Markets Overview:

The UK 100 called to open +41 points this morning at 8,704.  The UK 100 looks set to open higher after data out this morning showed The UK’s annual inflation rate today dipped by more than expected to 2.8%, down from the previous month’s reading of 3%.  The Office for National Statistics said the lower CPI figure for February, which compared with City forecasts of 2.9%, was driven by clothing prices.  On a monthly basis, CPI rose by 0.4% in February compared with 0.6% in 2024.  The rate of core inflation was 3.5%, which compared with 3.7% the previous month.

On Wall Street yesterday the S&P posted a slim gain on Tuesday as investors built on the previous session’s gains, which were largely sparked by hopes of U.S. tariffs being narrower in scope. The broad market index added 0.16% to close at 5,776.65, while the Nasdaq gained 0.46% and ended at 18,271.86. The Dow Jones crept higher by 4.18 points, or 0.01%, to settle at 42,587.50.  Investors largely looked past the March consumer confidence data released Tuesday, which reflected a significant drop in U.S. consumers’ near-term outlook on income, business and job conditions.

Asian markets advanced on Wednesday after the quiet session on Wall Street as buying slowed after a broad rally the day before, fueled by hopes that President Donald Trump’s tariffs may not be as sweeping as earlier feared.  Hong Kong’s Hang Seng rose 0.3% higher to 23,403.40, while the Shanghai Composite index slipped less than 0.1%, to 3,367.98.  Tokyo’s Nikkei 225 index added 0.7% to 38,027.29.  The Kospi in Seoul was up 1.1% at 2,643.94. In Australia, the S&P/ASX 200 gained 0.7% to 7,999.00.

Company News & Broker Comments:

Company News:

Evoke whose brands include William Hill and 888, today reported annual underlying earnings at the top end of expectations.  The FTSE All-Share business said the figure of £312.5 million was 4% higher than a year ago and up £2 million on the top end of guidance given in January.  Exceptional items, including in relation to the sale of US consumer operations, meant the company recorded a bottom-line loss of £168.8 million.  Chief executive Per Widerström said it had been a pivotal year for the group following the launch of a turnaround strategy.  He said progress included a return to revenue growth in the third quarter for the first time in almost three years.  Current quarter revenue growth is expected to be low single digit, with the company “highly confident” in full year expectations of 5-9% growth.  It is planning £15 million-£25 million of further cost savings for 2025, which will offset the expected £10 million headwinds from National Insurance and National Living Wage changes in the UK.

Reporting Today:

UK

Evoke (EVOK)

Ithaca Energy (ITH)

US

None

Reporting Tomorrow:

UK

Next (NXT)

US

Lululemon Athletica (LULU) AMC

In Focus Today:

UK Consumer Price Index

UK Producer Price Index

UK Retail Price Index

US Durable Goods Orders

Fed’s Kashkari speech

Fed’s Musalem speech

Tomorrow’s Ex-Dividends:

UK 100 companies going ex-dividend on 27th March 2025:

British American Tobacco

SEGRO

Standard Chartered

Smith & Nephew

Taylor Wimpey

Melrose Industries

Schroders

M&G

Prudential

Games Workshop Group

UK 250 companies going ex-dividend on 27th March 2025:

Crest Nicholson Holdings

Aberdeen Group

Primary Health Properties

OSB Group

Empiric Student Property

Volution Group

Fidelity European Trust

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