July 11, 2016 / 6:36 AM / 2 years ago

UPDATE 2-UK Stocks-Factors to watch on July 11

July 11 (Reuters) - Britain’s FTSE 100 index is seen opening up 30-34 points, or 0.5 percent, on Monday, according to financial bookmakers, with futures up 0.6 percent ahead of the cash market open.

* The UK bluechip index closed up 0.9 percent on Friday at 6,550.30, recovering from both the referendum selloff as well as last summer’s swoon across global markets. The index rose to its highest level in nearly a year on Friday and posted its third straight weekly gain as investors continue to pile into shares of large dividend-paying UK bluechip exporters.

* RPC GROUP: Packaging maker RPC Group Plc said adjusted operating profit at constant currency for the first quarter was ahead of its expectations, helped by higher sales volumes as well as synergies from its deal to buy Global Closure Systems.

* STHREE: Recruiting company SThree Plc posted an 8 percent fall in first-half UK gross profit, as managers, especially those in the banking sector, put hiring decisions on hold in the run-up to the EU referendum.

* LSE: Deutsche Boerse AG is considering lowering the approval threshold for its proposed merger with London Stock Exchange Group Plc from shareholders representing 75 percent of its shares, the German exchange said on Sunday.

* DIAGEO: Indian spirits maker United Spirits Ltd (USL), a unit of Diageo, said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya.

* SABMILLER: South Africa’s Treasury said on Friday it was proposing a 20 percent tax on sugary drinks, under a plan that has delighted health campaigners but dismayed the beverage industry. The Beverage Association of South Africa (BevSA), whose members include Coca Cola Co, Pepsi Inc and SABMiller PLC, met Treasury officials about the tax in April.

* SHELL: Royal Dutch Shell has changed its redundancy terms so it can claim tax refunds that some UK workers would otherwise have been able to claim on redundancy payments, internal documents seen by Reuters show.

* SHELL: Royal Dutch Shell is interested to take part in developing Russia’s Yuzhno-Kirinskoye field, Chief Executive Ben van Beurden told Russia’s Vedomosti daily newspaper in an interview.

* ROLLS-ROYCE: Britain’s Rolls-Royce said it would buy the outstanding 53.1 percent shareholding in aircraft engine and components firm Industria de Turbo Propulsores (ITP) owned by SENER Grupo de Ingeniería for 720 million euros ($795 million).

* UK STEEL: Tata Steel has put the process of selling its major British assets on hold because of the uncertainty caused by the Brexit vote and surrounding pension liabilities and will now also look at forming a joint venture, the company said.

* UK PROPERTY FUNDS: The Bank of England is considering curbs on withdrawals from property investment funds after Britain’s vote to leave the European Union roiled the sector, the Sunday Telegraph newspaper said late on Saturday.

* BREXIT: British finance minister George Osborne will meet some of Wall Street’s biggest investors in New York on Monday to urge them to stick with Britain despite last month’s vote to leave the European Union, his office said.

* BREXIT: Germany expects Britain to trigger article 50 of the European Union’s Lisbon treaty to begin the formal process of leaving the bloc once it has picked a new prime minister, Chancellor Angela Merkel said on Sunday.

* BREXIT: Technology investors seeking refuge after Brexit are picking companies delivering instant access to services for Web and mobile customers or firms mainly doing business globally which can benefit from the pound’s fall.

* BREXIT: London’s main financial lobby group urged the government on Friday to retain access to the EU’s single market as it seeks to contain the fallout from Britain’s surprise vote to leave the trading bloc.

* UK GOVERNMENT: Theresa May, the favourite to succeed David Cameron as British prime minister, will pledge on Monday to overhaul corporate governance rules if elected, including putting workers on company boards and making shareholder votes on pay binding.

* UK GOVERNMENT: Britain’s opposition Labour Party is set for a bitter battle over its future after leader Jeremy Corbyn said he expected to be on the ballot automatically for a leadership contest and would fight any attempt to prevent him entering the race.

* UK CONSUMER SPENDING: British consumer spending fell last month, the business outlook darkened by the most in four years and economic activity in London slowed sharply, according to three reports which showed the vote to leave the European Union starting to take a toll.

* UK MOTOR INSURERS: The cost of British car insurance rose 6.5 percent in the second quarter compared with the previous three months, website Confused.com said, with the increase blamed on higher prices for repairing more complex vehicles.

* OIL: Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia.

* COPPER: London nickel took another shot at the $10,000 mark on Monday as prices gained steam on supply concerns after the Philippines toughened its stance on mining, threatening supply to China.

* GOLD: Gold prices held steady in early Asian trade on Monday, underpinned by uncertainty following Britain’s Brexit vote even as equity markets rallied on the back of upbeat U.S. jobs data.


> Financial Times

> Other business headlines (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sherry Jacob-Phillips and Sunil Nair)

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