Bunzl Q3 revenue up, Whitbread interim profit declines

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The FTSE 100 was called to open seven points higher at 7,170.

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Distribution and services group Bunzl said third quarter revenue grew by 4% and reaffirmed full year expectations against mixed global macroeconomic conditions.

Acquisitions contributed 1.5% with underlying revenue decreasing by 1%, reflecting lower sales to a large grocery customer in North America due to account specific product specification changes and price deflation, the company said.

Total committed spend on acquisitions so far this year came to around £100m as the company said a number of takeover discussions were taking place.

Premier Inn owner Whitbread reported a 4% drop in interim adjusted profit before tax as revenue remained flat and operating margins fell after challenging business conditions impacted regional hotel demand.

The hospitality giant said weak business confidence and declining leisure confidence had continued into the third quarter, making it difficult for the company to predict results for the second half of the year and FY21.

Anglo American said copper output this year would be at the lower end of expectations due to a chronic drought in Chile that also threatened 2020 production.

Copper production guidance was tightened to 630,000-650,000 tonnes from 630,000-660,000) due to the severe drought, which also remains a risk for 2020 production.

The miner also reported a 14% fall in diamond output at its De Beers unit as it faced weaker market demand due to macro-economic uncertainty as well as “continued midstream weakness”. The company said it’s “broadly on track” to deliver its full-year production targets.

Newspaper round-up

The UK government needs to make companies employing more than 30 people report their gender pay gaps if inroads are to be made into the persistent bias in wages and salaries, a senior Bank of England official has said. Andy Haldane, Threadneedle Street’s chief economist, said only 40% of the private-sector workforce was covered by legislation that obliges companies with more than 250 staff members to publish details of differences in pay between men and women doing identical jobs. – Guardian

Up to 12,000 Asda workers could lose their jobs next week, according to union officials, if they refuse to sign up to a new contract that will hit pay and benefits for thousands of workers. The deal increases basic hourly pay but ends paid breaks, cuts premium pay on most bank holidays and reduces the number of hours rated as better-paid night shifts. – Guardian

Banks are making it easier to cut saving rates by reducing the notice they give customers. Last week, Marcus – Goldman Sachs' savings division – changed the notice it gives before cutting rates on its easy access account from two months to two weeks, the legal minimum, from December 18. If the bank changes other terms and conditions customers will get 30 days' notice, compared to the current two months. – Telegraph

US close

Trading on Wall Street finished as it started on Monday - in the green - thanks to positive headlines around the US-China trade talks emanating from Beijing and Washington, and increasing optimism that the UK would be able to avoid crashing out of the European Union.

The Dow Jones Industrial Average ended the session up 0.21% at 28,827.64, the S&P 500 added 0.69% to 3,006.72, and the Nasdaq 100 was ahead 0.91% at 7,940.33.