after a positive trading update, with full year operating profits expected to be in line with analysts forecasts at around £266mln.
It also announced plans for a further buyback of up to £100mln.
But following its figures yesterday, bus and train business FirstGroup PLC (LSE:FGP) is down 4.73%.
10.59am: Oil prices slip on China worries
Oil prices are slipping again, as concerns about rising COVID-19 cases in China continue.
Until recently crude prices had been partly supported by reports that the country may be considering reopening its economy completely after its various lockdowns.
But new case numbers have reached their highest since April, and officials have launched mass testing in the city of Guangzhou although so far there is no lockdown of the type which shut down Shanghai earlier this year.
"As things stand, it is hard to tell whether Guangzhou will repeat the experience of Shanghai in spring this year," said analysts at Nomura.
"If Guangzhou repeats what Shanghai did..it will lead to a new round of pessimism on China."
Brent crude is currently down 0.95% at US$91.77 a barrel while West Texas Intermediate is 1.28% lower at US$84.73.
Craig Erlam at Oanda said: "While the narrative in recent weeks has focused on the potential for Chinese COVID-19 restrictions to be relaxed, which has driven Chinese equities higher and lifted oil prices, the reality has seen case numbers soaring, restrictions reimposed and mass testing undertaken. This doesn't exactly add substance to the rumours and we may be seeing some unwinding of those positions."
10.10am: UK house prices fall in October - RICS survey
More signs of weakness in the UK housing market.
After the Nationwide and Halifax both reported a drop in house prices last month, the Royal Institution of Chartered Surveyors said more than two years of growth ended in October.
According to its latest survey, a net balance of -2% of surveyors cited an increase in house prices in October 2022, the first negative result since June 2020 as rising mortgage rates put off buyers.
New buyer enquiries fell for the sixth month in a row.
RICS chief economist Simon Rubinsohn said: "The latest feedback to the RICS survey provides further evidence of buyer caution in the face of the sharp rise in mortgage costs.
"As a result, the volume of activity is likely to slip back over the coming months and realistic pricing is now much more important to complete a sale."
Analysts at Davy Research predicted substantial house price falls. They said: "Most of the price and activity readings from this morning’s Royal Institution of Chartered Surveyors (RICS) survey for October have collapsed, close to mid-2008 levels when the pace of UK house price inflation was entering negative double-digit territory and transactional activity halved.
"The only possible respite is that mortgage interest rates will gradually recede below 6% in the coming months. However, substantial falls in UK house prices now look likely in the near future."
RICS survey shows UK housing bubble has burst - https://t.co/QZzPJPJNMx
— Davy Research (@DavyResearch) November 10, 2022
9.25am: Mixed picture for company updates
Not all the day's trading statements have been well received.
Discount retailer B&M European Value Retail SA (LSE:BME) reaffirmed its earnings guidance after reporting “solid underlying growth in a tough environment” with half year revenues up 1.8%.
But it said UK adjusted earnings fell sharply as margins fell by 213 basis points, “largely due to higher markdowns in the gardening category resulting from the late arrival of warm weather."
Its shares are down 6.5%.
Russ Mould, investment director at AJ Bell, said: "There are signs of margin pressure on the business. An uncharitable takeaway is that B&M doesn’t have a great degree of pricing power, a prized quality right now.
“When your whole model is about offering products at bargain prices, you probably have to absorb some of the extra cost so the brand’s reputation for value isn’t undermined.
“There are also signs that B&M has been caught out by unpredictable weather and left with stock which it has had to sell at big markdowns.”
Auto Trader Group PLC (LSE:AUTO) has lost 4.84% after first half operating profits fell 2% to £149.1mln.
But Centrica PLC (LSE:CNA) continues to lead the way after its update, climbing 8.17%.
Mould said: “For as long as energy companies continue to post record profit while consumers are facing soaring energy bills the debate around some form of windfall tax is not going to go away.
“However, some of the heat has been taken out of the debate by some very mild autumn temperatures – reflected in a weak showing for Centrica’s British Gas retail business.
“Centrica is both a producer and supplier of energy and it’s on the production and marketing side that it is continuing to enjoy extremely strong profit – enabling it to lift guidance and unveil a buyback.
“Centrica is concerned about the impact of some customers being unable to pay their bills and it is clearly aware of the reputational issues as it puts more money into a customer support fund."
ConvaTec Group PLC (LSE:CTEC) is up 5.67% after the medical products firm reported a 2.4% rise in revenues for the first ten months.
With sales continuing to grow, it has raised its guidance for 2022 organic revenue growth to 5.4%-5.8% from 4.0%- 5.5%.
And AstraZeneca PLC (LSE:AZN) has added 1.24% to 10,980p as it also lifted its guidance.
The Anglo-Swedish drugs giant said third quarter earnings grew by 70% and it now expects 2022 core EPS to increase by the high-twenties to low-thirties percent. This is up from the previous mid-to-high twenties percent range.
Keith Bowman, investment analyst at interactive investor said ”Continued drug development success is again helping the FTSE 100 pharma giant raise its earnings expectations...
"With analysts currently estimating a fair value share price of close to £123, City consensus opinion continues to point towards a buy.”
Overall the FTSE 100 is currently down 12.63 points or 0.17% at 7283.62.
8.45am: Market could be hit if US data disappoints
Back with the forthcoming US inflation figures, and economists at ING say the market may be a bit ahead of itself and warn that the data often comes in higher than expected.
They say: "The main focus should be on the month-on-month core rate, which is seen ticking down to 0.5% from 0.6%. Mind you, readings closer to 0.2% is what would be needed to bring the rate closer to the Fed’s 2% target, so anything we will see today will still signal central bankers that they are wide off the mark.
