FTSE 100 Expected to Open Lower Amid Fed Uncertainty

0640 GMT - The FTSE 100 is seen opening 35 points lower, according to IG, following declines in Asian equities and ahead of expected losses on Wall Street later. The declines are certainly because last week's Federal Reserve meeting was a "bit confusing" in terms of where it is heading with interest rates, Swissquote Bank analyst Ipek Ozkardeskaya writes. "Activity on Fed funds futures gives more than [a 70% chance] for a July hike, and more than 75% for a September hike on fear that inflation wouldn't slow as much as expected, and that the U.S. jobs market will remain too robust to call the end of the U.S. rate hikes." (renae.dyer@wsj.com)

COMPANIES NEWS:

British American Tobacco Names Johan Vandermeulen as COO

British American Tobacco on Monday said it has appointed Johan Vandermeulen as its chief operating officer as it restructures its management board.

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Severn Trent Deal With Andigestion Being Assessed by UK Competition Regulator

Severn Trent's proposed acquisition of Andigestion is being assessed by the U.K. Competition and Markets Authority, the regulator said Monday.

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Concurrent Technologies Sees Higher 2023 Revenue; Delays 2022 Results

Concurrent Technologies on Monday said it expects its revenue for 2023 to represent a significant on-year increase and that its 2022 results would be delayed by a few days as its auditor has requested more time for final reviews.

MARKET TALK:

Potential of European, U.K. Insurers and Reinsurers Looks Underappreciated

0558 GMT - European and U.K. insurers and reinsurers are going steady, Berenberg says in a note after meeting with investor-relations teams of companies in the sector. "Our speed dates provided assurance and comfort about the sustainability of European and UK (re)insurers' returns, and many insurers have a progressive dividend policy," analysts write. They note that reinsurers' hard market continues, which is supporting commercial lines insurance and helping maintain prices and margins for longer. Personal lines motor insurers are starting to see a recovery in pricing and solvency and capitalization are strong but there is still an adjustment being made on real estate valuations, they add. The STOXX 600 insurance subindex is down 2.7% since the start of the year but up 12% over the last 12 months. (elena.vardon@wsj.com)

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Entain Shares Seen Performing Positively

0536 GMT - Entain's shares are set to perform positively, Jefferies says in a note. The brokerage says the gambling-and-betting company's strategy and capital allocation is likely to be scrutinized given shareholder Eminence Capital's letter to its board. It adds that the stock's low implied valuation for the underlying, core Entain business is a solid underpin. Analysts see limited downside risk to consensus estimates for the current year and point out the potential revival of speculation around an MGM approach, they write. Jefferies rates the stock buy. Shares in the FTSE 100 company are down 7.6% year to date. (elena.vardon@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

06-19-23 0304ET