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What you need to know before the open


Today's top story: BAE Systems wins £20bn Australian frigate contract

Today's leader: It's time to start considering an extension to the Brexit transition period

Consumers and businesses in the UK unexpectedly lost confidence about the future of the economy in June, possibly due to uncertainty around Brexit and ongoing trade disputes around the world. GfK's research for the European Commission showed consumer confidence fell to -9 from -7 in May.

Lending giant Deutsche Bank has been dealt another blow as its US subsidiary failed the second part of the US Federal Reserve's annual stress tests, citing "widespread and critical deficiencies" in the company's capital planning controls.

The FTSE is expected to open 0.5 per cent higher at 7,654, while Germany's Dax will rise 0.64 per cent to 12,256, and the French Cac is expected to creep up 0.63 per cent to open at 5,310, according to IG.

Asian shares started to recover after hitting nine-month lows this week as China relaxed its foreign investment limits.

MSCI's broadest index of Asia-Pacific shares was one per cent higher, while Aussie shares stayed flat. Chinese shares rallied, as its blue-chip CSI300 index rose 1.5 per cent, while the Shanghai Composite was 1.1 per cent higher.

​Corporate news

  • Petropavlovsk – The mining company embroiled in a bitter board battle will hold its annual meeting today
  • Novartis – is aiming to spin off its Alcon eye care devices business and launch a bumper share buyback
  • Serco – Public service giant will issue a trading statement
  • Tata – a deal is reportedly close on a merger that will create Europe's second biggest steelmaker


  • 9.30 – UK Gross Domestic Product (first quarter)
  • 9.30 – UK Mortgage Approvals (May)
  • 10.00 – Eurozone Consumer Price Index (June)


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