Experian sales rise 5pc, B&M's new stores drive growth

London open

The FTSE 100 is expected to open almost exactly flat, according to pre-market trading.

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Information services firm Experian drove total revenue growth of 5% at constant exchange rates in the first quarter to 30 June and 1% at actual exchange rates. Of that, North America contributed 5% of the totla revenue growth at constant exchange rates, Latin America 8%, UK and Ireland 1% and EMEA Asia Pacific 9%, though Latin America and UK and Ireland both declined by 6% and 5% respectively.

Opening 12 new UK stores and five in Germany, B&M European Value Retail drove strong first-quarter revenue and said it was "on course" to hit market forecasts. Group sales rose 21.5% to £554.8m on a reported basis over the 13 weeks ending 25 June, or 20.6% at constant currencies, though UK like-for-like sales were 0.0% and on an underlying basis up 1.7%.

Newspaper round-up

Britain’s housing market has taken a post-referendum nosedive with a sharp drop in purchase enquiries at estate agents, a reduction in sales agreed and expectations of falling prices. In its latest survey of estate agents and surveyors, conducted after the June 23 vote to leave the EU, the Royal Institution of Chartered Surveyors found a “marked drop in activity in the housing market”. – Financial Times

Up to eight North Sea oil platforms owned by Royal Dutch Shell were facing the threat of strike action last night after rig workers rejected plans for further steep pay cuts. More than 200 employees of Wood Group, one of the North Sea’s biggest engineering contractor groups, voted overwhelmingly in favour of the strike, with 99.1 per cent of members of the Unite union and more than 98.5 per cent of RMT members coming out in support. – The Times

Half a billion people in 25 of the west’s richest countries suffered from flat or falling pay packets in the decade covering the financial and economic crisis of 2008-09, according to a report highlighting the impact of the Great Recession on household incomes. Research by the McKinsey Global Institute found that between 65% and 70% of people in 25 advanced countries saw no increase in their earnings between 2005 and 2014. – Guardian

US close

Wall Street's Dow Jones and S&P 500 indices inched higher to extend their all-time highest closes for the fourth day on Wednesday as falling oil prices put the brakes on any larger gains.

The Dow Jones added 0.13% to finish the session at 18,372.12 and the S&P nosed 0.01% higher to 2,152.43, while the Nasdaq dipped 0.34% lower to 5,005.73.

Crude prices fell after the International Energy Agency (IEA) said a global supply glut was threatening market recovery.