FTSE 100 Rises Ahead of Wednesday's Fed Decision
0806 GMT - The FTSE 100 index rises 0.45% to 7179.35 in early
trade, tracking gains in European stocks as traders tend to bet
that the Federal Reserve will continue with U.S. monetary stimulus
at Wednesday's meeting, shrugging off signs of rising inflation.
Investors will likely stay cautious ahead of the Fed's decision. In
the U.K., data showing a drop in the unemployment rate and a sharp
fall in jobless claimants might have helped offset news that the
U.K.'s planned reopening of the economy will be delayed by four
weeks. Primark-owner Associated British Foods is the biggest riser,
up 3.8%, while British Airways-owner International Consolidated
Airlines rises 1.9%. Commodity stocks are mostly lower, while
Ashtead falls 0.6% after reporting a fall in full-year profit.
(jessica.fleetham@wsj.com)
Companies News:
Ashtead FY 2021 Profit Fell, Declares Increased Dividend
Ashtead Group PLC on Tuesday reported a fall in profit for
fiscal 2021, and raised its dividend.
---
Boohoo 1Q Revenue Increased 32%; Reaffirms Full-Year
Guidance
Boohoo Group PLC said Tuesday that its revenue grew 32% in the
first quarter of the fiscal year and it reaffirmed
expectations.
---
International Personal Finance Expects Stronger Rebound on
Reduced Impairments
International Personal Finance PLC said Tuesday that its
collections performance has continued to be strong since its April
update, and that this will result in a faster-than-anticipated
improvement in impairments as a percentage of revenue.
---
On the Beach 1H 2021 Pretax Loss Narrows, Guidance Remains
Suspended Due to Pandemic
On the Beach Group PLC said Tuesday that its pretax loss for the
first half of fiscal 2021 narrowed after booking lower costs, and
that it maintains its full-year guidance suspension until the
overall effect from the pandemic becomes clearer.
---
Wentworth Resources Raises 2021 Production Guidance
Wentworth Resources PLC on Tuesday upgraded its gas production
guidance for 2021 on the back of strong Tanzanian demand.
---
Tavistock Investments to Report Swing to FY 2021 Pretax
Profit
Tavistock Investments PLC said Tuesday that it expects to report
a swing to pretax profit for fiscal 2021.
---
Bellway Sees FY 2021 House Completions Recovering to 2019
Levels
Bellway PLC said Tuesday that it has seen strong sales demand in
the second half of fiscal 2021 to date, and it expects full-year
housing completions to return to pre-coronavirus pandemic
levels.
---
Non-Standard Finance Working on Capital Raising of Around GBP80
Mln
Non-Standard Finance PLC said Tuesday it is working on a
substantial equity-capital raising that is expected to be valued at
around 80 million pounds ($112.9 million), supported by its largest
shareholder.
---
GB Group's FY 2021 Pretax Profit, Revenue Rose Ahead of Market
Views
GB Group PLC said Tuesday that pretax profit rose 66% in fiscal
2021 with revenue ahead of market expectations and declared a final
dividend.
---
Access Intelligence Buys Australia's iSentia Group for GBP19.4
Mln; to Raise GBP52 Mln
Access Intelligence PLC said Tuesday that it is buying
Australian media intelligence and insights company iSentia Group
Ltd. for 19.4 million pounds ($27.4 million), which will be funded
via a share subscription and placing.
---
IDOX 1H Profit Rose; Sees FY 2021 Ahead of Views
IDOX PLC said Tuesday that it expects its performance for the
fiscal year to be slightly ahead of previous expectations, after
reporting a significantly improved profit for the first half.
---
K3 Capital Sees FY 2021 Revenue, Ebitda Ahead of Guidance
K3 Capital Group PLC said Tuesday that it expects to report
revenue and adjusted earnings for fiscal 2021 ahead of previous
guidance.
---
MobilityOne Expects Rise Pretax Profit, Revenue for 2020
MobilityOne Ltd. said Tuesday that it expects to report a rise
pretax profit and a 46% increase in revenue for 2020.
---
AIQ Sells Noncore Activities; Cuts Headcount by 60%
AIQ Ltd. said Tuesday that it has decided to sell noncore
activities and cut total headcount by more than 60% to preserve
cash as part of a strategic review, as it prioritizes new sources
of revenue.
---
Property Franchise Group Revenue Surged in Early 2021
Property Franchise Group PLC said Tuesday that revenue for 2021
to date rose significantly on year and compared with 2019, in line
with its expectations.
---
Kin & Carta Expects FY 2021 Adjusted Pretax Profit to Beat
Market Views
Kin & Carta PLC shares rose on Tuesday after it said that it
expects adjusted profit for fiscal 2021 to be ahead of market
expectations but it doesn't intend to resume dividends in the near
term.
---
Keywords Studios CEO to Retire; Says Four-Month Revenue Grew
Keywords Studios PLC said Tuesday that Chief Executive Andrew
Day will be leaving his role with immediate effect, and said it has
made a good start to 2021 with revenue growing for the first four
months of the year.
---
TP Group Posts Widened 2020 Loss, Shares Fall
Shares in TP Group PLC dropped Tuesday in early trading as the
company reported a widened loss for 2020.
---
IG Design Swung to FY 2021 Profit, Revenue Rose
IG Design Group PLC said Tuesday that it swung to a pretax
profit in fiscal 2021 on higher revenue, and set out its new growth
plan.
