May 7, 2020 / 6:53 AM / 22 days ago

UPDATE 1-UK Stocks-Factors to watch on May 7

(Adds news items, futures)

May 7 (Reuters) - Britain’s FTSE 100 index is seen opening higher on Thursday, with futures up 0.1% ahead of cash market open.

* ROLLS-ROYCE: British aero-engine maker Rolls-Royce signalled it expects to cut some of its workforce to respond to the slump in the global aerospace market, saying it would inform affected employees before the end of this month.

* IHG: Holiday Inn-owner InterContinental Hotels said it expects revenue per available room to plunge 80% in April compared with last year and that the coronavirus crisis was the biggest challenge the hotel industry ever faced.

* BT: Britain’s biggest telecoms group BT has suspended its dividend until 2021/22 and pulled its financial outlook in response to the COVID-19 pandemic.

* IAG: British Airways-owner IAG said that Chief Executive Willie Walsh would stay on until September to steer it through the coronavirus crisis, and that it was planning for flights to return to service in July.

* COCA COLA: Soft drinks bottler Coca Cola HBC AG said sales in April fell by more than a third as fast-food chains, theatres and other public arenas stayed shut to limit the spread of the new coronavirus during stay-at-home orders.

* SUPERDRY: British fashion retailer Superdry said its revenue plunged 37% in its latest quarter, reflecting the closure of its stores across the world due to the novel coronavirus.

* RATHBONE BROTHERS: Rathbone Brothers posted a 15.4% slump in funds under management and administration as at March end, due to coronavirus-led selloff in financial markets, but said that the second quarter had started well with strong inflows.

* RSA: British insurer RSA said it expected its exposure from the coronavirus pandemic to total around 25 million pounds ($30.89 million), with most of the claims coming from travel insurance.

* BOE: The Bank of England is unlikely to add to its enormous stimulus for Britain’s economy on Thursday, but the historic hit to output and jobs that it is set to spell out will raise the prospect of yet more bond-buying before long.

* JOBS: Britain’s job market came to a dead stop in April as the coronavirus lockdown prompted a huge drop in economic activity, from which businesses will take time to recover, surveys showed.

* AVIATION FIRMS: British aerospace and aviation firms must look at existing government schemes and self-help measures before individual packages for companies are considered, housing minister Robert Jenrick said on Wednesday.

* DEBENHAMS: British department store group Debenhams said it will shut down five of its stores in Hammerson leading to potentially 1,400 job cuts, as it failed to agree rent terms with the mall operator

* GSK: GlaxoSmithKline is selling $3.45 billion worth of shares in Unilever’s Indian business on the open market, according to a deal marketing term sheet seen by Reuters, cashing in late from the sale of the Horlicks brand.

* CARNIVAL: Carnival Corp’s Princess Cruises said on Wednesday its voyages would remain suspended through the end of summer as reduced flights and travel bans around the globe bring the industry to a virtual standstill.

* GOLD: Gold rose as bleak economic data raised doubts about a recovery in the coronavirus-hit global economy even though some countries started to ease lockdown restrictions.

* OIL: Oil prices steadied as data showed China’s crude imports rebounded, but market watchers expect gains to be capped by the glut in supplies as the coronavirus pandemic crushes global fuel demand.

* London’s FTSE 100 closed nearly flat on Wednesday as record gains for healthcare stocks offset growing evidence of the economic damage from the COVID-19 pandemic and escalating U.S.-China tensions.

* For more on the factors affecting European stocks, please click on:

TODAY’S UK PAPERS

> Financial Times

> Other business headlines

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