Wednesday preview: Glencore, L&G results due; UK construction PMI in focus

(Sharecast News) - Wednesday will see results from the likes of Glencore, Legal & General, Lancashire Holdings, 4imprint and Vesuvius, among others. Berenberg pointed out that mining giant Glencore, which is due to report first-half results, has already announced a further $1bn buyback for the second half, which it said was encouraging.

"However, we think that the market will be focusing on where its $1bn of cost savings, flagged in last week's production report, will come from," the bank said. "We would also expect questions to management on whether the marketing business took any losses in the recent sell-off in COMEX copper following a change in tariff policy by the US."

Berenberg is forecasting H1 revenue of $110bn, versus a Visible Alpha (VA) forecast of $108bn and EBITDA of $5.6bn, versus VA at $5.6bn.

Across the pond, Disney will release third-quarter results.

MCH Market Insights' Michael Hewson said: "We've seen a gradual improvement in the share price of the Mouse House in the last few months, after a solid set of Q2 numbers helped propel the shares above $100 and to their highest levels since March 2024 in early July at $124. Revenues increased 7% to $23.6bn, while net income rose to $3.1bn, a sharp rise from the $0.7bn seen a year ago.

"The parks and cruises division helped in this regard, with sales rising 6%, to $8.9bn, driven mainly by domestic parks, while the Disney+ streaming business also saw a pickup in subscriber numbers to 126m, an increase of 1.4m, and beating the rather downbeat forecast that predicted a fall.

"Average monthly revenue per user also saw an improvement of 3% to $7.77 a user with the international market seeing the biggest improvement of 5% to an average of $7.52 a user.

"On guidance for Q3 management said that they expected a modest pick-up in subscribers for Disney+ in Q3, although given the dreadful quality of recent film releases, like Snow White, Captain America Brave New World and Thunderbolts, that may prove to be optimistic, and could prove to be a drag on the film production business and profitability there.

"For the full year Disney said it expects to see a 16% increase in full year profits."

On the macroeconomic front, the S&P Global UK construction PMI for July is due, along with German factory orders and eurozone retail sales, both of which are for June.

INTERIMS

4Imprint Group, Tritax Big Box Reit, Georgia Capital, Legal & General Group, 3i Group, TP Icap Group, Lancashire Holdings Limited, Coca-Cola HBC AG (CDI), Quilter, Ibstock, Vesuvius, Glencore

Q2

Hellenic Telecom Industries SA ADS

AGMs

London BTC Company Limited NPV (DI), Georgina Energy, Northern 2 VCT, Telecom Plus, OptiBiotix Health, Pri0r1ty Intelligence Group, PayPoint

GMs

Caledonian Holdings

FINAL EX-DIVIDEND DATE

ZCCM Investments Holdings 'B' Shares

FINAL DIVIDEND PAYMENT DATE

VP

INTERIM DIVIDEND PAYMENT DATE

Ferguson Enterprises Inc. (DI)

UK ECONOMIC ANNOUNCEMENTS

PMI Construction (09:30)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Factory Orders (GER) (07:00)

Retail Sales (EU) (10:00)

MBA Mortgage Applications (US) (12:00)

Crude Oil Inventories (US) (15:30)