Source: Sharecast
STOCKS TO WATCH
British American Tobacco said on Tuesday that FY revenues were set to come in "slightly ahead" of previous guidance, up 1% to 2% year-on-year, while adjusted operating profits were expected to be 1.5% to 2.5% higher as it returned to both top and bottom line growth in the US.
Defence and aerospace company Chemring held annual guidance after a jump in interim profits and record order book amid global geopolitical tensions. With countries looking to spend more on arms to counter threats from Russia and China, Chemring posted a 12% rise in underlying core earnings to £39.8m while its order book soared by a quarter to £1.3bn.
NEWSPAPER ROUND-UP
The pay package of Marks & Spencer's chief executive jumped to more than £7.0m just weeks before the cyber-attack that rocked the retailer. Stuart Machin received £7.1m for [the] last financial year, up nearly 40% on the £5.1m he took home a year earlier, according to its annual report. He received the bump thanks to a sharp rise in performance-linked bonuses. – Guardian
A coalition of mayors from across England are urging the government to allow local authorities to bring in a Barcelona-style visitor levy to generate income from tourism. The group, led by the Liverpool city region mayor, Steve Rotheram, argues that a visitor levy would unlock vital funding for tourism and cultural infrastructure, empower regional growth and reduce dependence on central government funding. – Guardian
Ed Miliband has been urged to slash taxes on the North Sea to prevent the loss of tens of thousands of jobs. Researchers at Robert Gordon University (RGU) said oil and gas jobs were disappearing faster than new clean energy roles were being created as a result of the slower-than-expected deployment of wind farms. – Telegraph
Boohoo customers are facing unexplained delays for refunds of up to a month as the fashion retailer attempts to navigate financial pressures. In social media posts, dozens of customers of Boohoo brands, which also include Debenhams and PrettyLittleThing, have complained that they sent back goods as long as four weeks ago but their money has not been returned. – Telegraph
Commercial landlords have been warned they could be told to repay "massive" sums received from insurance commissions after a High Court judge told the owner of London's Trocadero Centre to return payments to a tenant. Insurance experts fear the industry could be facing a "nightmare" as rebates are sought in the wake of the ruling, which found that commissions paid to a landlord should not count as part of the "premium" paid by tenants. – The Times
US CLOSE
Major indices closed higher on Monday after China said it would take strong measures to defend its interests as it claimed the US had "severely violated" their recently struck trade agreement.
At the close, the Dow Jones Industrial Average was up 0.08% at 42,305.48, while the S&P 500 advanced 0.41% to 5,935.94 and the Nasdaq Composite saw out the session 0.67% firmer at 19,242.61.
Reporting by Iain Gilbert at Sharecast.com