UPDATE 1-UK Stocks-Factors to watch on June 28

(Adds futures, company news items)

June 28 (Reuters) – Britain’s FTSE 100 index is seen opening down 19
points at 7,415.6 on Wednesday, according to financial bookmakers, with futures
down 0.24 percent ahead of the cash market open.

* BUNZL: British business supplies distributor Bunzl Plc estimated
a 7 percent increase in first-half revenue at constant currency, as a boost from
recent acquisitions continued to play out over the second quarter.

* DIXONS CARPHONE: Dixons Carphone, Europe’s second largest
electricals retailer, beat forecasts with a 10 percent rise in full-year profit
and said it was “well positioned to flourish” despite Britain’s tough economic
outlook.

* TULLOW: Tullow Oil said on Wednesday it had further reduced debt
in the first half of the year after a surprise cash call in March and made a
small increase in gross profit over the period thanks to higher output and an
insurance payment.

* STAGECOACH: British transport company Stagecoach Group Plc on
Wednesday reported a 15.3 percent drop in its full-year pretax profit as
economic conditions hurt its domestic bus business.

* BRITISH ASSET MANAGERS: Britain’s markets watchdog proposed on Wednesday a
suite of changes to the 7 trillion pound ($8.97 trillion) asset management
industry in order to improve transparency and value for money for customers.

* CYBER ATTACK: A major global cyber attack disrupted computers at Russia’s
biggest oil company, Ukrainian banks and multinational firms with a virus
similar to the ransomware that infected more than 300,000 computers last month.
WPP, the world’s largest advertising agency, said it was also infected.
Russian steelmaker Evraz said its information systems had been hit by a
cyber attack but its output was not affected.

* BOE: Bank of England Deputy Governor Jon Cunliffe on Wednesday signalled
that now is not the time to raise interest rates, siding with his boss Mark
Carney in a deepening split between officials on the need for higher borrowing
costs.

* BP: Argentina-based Pan American Energy, a unit of BP Plc, will
invest some $1.2 billion in the South American country this year, a company
spokesman said on Tuesday, down from the $1.4 billion that the company had
announced for 2016.

* LLOYDS BANKING GROUP: Lloyds Banking Group is set to miss an
end-June deadline for offering compensation to victims of one of Britain’s
largest fraud cases, the latest delay in a decade-long struggle by business
owners for redress.

* ASTRAZENECA: Investors in drugmaker AstraZeneca have taken
defensive positions in the options market ahead of eagerly awaited results of a
major trial of a lung cancer treatment, which are due any day now.

* GEMFIELDS: Fabergé owner Gemfields said on Tuesday that mining
group Pallinghurst Resources Ltd’s offer to buy the 52.91 percent of
Gemfields it does not already own, is not capable of being recommended from a
value perspective, adding that the offer “significantly undervalues” Gemfields.

* CYBER ATTACKS: Businesses in Europe underestimate the “slow-burn” effects
of cyber attacks and need to prepare more fully for a loss of customers, a fall
in share price and other potential consequences, Lloyd’s of London said in a
report on Wednesday.

* UK HOUSE PRICES: British house prices rebounded in June after falling for
three months, mortgage lender Nationwide said on Wednesday, bucking other signs
of weakness in the housing market.

* LONDON FIRE: Prime Minister Theresa May said on Tuesday Britain must hold
a national investigation into exterior cladding used on high-rise buildings
after all those checked after the deadly London tower block blaze this month
failed safety tests.

* BREXIT/BUSINESS: Britain will set up a new Brexit advisory group bringing
together business leaders and senior ministers to hear the views of major
companies, many of which have felt ignored over the government’s stance on
leaving the EU. The British government will set out its plans to engage more
intensively with business in the next weeks and months, a spokeswoman for
Theresa May said on Tuesday, repeating the prime minister’s desire to avoid any
“cliff edge”.

* ECONOMY: U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she
does not believe that there will be another financial crisis for at least as
long as she lives, thanks largely to reforms of the banking system since the
2007-09 crash.

* BRITAIN CREDIT RULES: The Bank of England tightened its controls on bank
credit to more normal levels on Tuesday, deciding the risk had passed of a big
hit to the economy and to lending after last year’s Brexit vote.

* QATAR SANCTIONS: Gulf Arab states are considering fresh sanctions on Qatar
and could ask their trading partners to choose between working with them or
Doha, the United Arab Emirates ambassador to Russia said in an interview with
The Guardian newspaper.

* GOLD: Gold prices firmed on Wednesday as the dollar struggled and shares
weakened after a vote on U.S. healthcare reforms was postponed and European
Central Bank President Mario Draghi hinted the ECB could trim its stimulus this
year.

* OIL: Oil markets were steady to lower on Wednesday after a report of
rising U.S. fuel and crude inventories underscored concerns that a three-year
supply glut is far from over.

* COPPER: London copper slipped on Wednesday from near three-month highs
hit the previous session, as prices consolidated alongside a weaker dollar and
amid concerns over Chinese demand in a tighter credit enviroment.

* The UK blue chip index closed down 0.2 percent on Tuesday, weighed down by
losses among pharma stocks, while updates from Carpetright and
Debenhams gave conflicting pictures of the health of British consumers
as inflationary pressures start to bite.

* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets

TODAY’S UK PAPERS

> Financial Times

> Other business headlines
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(Reporting by Noor Zainab Hussain in Bengaluru)


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