---
MGC Pharmaceuticals CannEpil Treatment Added to Irish Healthcare
Service
MGC Pharmaceuticals Ltd. said Tuesday that its medicinal
cannabis product CannEpil, designed to treat refractory epilepsy,
has been added to Ireland's Primary Care Reimbursement Service.
---
Alba Mineral Resources Exits Brockham Oil Field -- Deal
Digest
ACQUIRER: Angus Energy PLC
---
Norman Broadbent Appoints Peter Searle as Executive Chairman
Norman Broadbent PLC said Tuesday that it has appointed Peter
Searle as executive chairman.
---
Northbridge Industrial Services 1H 2021 Earnings Higher Than 1H
2020
Northbridge Industrial Services PLC said Tuesday that revenue
and adjusted pretax profit for the first half of 2021 are above
those from a year earlier, and on track to meet management
expectations.
---
APQ Global Names New Finance Director
APQ Global Ltd. said Tuesday that Finance Director Wesley Davis
is stepping down from the role and will be replaced by Philip
Soulsby.
---
CML Microsystems FY 2021 Profit, Revenue Fell; Declares Special
Dividend
CML Microsystems PLC said Tuesday that fiscal 2021 pretax profit
and revenue fell, but declared a special dividend of 50 pence.
---
Renalytix AI 3Q Net Loss Widened on Higher Expenses
Renalytix AI PLC said Tuesday that its net loss for the third
quarter of fiscal 2021 widened sharply as the company booked higher
research-and-development expenses as well as general and
administrative costs.
---
Sistema 1Q Net Loss Narrowed
Sistema JSFC said Tuesday that its net loss narrowed in the
first quarter of 2021 as revenue rose, and that it expects 2021
revenue growth of no less than 4% for its telecommunications
company, MTS.
Market Talk:
Turbulence Lies Ahead for UK Labor Market -- Talk
0809 GMT - The U.K. jobs market has regained some strength in
the opening months of 2021 but ING says the rest of the year is
likely to be turbulent. The furlough scheme has helped stabilize
the situation in stressed sectors but unemployment is likely to
rise again as wage support ends in September, says James Smith,
developed markets economist at ING. However, ING believes the spike
will be considerably less pronounced than it might have been had
support ended earlier. "A short extension to the furlough scheme
may be needed if the four-week delay to ending restrictions needs
to be extended further," Smith says. (maria.martinez@wsj.com)
England's Reopening Delay to Have Modest Effect on UK Economic
Growth
0804 GMT - The four-week delay in removing England's remaining
Covid-19 restrictions is likely to have a mild impact on the U.K.'s
short-term economic growth prospects, says Andrew Goodwin, chief
U.K. economist at Oxford Economics. Keeping the remaining
restrictions in place will mean lower activity in June and July,
but the impact on yearly growth rates will be modest, he says.
Oxford Economics now forecasts U.K. GDP will rise by 7.7% this year
and 6.2% in 2022. Prior to the delay, the forecasting firm had
projected the economy to expand by 8% in 2021 and by 5.9% in the
next year. (xavier.fontdegloria@wsj.com)
UK Jan 2028 Gilt Auction to Find Support
0744 GMT - The U.K. Debt Management Office's planned sale of
GBP2.75 billion in the 0.125% January 2028 gilt should find support
at Tuesday's auction as the bond looks attractive from a valuation
standpoint and it is unlikely to be tapped again, says RBC Capital
Markets. "Despite the global fixed income rally over the past few
sessions the bond has cheapened up on asset swap spreads and on the
curve," analysts at the bank say, adding that that cheapening
should leave it room to perform well following the event. Also,
there are no further taps schedule for the bond, and a new 7-year
benchmark is to be issued in September, suggesting this is the last
tap for the bond in its regular tapping cycle, they say.
(lorena.ruibal@wsj.com)
AstraZeneca's Covid-19 Drug Fails in First Large Trial, But All
Hope Isn't Lost
0734 GMT - AstraZeneca's AZD7422 drug for the prevention of
symptomatic Covid-19 failed to reach its primary goal in its first
large trial, but might be useful to protect people who haven't been
exposed or infected to the virus before, Bryan Garnier says. Aside
from its vaccine, the investment of the Cambridge, U.K.-based
pharmaceutical company against the coronavirus pandemic also
includes the development of AZD7442, a long-acting antibody
cocktail for which the company has high hopes, Bryan Garnier says.
"Two other studies called Provent and Tackle, in pre-exposure
prevention and in treatment to prevent severe cases, are still
ongoing which might teach better about how AZD7442 could be used,"
Bryan Garnier analyst Eric Le Berrigaud says.
(adria.calatayud@dowjones.com)
Inflation Regime Change Seems Unlikely
0704 GMT - Inflation in advanced economies is set to rise this
year to the highest rate in a decade, Adam Slater, lead economist
at Oxford Economics, says. This has created fear of a shift to a
high inflation regime which could include inflation persistently
above 5% and with very different dynamics, having profound
consequences for economies and financial markets, the economist
says. "While the evidence suggests a shift to a high inflation
regime can't be ruled out, for now we would only give it a
probability of around 10% for the global economy, and a slightly
higher 15% for the U.S.," Slater says. (maria.martinez@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
+44-20-7842-931
(END) Dow Jones Newswires
June 15, 2021 04:29 ET (08:29 GMT)
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