PizzaExpress owner tries to take over Restaurant Group

FTSE 100 is expected to start trading lower on Thursday as investors cautiously await a key interest rate decision from the European Central Bank and U.S. economic growth data. The ECB will announce its latest interest rate decision on Thursday at 1:15 p.m. UK time. Half an hour later there will be a press conference with President Christine Lagarde. Ebury analyst Matthew Ryan commented, "We expect the ECB to hold a 'dovish pause' on Thursday, meaning it will keep interest rates unchanged and warn that growing risks to the economic outlook warrant greater caution. "

Meanwhile, stocks fluctuated in Asia as equity markets struggled following the failure of U.S. tech stocks''to 6,812.30

ECONOMICS:

A key economic event for Thursday: a speech by Bank of England Deputy Governor John Cunliffe at the Payments Economics Conference

• 08:30 a.m. EDT - Canadian Employment, Wages and Numbers''hours
• 14:15 CEST - ECB interest rate decision
• 09:30 BST - UK capital release statistics
• 11:00 BST - Confederation of British Manufacturers and Retailers Distribution Trade Survey
• 08:30 EDT - U.S. Leading Economic Indicator Report
• 08:30 PM EDT - weekly U.S. unemployment report
• 08:30 EDT - US GDP
• 10:00 AM EDT - U.S. Home Sales and Expenditures Index
• 16:30 EDT - U.S. central bank foreign sales
• 16:30 EDT - borrowing from the U.S. federal discount window

The number of cars made in the U.K. rose nearly 40 percent last month, driven by a rise in exports, data show. The total number of cars leaving factories''totaled 88,230 units, up 25,105 from September a year ago and the best result in three years, the Society of Motor Vehicle and Tractor Manufacturers said. Exports rose by a third, with nearly six in 10 cars going to the EU. Electric car production was up 42%, but the Society of Manufacturers said an urgent solution was needed to ensure trade between the UK and the EU is competitive next year. Car production reached almost 660,000 this year, about 15% more than in the same period in 2022. The Society of Manufacturers noted strong growth in deliveries in the US, China and Turkey, although the EU remains the UK's main trading partner 'by a considerable distance', and in''Last month, 37,563 cars made in the UK were delivered to the EU.

The broker's rating score has changed:

JPMorgan has cut its target price for Lloyds Banking to 41p (42) - 'on sale'

Barclays cut target price for Reckitt Benckiser to 7100p (7400) - "outperform "

Narclays raised its target price for B&M European Value Retail to 630p (620) - "overweight "

companies - FTSE 100:

Standard Chartered reported a sharp fall in third-quarter profit, hit by a blow from its investments in Chinese banking and real estate, but the company reaffirmed its full-year guidance. Third-quarter pro forma revenue totaled $4.52 billion, up 4.5% from a year earlier. However, pre-tax profit suffered a 54% drop to 633''s million dollars out of $1.39 billion, well below analysts' projections, in line with the company's consensus analyst outlook. The main deviation in earnings was due to an increase in payment defaults to $292 million from $227 million, reflecting additional costs in the Chinese commercial real estate market. The company also saw costs of about $700 million related to the impairment of its stake in China Bohai Bank. At the end of September, the underlying CET1 was 13.9%, higher than last year (13.7%) and lower than June (14.0%).

Unilever reported that turnover in the third quarter of 2023 declined at a 3.8% annualized rate to 15.2 billion euros. Looking ahead, the maker of long-term goods''use left its outlook for 2023 unchanged, forecasting a 5% increase in underlying sales. A "modest" improvement in underlying operating profitability is also expected.

companies - FTSE 250:

HarbourVest Global Private Equity has reported results for the six months ended July 31. In the period, net asset value per share rose 3.3% to $50.12 from $48.52 at January 31. Looking ahead, HarbourVest noted signs of an "improving outlook". There are comforting macroeconomic indicators, with inflation falling broadly and interest rates stabilizing. Moreover, HarbourVest reported a review of its own share repurchase. Following this, the company said that their plans to repurchase their own shares''and intend to repurchase $25 million worth of shares. "The Board plans to discuss with shareholders and non-holders the possibility of a regular distribution of HVPE's cash-generated assets, allowing direct participation in net asset value growth," the statement said.

Other companies:

Morgan Stanley has announced the appointment of advisor-president Edward Peake as its new CEO as James Gorman prepares to step down after nearly 14 years. The announcement was made at the company's annual general meeting in 2023 and will take effect from the beginning of 2024. At that point, Gorman will move into the role of executive chairman. "In 14 years as CEO, Morgan Stanley has been transformed into a strong and''a sustainable financial institution with a long-term sustainable business model. We are grateful for the tremendous impact he has had on our company and thank him that as he transitions into the role of executive chairman, we will continue to benefit from his experience and important insights,'' said Tom Gloger, chairman of the Corporation. Peek has been co-president of the bank for the past two years, leading the Institutional Persons Group and co-heading the Company's strategy.

BNP Paribas reported a rise in third-quarter profit despite a challenging three months in earnings at usensis and real estate. The lender said revenue for the three months ended Sept. 30 rose 4.0% year-on-year to 11.58 billion euros from 11.14 billion euros. Profit''before tax increased by 6.0% to €3.81 billion from €3.60 billion. Operating income was 11% higher to €3.75 billion from €3.38 billion. CEO Jean-Laurent Bonnafe said: "The group's good results in the third quarter demonstrate the resilience of our model and our long-term commitment to support customers at all stages of the economic cycle. "

The restaurant group has confirmed it has received a request for an inspection from PizzaExpress owner Wheel Topco. Sky News reported on Wednesday that the restaurant holding company is in the preliminary stages of assessing the possibility of an acquisition deal from Restaurant, which this month agreed to be bought by Apollo Global Management for just over £500 million. The owner of Wagamama said Wheel Topco''is exploring the possibility of proposing a transaction for the company. "An unrelated offer, including terms, price or form of payment, has not been proposed to the TRG board of directors by Wheel Topco," the statement said. Restaurant Group said it would carefully consider the terms of an offer if one were made, but said there was uncertainty as to whether an offer would be made to the company.