Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
London pre-open: Stocks seen up ahead of ADP report
(Sharecast News) - London stocks were set to rise at the open on Wednesday after a mostly positive Asian session, as investors eyed the latest ADP jobs report in the US. The FTSE 100 was called to open 25 points higher at 7,514.
CMC Markets analyst Michael Hewson said: "The indifferent finish seen in the US has been shrugged off by Asia markets with a strong session there after the Bank of Japan's latest Tankan survey showed a big improvement in manufacturers sentiment with the auto sector with the second successive month of gains as chip shortages eased.
"This rebound in Asia markets looks set to filter through into this morning's European open with the DAX set to open at a new record high."
The ADP report for November is due at 1315 GMT.
Hewson said: "Today we get a look at the latest ADP payrolls report for November as an appetiser for Friday's non-farm payrolls report. We are starting see increasing evidence that the US jobs market is starting to slow, with vacancies falling to their lowest level since March 2021 and with the last two ADP reports adding a combined 202k new jobs as private sector hiring slows.
"October saw 113k jobs added an improvement on September and November is expected to see an improvement on that to 130k, given that a lot of additional hiring takes place in the weeks leading up to Thanksgiving and the Christmas period so we're unlikely to see any evidence of cracking in the US labour market this side of 2024."
In corporate news, tobacco and nicotine giant British American Tobacco (BAT) has scaled back its expectations for organic growth this year but expressed optimism about its long-term future as it ramps up aspirations to become a "predominantly smokeless business".
The company said macroeconomic pressures in the US were impacting its combustibles performance and organic revenues are now expected to grow at the low end of the 3-5% guidance range at constant exchange rates. However, full-year earnings should be in line with guidance.
BAT said it saw continued strong volume and revenue growth in its so-called New Category products, led by vape brand Vuse and tobacco-free nicotine brand Velo.
"With only 10% of the world's 1 billion smokers currently using New Category products, the long-term opportunity for growth as we deliver on our transformation is vast," said chief executive Tadeu Marroco.
Weir Group announced a new savings target ahead of its capital markets event. The FTSE 100 firm said it was now targeting £60m in absolute savings by 2026, as part of its goal to reach an operating margin of 20% by the same year.
It also confirmed that market conditions and its 2023 guidance remained unchanged, with the company on track to deliver an operating margin of 17%.
Anglo Australian mining giant Rio Tinto said it expected to start production from the Simandou iron ore joint venture in Guinea in 2025.
Rio owns two of four Simandou mining blocks as part of its Simfer joint venture with China's Chalco Iron Ore Holdings and the government of Guinea. The company holds a 53% stake, with CIOH holding the balance.
First production from the Simfer mine is expected in 2025, ramping up over 30 months to an annualised capacity of 60m tonnes per year (with Rio's share 27m).
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.