UKX FTSE 100 Index

By Silvia Ascarelli, MarketWatch

BHP Billiton slashes productivity savings target

The U.K.'s main stock index struggled toward its fourth straight gain on Tuesday, held in check by losses for heavyweight miner BHP Billiton.

How markets are performing

The FTSE 100 slipped into the red at 7,585.68, after rising 0.4% in the prior session. However, the British blue-chip gauge is showing a drop of 1.3% for the year to date.

The pound was buying $1.2834, up from $1.2795 late Monday in New York. The currency could be swayed by talks in Brussels between Britain's Brexit minister, Dominic Raab, and the EU's chief negotiator, Michel Barnier, to discuss the future relationship between the U.K. and the euro area.

U.S. stock futures were also struggling for direction (http://www.marketwatch.com/story/stock-futures-flat-as-sp-nasdaq-eye-records-investors-look-for-fed-clarity-2018-08-21), as earnings season dies down and investors await the release of minutes from the Federal Reserve's last meeting. On Friday, Fed Chairman Jerome Powell will give a speech at the Fed's annual summer retreat in Jackson Hole. The dollar was sagging (http://www.marketwatch.com/story/dollars-losing-streak-stretches-to-five-after-trump-complaints-about-fed-2018-08-21), a day after a report surfaced that President Donald Trump criticized the Fed's monetary policy, expressing particular disappointment in his appointee Powell.

Read:Here's how the Jackson Hole gathering may influence the dollar, bonds and emerging markets (http://www.marketwatch.com/story/heres-how-the-jackson-hole-gathering-may-influence-the-dollar-bonds-and-emerging-markets-2018-08-20)

European stocks were modestly firmer.

Stocks in focus

BHP Billiton(BLT.LN) (BHP.AU) earnings fell short of expectations, and the higher dividend couldn't compensate for that (http://www.marketwatch.com/story/bhp-posts-higher-profit-and-dividend-2018-08-21). The stock fell 1.5% in early trade.

"Investors don't consider the dividend hike to be a permanent fixture and there were several other points of concern, such as rising costs at key copper, oil and coal units and the slashing of productivity savings target in half," said Jasper Lawler, head of research at London Capital Group, in a note.

As a result, analysts may downgrade forecasts for the 2019 fiscal year, he said.

Shares of Polymetal(POLY.LN), another miner, added 0.3% after the company reported earnings (http://www.marketwatch.com/story/polymetal-hikes-dividend-as-net-profit-rises-46-2018-08-21).

Persimmon(PSN.LN), the U.K.'s second-largest home builder, reported a 13% rise in pretax profit for the first six months of the year (http://www.marketwatch.com/story/persimmon-profit-up-on-rising-sales-margins-2018-08-21), outpacing a 5% rise is sales. Shares were dup 1.2%.

(END) Dow Jones Newswires

August 21, 2018 04:04 ET (08:04 GMT)

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