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    Home»Property»UK markets open higher in the wake of Biden’s exit
    Property

    UK markets open higher in the wake of Biden’s exit

    July 22, 20243 Mins Read


    • FTSE 100 opens higher
    • Key Ocado customer places order for new tech
    • Entain announces new CEO
    • Ryanair’s Q1 results disappoint
    • US futures up as Biden pulls out of the election race
    • China cuts key interest rates by 0.1%
    • Oil futures remain close to recent lows

    Matt Britzman, senior equity analyst, Hargreaves Lansdown:

    “The FTSE 100 opened higher this morning as investors gear up for a big week of company earnings. There are already a string of company releases to work through this morning. Ocado is out with yet another update relating to its solutions business. It’s been quite the ride for investors recently, and this latest update should be more welcome news. US grocer Kroger, a major customer of Ocado’s solutions business, has ordered several new pieces of kit. This side of the business is a key growth driver for Ocado, and there have been question marks around whether this tech is at the top of the spending list for potential and existing customers. This news should go some way to alleviating those concerns.

    Ladbrokes owner Entain has named industry veteran Gavin Isaacs as its new CEO. Isaacs has a wide range of knowledge and over 25 years of experience in several listed companies. Investors should be happy, not only with the appointment of a top-quality name but also because it brings some stability at the top of the business.

    LIS Show – MPU

    Ryanair disappoints as the outlook over the key summer period looks weak. First quarter profit after tax of €360mn was well below what markets expected as ticket prices plummeted. The outlook was poor, too, with Ryanair expecting lower prices as peak summer travel kicks in. There will be knock-on effects to the wider sector from this, though it’s a little unclear whether the likes of easyJet are facing issues at quite this scale.

    Traders around the world will be trying to game out what Biden dropping out of the US election campaign means for markets. US stock market futures are set to open higher, but with just three months to go, this is uncharted territory, and markets don’t tend to like uncertainty. As well as general jitters, investors can expect sectors that have been given a boost in the so-called ‘Trump trade’ to pull back a little now he faces an unknown opponent. This includes sectors like energy, banks, and bitcoin, given they’re all expected to get support from a Trump administration. A cautious pullback wouldn’t be a surprise, but Trump is still a clear favourite, so don’t expect any major shifts just yet.

    China surprised markets by cutting its key lending rate to new record lows in a bid to help stoke the belly of its fragile economic recovery. The move signals the government’s concern about weak economic growth and could point to further stimulus coming down the line. Both the 1-year and 5-year rates were cut, the latter of which is what mortgages are priced off. But this won’t fix the housing market, given excess inventory and falling prices are the main issues.

    Brent oil futures are making gains this morning, but the black stuff continues to trade close to its lowest level since mid-June. Renewed optimism for a ceasefire in Gaza and the rotation in the equity markets have been weighing on prices. As always, though, the tug of war continues, and there should be support levels for oil given short-term supply concerns driven by Canadian wildfires and hopes of a US rate cut.”




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