FTSE 100 likely to open higher as UK economy avoids first quarter slowdown

FTSE 100 likely to open higher as UK economy avoids first quarter slowdown

06:43 GMT – The FTSE 100 is expected to open higher as data confirms the UK avoided a decline in the first quarter. IG futures data shows the London index opens 25 points higher. The Office for National Statistics said UK gross domestic product rose 0.1% qoq in the first quarter, unchanged from the previous estimate and as expected by analysts in a Wall Street Journal poll. “One thing we do know is that given the recent rise in gilt yields, the second half of this year is likely to be even more challenging than the first and the UK will do well to avoid a recession in the next two years avoid.” quarters,” writes CMC Markets analyst Michael Hewson. ([email protected])

COMPANY NEWS:

Barratt Developments agrees to sell £168.4m of houses to Lloyds Banking subsidiary

Barratt Developments announced on Friday that it has agreed to the future sale of 604 homes to Citra Living Properties, a wholly owned subsidiary of Lloyds Banking Group, for a total cash consideration of £168.4 million ($212.4 million).

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Vanquis Banking names Peter Estlin as next chairman, subject to regulatory approval

Vanquis Banking Group on Friday named independent non-executive director Peter Estlin as its next chairman, succeeding chairman Patrick Snowball, subject to regulatory approval.

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Endeavor Mining lowers 2023 production guidance after sale of non-core assets

Endeavor Mining on Friday lowered its 2023 production guidance by selling two of its non-core mines in Burkina Faso for more than $300 million in cash and net smelter return royalties.

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Pendragon Says Chairman Plans Resignation; The positive momentum continued in the second quarter

Pendragon said on Friday that non-executive chairman Ian Filby intends to step down to pursue other interests and that positive business momentum has continued in the second quarter of the year.

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June 30, 2023 03:02 ET (07:02 GMT)

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