BT revenue rises with EE acquisition, RELX looking for full-year growth

London open

The FTSE 100 is expected to open 32 points lower on Thursday, after closing down 0.85% to 6,958.09 on Wednesday.

Stocks to watch

Telecommunications provider BT Group announced its results for the second quarter and half year to 30 September on Thursday, with reported revenue up 35%, and growth in underlying revenue - excluding transit adjusted for the acquisition of EE - up 1.1%. The FTSE 100 firm reported earnings per share down 10%, though adjusted earnings per share were up 4%. Underlying EBITDA adjusted for the acquisition of EE was up 0.9%, and the board declared an interim dividend of 4.85p, up 10%.

Information and analytics company RELX Group said its outlook remains unchanged and it expects underlying revenue, profit and earnings to increase for the full year. In a trading statement for the first nine months of the year, underlying revenue grew 4%, compared to last year, as the FTSE 100 company bought 15 content, data and exhibition assets for about £330m.

Newspaper round-up

The mayor of London and the CBI employers’ group are urging Philip Hammond to increase public spending as a way of reassuring businesses fearful of the consequences of leaving the EU. Sadiq Khan will accuse the government of being “blasé” towards the impact of Brexit and will call on the chancellor to dispel some of the uncertainty over negotiations with Europe. – Financial Times

The Bank of England has asked large British lenders to detail their current exposure to Deutsche Bank and some of the biggest Italian banks, including Monte dei Paschi, amid mounting market jitters over the health of Europe’s financial sector. The request was made in recent weeks by the BoE’s Prudential Regulation Authority as investors sold off Deutsche and Monte dei Paschi, both of which have been the subject of scrutiny over their capital levels. – Financial Times

Philip Hammond should spend £2.1bn in the autumn statement on extending maternity leave to encourage more women to return to work, the CBI has said. The business lobby group urged the chancellor to adopt an £11.5bn shopping list of measures, including lengthening maternity leave from nine months to a year to bridge the gap with the earliest date from which parents can claim childcare support. – Guardian

The government is considering extending the powers of the Pensions Regulator in the light of the BHS scandal, it has emerged. In a letter responding to a parliamentary report into the demise of the department store chain, the business minister Margot James said the government was determined the regulator had the power it needed to “deter and tackle misbehaviour”. - Guardian

Bribery is a way of life for British companies working in emerging markets, with 85pc of managers forced to resort to it to do business, according to a new report. A 12-year inquiry by Prof Andrew Kakabadse, of Henley Business School, claims the vast majority of UK managers operating in these markets resort to the dishonest practice on a monthly basis – Telegraph

US close

US stocks ended mostly lower on Wednesday as oil prices weakened and amid heavy losses for technology giant Apple.

The Dow Jones Industrial Average ended up 0.2%, but the S&P 500 closed off 0.2% and the Nasdaq fell 0.6%.

Meanwhile, oil prices settled lower as doubts over OPEC’s proposed production cut overshadowed a surprise drop in US crude inventories. Data from the US Energy Information Administration showed US crude stockpiles declined by 553,000 barrels last week, versus expectations of a 1.7m barrel build.

Brent crude dropped 1.7% to $49.95 a barrel and West Texas Intermediate was down 1.5% to $49.22.

Apple declined after its fourth-quarter results late on Tuesday showed net income declined 19% to $9bn, on revenue of $46.9bn, down 9%. Although income was a little better than expected, revenue fell short of analysts’ forecasts.

CMC Markets said: "Positive earnings and oil news unable to keep US markets from declining. It’s been another difficult day for US markets which increasingly look under distribution and vulnerable. Although better than expected results from Boeing and Mondelez helped their stocks to gain 3-4% on the day, broader indices declined."