The FTSE 100 closed Tuesday down 1.6% to 7389, reaching a one-month low, dragged by basic resources, energy and financial stocks on the back of worse-than-expected Chinese economic data while U.K. wage growth suggests that interest rates may well have to stay higher for longer, CMC Markets U.K. chief market analyst Michael Hewson said in a note. "Set against already low expectations, the data undershot these with a modest rate cut from Chinese authorities doing nothing to assuage concerns about the outlook for the Chinese economy, and ergo the global economy," he added. Europe's largest consolidator of life insurance and pensions Phoenix was the index worst performer, down 3.6%, followed by Asia-focused bank HSBC and Glencore, down 3.41% and 3.40%, respectively.


COMPANIES NEWS:

Marks & Spencer Sees Full-Year Profit Rising After Early FY 2024 Shows Good Progress

Marks & Spencer Group said that the first 19 weeks of fiscal 2024 have seen continued market share growth in both its Clothing & Home and Food businesses, and it expects full-year profit growth.

---

Legal & General Operating Profit, Solvency Ratio Beats Views

Legal & General Group beat expectations as it reported operating profit and a solvency ratio ahead of views for the first half of 2023 and backed its mid-term targets.

---

Bunzl Reports Acquisitions in Spain, Brazil, Canada and the Netherlands

Bunzl said it acquired three businesses and signed an agreement to acquire a further business across a range of sectors in Spain, Brazil, the Netherlands and Canada.

---

Victoria PLC to Report Record Revenue, Underlying Earnings

Victoria PLC expects to report record revenue and underlying earnings for fiscal 2023 as it completes major integration projects, the company said Tuesday.

---

Just Group Sees 2023 Beat After Swing to Pretax Profit in 1H

Just Group expects to comfortably exceed its underlying operating profit target for the year as it swung to pretax profit for the first half of 2023.

---

Up Global Sourcing's Revenue Rose on Online Division Growth

Up Global Sourcing Holdings said revenue rose for fiscal 2023, driven by exceptional growth at its online division and an improved sales mix, and that its performance in fiscal 2024 was in line with market expectations.

---

888 Holdings Swung to 1H Pretax Loss on Costs But Revenue Rose; Backs Full-Year Outlook

888 Holdings said it swung to a pretax loss on higher costs and expenses, though revenue and earnings significantly increased and it is on track to meet full-year expectations.

---

Kenmare Resources to Return GBP23.6 Mln to Shareholders via Tender Offer

Kenmare Resources plans to return up to 23.6 million pounds ($29.9 million) to shareholders via a tender offer as part of its policy to supplement shareholder returns when sufficient capital is available.

---

Castings Says Strong Demand Has Continued in Year to Date

Castings said the strong demand in the commercial vehicle sector previously reported in June has continued in the year to date and as a result, original equipment manufacturers have restricted the number of new orders being accepted.

---

Instem Sees 2023 Performance In Line With Its Views After 1H Revenue Growth

Instem sees its full-year results in line with its views as it expects to report higher revenue for the first half of 2023.

---

Velocity Composites Investor to Subscribe for GBP190,000 in Fundraise

Velocity Composites said it has received additional demand from a strategic investor to invest 190,000 pounds ($241,053) via a conditional subscription related to the previously announced GBP6.2 million placing.

---

Gelion Sees Revenue, Adjusted Loss Ahead of Guidance

Gelion expects its revenue and adjusted loss for fiscal 2023 to beat its guidance and said it signed research and development agreements for its zinc hybrid cell.

---

PHSC Shares Rise on Buyback Plan

Shares of PHSC rose 22% in opening trade after the company said it plans to start a new share buyback program as part of its strategy to deliver returns to shareholders.

---

MTI Wireless Edge Pretax Profit Rose as Defense Sales Increased

MTI Wireless Edge said pretax profit rose for the first half as the antenna division benefited from increased defense sales, and that its performance in the period positioned it well for the remainder of the year.

---

X5 Retail Net Profit Slips on Higher Costs, Weaker Margin; Revenue Rose

X5 Retail Group said that net profit slipped in the second quarter on higher costs and a weaker margin, though earnings and revenue rose.

---

Genuit Sees 2023 Profit At Top End of View Despite Lower 1H Results

Genuit Group said that it sees its underlying operating profit for 2023 coming at the top end of expectations given the benefits of its self-help measures, and that its pretax profit slipped over the first half on higher finance costs.


MARKET TALK:

European Stocks Drop After Mixed Asia; US Set to Drop

1212 GMT - European stocks drop after mixed Asia trading and ahead of an expected lower U.S. open. The Stoxx Europe 600, DAX, FTSE 100 and CAC 40 all fall 1% or more, with property, financial and tech stocks among the biggest pan-European fallers. IG futures data show the Dow opening at 35031, versus Monday's close of 35307. Australian and Japanese markets rose and mainland China and Hong Kong stocks fell. "China's central bank hijacked the headlines Tuesday morning after unexpectedly reducing a key rate by the most since 2020 to shore up its weak economy," FXTM senior market analyst Lukman Otunuga writes. "However, Asian markets displayed a mixed reaction, with a barrage of disappointing China data published after the rate decision whacking sentiment." (philip.waller@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

08-15-23 1206ET