Source: Sharecast
STOCKS TO WATCH
Close Brothers said on Tuesday that it has reached a deal to sell Close Brewery Rentals to MML Capital for an undisclosed sum as it moves to simplify its portfolio. Established in 2007, CBRL provides rental and maintenance services for brewery containers such as kegs and casks in the UK.
Discount retailer B&M said on Tuesday that it had delivered a "positive" like-for-like trading performance in the three months ended 28 June, with revenues improving in both its UK and French operations. Group revenues were up 4.4% at £1.4bn, with UK revenue growing 4.7% to £1.13bn and French revenues improving 7.6% to £136.0m.
NEWSPAPER ROUND-UP
Rachel Reeves will claim that cutting red tape for City firms will have trickle-down benefits for households across Britain, as she tries to drum up support for a new financial services strategy. A raft of regulatory reforms are due to be announced by the chancellor on Tuesday, in what the Treasury says will be the "biggest financial regulation reforms in a decade". It will come before her Mansion House address to City bosses during a dinner at Guildhall in London on Tuesday evening. – Guardian
Buyers of new electric cars priced at less than £37,000 will be able to get a discount of up to 10% under a new UK government scheme, a move that may benefit some cheaper Chinese models but leave Tesla fans still having to pay the full price. The Department for Transport has reintroduced a grant, which had been scrapped in June 2022, to encourage more drivers to switch from petrol and diesel to electric vehicles. – Guardian
Rachel Reeves will pave the way for a new era of risky lending in a push for growth that watchdogs fear could end in more people losing their homes. As part of her Mansion House announcement, the Chancellor will hail the biggest mortgage shake-up in a decade to boost homeownership and cut red tape. – Telegraph
Marks & Spencer is taking its famously dependable underwear down under with the launch of its first international wholesale fashion deal. The British retailer has agreed to sell a selection of its bestselling lingerie, womenswear and menswear in 24 David Jones department stores across Australia, including Sydney and Melbourne, as well as online. – The Times
A Bradford-based stairlift company has paid its tycoon founder a near £45.0m dividend, bringing total payouts to £300.0m over a little more than a decade. Acorn Mobility Services, which is based at a business park near the West Yorkshire city, was founded by John Jakes in the early 1990s and has been lifted by a rise in sales to the elderly and the immobile from an ageing population in Britain, as well as expansion overseas. – The Times
US CLOSE
Major indices closed higher on Monday as traders continued to monitor trade headlines ahead of key inflation data and the beginning of Q2 earnings season tomorrow.
At the close, the Dow Jones Industrial Average was up 0.20% at 44,459.65, while the S&P 500 picked up 0.14% to 6,668.56 and the Nasdaq Composite saw out the session 0.27% firmer at 20,640.33.
Reporting by Iain Gilbert at Sharecast.com