Trainline raises FY guidance, Barratt Redrow urges Westminster to take action as housing demand dips

(Sharecast News) - LONDON PRE-OPEN

The FTSE 100 was expected to open 22.8 points lower on Wednesday after wrapping up the previous session 0.14% firmer at 9,714.96.

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Engineering firm Weir Group reiterated its full-year guidance on Wednesday despite "elevated levels of uncertainty" related to critical metals disputes and further tariffs between the US and China. Weir said its third quarter performance reflected "positive activity" in its core mining markets, with total group orders, including contributions from its Micromine and Townley acquisitions, up 2% year-on-year.

Online rail ticketing platform Trainline lifted earning and sales targets after reporting a 14% jump in half-year profits. Trainline, which sells tickets for journeys in the UK and Europe, now expects adjusted EBITDA growth of between 10% and 13%, up from original guidance of 6% to 9%. Net ticket sales are forecast to rise by 6 - 9%. Profit for the six months to 31 August came in at £93m from £82m a year earlier.

Housebuilder Barratt Redrow has called on the government to take action to support demand ahead of the Autumn Budget later this month, following a slight slowdown in trading momentum over the start of the new financial year. The company remains on track to hit its home completions targets this year, but net private reservation rates have eased slightly since the start of July due to challenging conditions and increased uncertainty ahead of the Budget. Barratt Redrow said it wants to see the government create a "positive, stable and predictable environment for institutional and private homebuyers, as well as homebuilders and our supply chain partners".

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Employers have been told in a landmark government review that fixing Britain's health-related worklessness crisis will require them to spend £6bn a year on support for their staff. In a major report before this month's budget, Charlie Mayfield warned that businesses needed to play a more central role in tackling a rising tide of ill-health that is pushing millions of people out of work. - Guardian

Six of the biggest phone companies have said they will work together and upgrade their systems to stop fraudsters being able to "spoof" UK phone numbers and commit fraud. New technology is expected to be rolled out over the next year that will stop criminals impersonating legitimate bodies and subsequently duping people into believing they are talking to real companies, banks and government departments. - Guardian

Fuel duty has long been one of those issues governments have been happy to kick down the road. For the past 15 years, successive chancellors, fearful of a fierce backlash, have refused to green-light an annual inflation-linked rise. This is despite the Office for Budget Responsibility continually including it in its revenue forecasts for the year ahead. But an attack on drivers could be too appealing for Rachel Reeves to ignore at the Budget later this month. - Telegraph

Businesses controlled by a prolific film producer behind movies which featured stars including Elizabeth Hurley and Kelsey Grammer are being pursued by HM Revenue & Customs amid questions over their use of taxpayer funding. Highfield Grange Production Services, ultimately owned by Alan Latham, an accountant and producer, is being investigated by liquidators to determine why film investments of £20.4m were written down to zero, depriving creditors including HMRC of recoveries. - The Times

Rachel Reeves needs to find £50bn in tax rises and spending cuts at the budget or risk a Liz Truss-style crisis in the bond markets, the head of one of the UK's most respected economic think tanks has warned. David Aikman, director of the National Institute of Economic and Social Research, said the chancellor needs to triple the size of her fiscal headroom to £30bn and ensure the UK's debt pile is steadily falling to retain the confidence of the bond markets. - The Times

US CLOSE

Major indices headed south on Tuesday as artificial intelligence-related names came under pressure.

At the close, the Dow Jones Industrial Average was down 0.53% at 47,085.24, while the S&P 500 shed 1.17% to 6,771.55 and the Nasdaq Composite saw out the session 2.04% weaker at 23,348.64.

Reporting by Iain Gilbert at Sharecast.com