FTSE 100 Live: Taylor Wimpey upgrades profit guidance, OPEC meets

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H

ousebuilder Taylor Wimpey today upgraded profits guidance amid signs of continued resilience in the UK property market.

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The FTSE 100-listed company reported a 16% rise in interim profits to £334.5 million and said it expects a full-year performance around the top end of current City forecasts.

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Chief executive Jennie Daly said housing market fundamentals remain positive: “Demand for our homes remains strong.”

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FTSE 100 lower ahead of OPEC meeting

Heightened tensions between the US and China following House Speaker Nancy Pelosi’s visit to Taiwan contributed to a poor session for Wall Street last night.

Investors were also unnerved by some Federal Reserve policymakers signaling that further aggressive interest rate hikes may still be necessary to tackle high inflation.

The Dow Jones Industrial Average fell 1.2%, although the decline for the Nasdaq was limited to 0.2% as the tech-focused index continued its recent outperformance.

In extended hours trading, PayPal shares soared 11% on the back of robust second quarter results and positive guidance for the rest of the year. But shares in Airbnb fell 8% after its results disappointed on the revenues front.

US futures markets are pointing to a mixed session on Wall Street later, while CMC Markets expects the FTSE 100 index to open 10 points lower at 7399.

At the latest OPEC meeting, the weaker demand outlook is set to mean ministers stick to existing production plans. Brent crude stayed close to $100 a barrel today.

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Credit: www.standard.co.uk /

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