TOP STORIES 



  KFC Chinese Operator to Raise $2.2 Billion From Hong Kong Stock Sale 


  China's largest restaurant company Yum China Holdings Inc. is set to raise around $2.2 billion in a secondary listing in Hong Kong. 


  Yum China, which operates KFC and Pizza Hut in China, on Friday said it fixed the offering price at 412 Hong Kong dollars ($53.16) a share. That represents a roughly 5% discount to Yum China's closing price in New York Thursday. Follow-on share offerings are usually priced slightly cheaper than the shares outstanding. 


  STORIES OF INTEREST 


  Pret a Manger Seen as Well Placed Amid Tough Times -- Market Talk 


  0801 GMT - Pret a Manger is adjusting well to the evolving market conditions despite heavy headwinds, Shore Capital says. The sandwich chain is developing a new digital environment where it can launch offers and promotions to boost its recovery, the U.K. investment group says. Furthermore, the company is likely to capture more market share as many competitors fall out of play, it adds. Still, "we do not see a return to pre-coronavirus levels of commuting, which poses major ongoing issues for the food and beverage channel," Shore says. (matteo.castia@dowjones.com) 


  AB Foods to Flag 4Q in Line With 3Q; Trading in Focus -- Market Talk 


  1310 GMT - Associated British Foods is likely to report a continuation of third-quarter trends in the fourth quarter in an end-of-year trading update on Sept. 7, says Numis Securities. Numis expects messaging to be broadly consistent with the 3Q trading update, as declines at discount clothing retailer Primark are offset by strong progress across the company's other divisions. Numis expects Primark full-year like-for-like sales to have fallen 26%, implying a 9% drop in July and August, supporting profitability towards the upper end of management's GBP300-350 million range. "Key will be any colour on trading," says analyst Simon Bowler. (philip.waller@wsj.com) 


  FUTURES MARKETS 


  Livestock Rises As Pork Demand Lingers On -- Market Talk 


  15:40 ET - Live cattle prices bounce back for early losses to close 0.5% higher, at $1.04 a pound, as traders digest a disappointing summer season with too many animals on feed and demand from restaurants still missing. "The beef is looking weaker," trader Dan Norcini tells WSJ. Lean hogs extended their gains rising 1%, to 59.83 cents a pound. Norcini says traditional sales promotion in October, known as Pork Month, is likely to keep prices strong. "Cutout for pork remains strong with hams in demand most probably export related," he says. (paulo.trevisani@wsj.com; @ptrevisani) 


   CASH MARKETS 

 
Estimated U.S. Pork Packer Margin Index - Sep 4 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Sep  4       +$ 65.36            +$ 44.59 
Sep  3       +$ 66.84            +$ 44.81 
Sep  2       +$ 54.87            +$ 29.71 
 
* Based on Iowa State University's latest estimated cost of production. 
A positive number indicates a processing margin above the cost of production of the animals. 
 
Beef-O-Meter 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
 
                                  Beef 
          For Today              Choice   99.4 
      (Percent of Year-Ago)      Select  103.6 
 
USDA Boxed Beef, Pork Reports 
 


  Wholesale choice-grade beef prices Friday fell $1.39 per hundred pounds, to $225.85, according to the USDA. Select-grade prices fell $3.20 per hundred pounds, to $209.30. The total load count was 108. Wholesale pork prices fell 10 cents, to $79.81 a hundred pounds, based on Omaha, Neb., price quotes.