Oil and Gas

UPDATE 1-UK Stocks-Factors to watch on Feb 6

(Adds company news and futures)

Feb 6 (Reuters) - Britain’s FTSE 100 index is seen opening 275 points lower at 7,060 on Tuesday, according to financial bookmakers, with futures down 2.8 percent ahead of the cash market open.

* INVESTEC: Stephen Koseff, the entrepreneur who co-founded Anglo-South African investment bank and asset manager Investec, will step down as chief executive in October, the company said.

* BABCOCK: Engineering outsourcer Babcock on Tuesday cut its revenue forecast for the 2018 full year to 5.3 billion to 5.4 billion pounds ($7.55 billion), citing a tough British business environment, but it kept its underlying profit outlook.

* OCADO: British online supermarket Ocado on Tuesday missed forecasts with flat full-year core earnings and said earnings in the 2017-18 year would be held back by investment.

* HARGREAVES: British fund supermarket Hargreaves Lansdown on Tuesday posted a 12 percent rise in first-half pretax profit, boosted by a rise in client numbers and total assets.

* BP: BP on Tuesday reported a surge in fourth-quarter profit, beating analysts’ expectations, supported by strong earnings in refining and trading.

* ROYAL DUTCH SHELL: Royal Dutch Shell Plc shut the 25,000-barrel-per-day (bpd) coker at its 225,800-bpd Norco, Louisiana, refinery as part of a planned multi-unit overhaul, sources familiar with plant operations said on Monday.

* GOLD: Gold prices rose on Tuesday as a rout in global equities prompted investors to seek shelter in safe havens such as gold, although expectations of more U.S. rate hikes this year weighed on the market.

* OIL: Oil prices dropped by more than 1 percent on Tuesday, extending falls from the previous session as global financial markets headed south in the wake of one of the biggest intra-day falls ever registered on Wall Street.

* METALS: London nickel fell three percent on Tuesday, leading the base metals complex towards late January lows as “risk off” sentiment soured sharemarkets and safe-haven buying lifted the dollar.

* BRITAIN ECONOMY: Britain’s shoppers carried on spending more on food in January, reflecting the rise in inflation since the Brexit vote, while they again cut back on non-essential purchases, a survey showed on Tuesday.

* The UK blue chip index lost 1.4 percent and is down more than 4.5 percent year to date on Monday, as worries over inflation and rising bond yields took their toll on global equity markets and a survey showed Britain’s economy slowed sharply in January.

* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets


> Financial Times

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