"But coming in the wake of the Fed signalling the possibility of decelerating its tightening pace from December onwards, there is a good chance that markets will extrapolate this from today’s data. A reading in line with consensus should further strengthen expectations for a 50bp hike in December, which is what the market is currently leaning towards...
US yields off their highs means a high CPI would be most impactful for markets, say @MarketsGarvey and @AntoineBouvet2https://t.co/eVYZ0lqKN4 pic.twitter.com/XguxZarlXW
— ING Economics (@ING_Economics) November 10, 2022
"The cautionary tale is that inflation data has had a habit of surprising with higher readings. Markets have been trading stronger going into today’s reading with 10Y Treasury yields dipping towards 4.05% yesterday, which could increase the impact of a disappointing inflation reading.
"However, we have the feeling that the market may still be too absorbed with the notion of a potential pivot. There are good reasons to slow the pace of tightening not least given policy lags involved after a phase of catching up.
"That does not mean that the Fed will want to signal that it is doing less tightening in sum. This should not be the case unless there is more compelling evidence of inflation being on a trajectory to return to target."
8.25am: Ex-divs hold back leading index
The blue chip index would be doing even better if not for a host of big names going ex-dividend, which automatically knocks around ten points off the index.
These include the biggest faller so far, Shell PLC (LSE:SHEL, NYSE:SHEL), which is down 2.31%, Whitbread PLC (LSE:WTB) down 2.08%, Airtel Africa PLC (LSE:AAF), which has lost 2.01%, BP PLC (LSE:BP.), which is off 2% and J Sainsbury PLC (LSE:SBRY), 1.74% lower.
Without the impact of these moves the FTSE 100 - which is down just 7.01 points now at 7289.24 - would be in postive territory.
8.14am: Footsie performs better than expected but still in the red
Following the late decline on Wall Street and weakness in Asian markets, leading shares have opened in negative territory.
The slide in the US came amid further disappointing corporate updates, as well as the move by cryptocurrency exchange Binance to pull out of a deal to take over rival FTX.
Meanwhile investors were also trying to interpret the outcome of the US midterm elections, where the Republicans did worse than expected.
In the wake of all that, the FTSE 100 is down 19.21 points or 0.26% at 7277.04, but the fall is not as much as expected after some well received trading statements.
British Gas owner Centrica PLC (LSE:CNA) has jumped 6.6% after it said in an unscheduled update that it expected full year adjusted earnings per share to be towards the top end of analysts' forecasts, and unveiled a share buyback programme.
Later today, US inflation numbers will be keenly watched for their impact on the Federal Reserve's interest rate policy.
Since the Fed unveiled a 75 basis point rise at its last meeting, the markets have come round to thinking it will not sanction another increase of this size in December but a more modest 50 basis points. A higher than expected rise in the consumer price index, however, could throw everything up in the air again.
Michael Hewson, chief market analyst at CMC Markets UK, said: "The real risk is an upside surprise as we look for headline CPI to show further weakness and slip back further from 8.2% to 7.9%. This would also be the 4th successive monthly decline after headline inflation peaked at 9.1% in June, however this isn’t the important number as far as markets are concerned.
"Core prices are the main focus and they accelerated in September, pushing up to a 40 year high of 6.6%, and they’ve been sticky all year. Markets will be looking for evidence of a slowdown here if the narrative of slowing inflation is to take hold. The rise in the US dollar does offer cause for optimism, given it acts as a brake on higher prices. Today we’ll find out whether core prices are giving any indication of slowing down."
7.46am: Sterling, euro fall against US dollar as red wave becomes a ripple
US election results continue to roll in, with the Democrats faring slightly better than expected, although both chambers are still up for grabs.
Equities were pricing in a gridlocked government – historically a positive outcome for the stock market – but with the red wave looking like a ripple, the indexes closed significantly down.
Turmoil in the risk-on cryptocurrency sector surely didn’t help.
That was good for the US Dollar Index though, which closed above 110 having added 0.74%.
There has been a slight pullback to 109.94 this morning.
Cable dipped 1.6% as a consequence; at the time of writing the pair is trading at US$1.137, and could potentially dip further to support at US1.115.
GBP/USD awaits election results and US CPI data – Source: capital.com
EUR/USD has (just) managed to stay above parity despite closing 60 pips weaker yesterday having failed to break through the US$1.001 point- which is where resistance last stepped in on October 27.
Euro’s position will be influenced by the US year-on-year inflation rate due this afternoon.
Inflation is expected to moderate slightly from 8.2% to 8.1%, but any hawkish indications from the Federal Reserve (which would be likely if inflation runs hotter than hoped) could see the greenback gain.
Sterling ceded a percentage point in the EUR/GBP pair yesterday, which is now changing hands at a four-week high of 87.97p.
7.00am: FTSE seen lower ahead of US CPI
The FTSE 100 is expected to make a weak start to the day following heavy falls in US and Asian markets and as investors look ahead to the latest US CPI numbers out later today.
Spread betting companies are calling the lead index down by around 40 points.
US markets fell sharply in late trading as the midterms pointed to political stalemate and after cryptocurrency exchange Binance backed out of the FTX takeover prompting a rout in cryptocurrencies in the process.
This jittery market backdrop prompted a sharp sell-off in US markets after Europe had closed, with the Nasdaq leading the losses, as well as the Dow and S&P 500.
By the close the Dow Jones Industrial Average was down 647 points, or 1.95%, to 32,514, the S&P 500 tumbled 80 points, or 2.1%, to 3,749, and the Nasdaq Composite slid 263 points, or 2.5%, to 10,353.
In London, results from National Grid PLC (LSE:NG.) and Haleon PLC (LSE:HLN, NYSE:HLN) are amongst the companies updating on trading today.