August 7, 2019 / 6:39 AM / 4 months ago

UPDATE 1-UK Stocks-Factors to watch on Aug 7

(Adds company news items and futures)

Aug 7 (Reuters) - Britain’s FTSE 100 index is seen opening up 1 point at 7,173 on Wednesday, according to financial bookmakers, with futures up 0.1% ahead of the cash market open.

* GLENCORE: Glencore Plc reported a 32% drop in first-half core profit and confirmed it was planning to put its Mutanda mine in the Democratic Republic of Congo into temporary care and maintenance by year end.

* L&G: British insurer Legal & General posted an 11% rise in first-half operating profit driven by a increase in bulk annuity deals and positive flows at its asset management unit.

* PHOENIX: Insurer Phoenix reported a surge in first-half profit as it bought out more British corporate pension schemes, but warned that the money coming into its open book business had been reduced by Brexit-related worries.

* HSBC GLOBAL ASSET MANAGEMENT: HSBC Global Asset Management has appointed Nicolas Moreau as its new chief executive, the firm said in a statement on Tuesday, adding that he will join the $500 billion business in September.

* OIL: Oil prices steadied on Wednesday after falling at the start of the session, with the potential for damage to the global economy and fuel demand from the intensifying Sino-U.S. trade dispute continuing to cast a shadow over the market.

* GOLD: Gold prices touched a more than six-year high on Wednesday, as the trade war between China and the United States showed no signs of abating, boosting the appeal of safe-haven assets.

* The UK blue chip index closed down 0.7% at 7171.69 points, bringing its losses to more than 5% since U.S. President Donald Trump announced more tariffs on Chinese exports, while poor results sent Rolls-Royce tumbling.

* For more on the factors affecting European stocks, please click on:

TODAY’S UK PAPERS

> Financial Times

> Other business headlines (Reporting by Indranil Sarkar in Bengaluru)

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