Pound Seen Supported by Bets BOE Will Tighten Before ECB
Sterling falls versus the euro but remains near its recent highs
due to the market's view that the Bank of England will be more
responsive to inflation than the European Central Bank, ING says.
The market is pricing in a 5 basis points U.K. interest rate rise
in November followed by 25 basis points in February, ING analysts
say. "We think that is too aggressive, but the BOE has yet to
disavow the market of these expectations." Meanwhile, the European
Central Bank is reportedly working on a new bond-buying program for
when its pandemic scheme ends in March, which should serve as a
reminder that the ECB won't be rushing into removing stimulus, the
analysts say. EUR/GBP rises 0.1% to 0.8518.
Companies News:
Hardide 2H Revenue Expected to Be in Line With 1H
Hardide PLC said Thursday that revenue for the second half of
fiscal 2021 will be in line with the first, and that its loss
before interest, taxes, depreciation and amortization should meet
expectations.
---
Impax Asset Management: 4Q Assets Under Management Rose
Impax Asset Management Group PLC said Thursday that assets under
discretionary and advisory management rose in the last quarter of
fiscal 2021.
---
Workspace Group Says Customer Demand Improved During 2Q 2022
Workspace Group PLC said Thursday that customer demand improved
during the second quarter of fiscal 2022 with a strong pickup in
September, and that it has collected 97% of rent for the quarter to
date.
---
Central Asia Metals 3Q Copper Production Above 2Q
Central Asia Metals PLC said Thursday that its third-quarter
copper production was above that of the second quarter, and that it
was on track to achieve the top end of its 2021 copper production
guidance at the copper-recovery plant in Kazakhstan.
---
Ramsdens Holdings Says 2H Performance Was Resilient
Ramsdens Holdings PLC said Thursday that its performance was
resilient in the second half of fiscal 2021 as a result of its
diversified business model and income streams.
---
Thruvision Expects to Post Fall in Revenue for 1H
Thruvision Group PLC said Thursday that it expects to report a
fall in revenue for the first half of fiscal 2022, and that it is
in discussions with U.S. Customs and Border Protection about
potential orders for the second half of the year.
---
Royal Dutch Shell Warns of Hurricane Hit, Expects Cash Boost
from Power Prices -- Update
Royal Dutch Shell PLC said Thursday that Hurricane Ida's impact
in the Gulf of Mexico hit its operations but it expects a cash
boost from high global energy prices in the third quarter.
---
Phoenix Global Resources Gets Increased Debt Funding from
Shareholder
Phoenix Global Resources PLC said Thursday that its major
shareholder has agreed to further increase a bridging debt facility
to $67.5 million from $50 million, to fund its planned work
programs.
---
Aura Energy Shares Fall on Offtake Agreement News; To Resume
Trading on ASX
Shares in Aura Energy Ltd. fell Thursday after the company said
that it had reached a $10 million offtake financing agreement with
Curzon Uranium Trading Ltd., and that its shares on the Australian
Securities Exchange will restart trading today at market open.
---
Radiator Company Stelrad to Raise GBP25 Mln in London IPO
Stelrad PLC, a manufacturer and distributor of steel panel
radiators, said Thursday that it is planning to raise 25 million
pounds ($34 million) and float on the London Stock Exchange.
---
Softline Holding to Proceed with London, Moscow IPOs
Softline Holding Ltd. said Thursday that it plans to proceed
with an initial public offering of its global depositary receipts
on the London and Moscow Stock Exchanges, as first flagged last
week.
---
Tungsten West to Float on London's Junior AIM; Trading Expected
to Start Oct. 21
Tungsten West PLC said Thursday that it plans to float on
London's junior AIM, with trading expected to start on Oct. 21.
---
Headlam Group's CEO Steve Wilson Steps Down
Headlam Group PLC said Thursday that Chief Executive Steve
Wilson has stepped down from the board and the group.
---
Mining Minerals & Metals in Talks to Acquire African
Exploration Licenses
Mining Minerals & Metals PLC said Thursday that it has
entered a nonbinding term sheet with Africa Resources Holdings, LLC
to acquire exploration licenses in South Africa in a deal that
would constitute a reverse takeover.
---
NatWest Pleads Guilty Over Money-Laundering Breach, Will Take 3Q
Provision
NatWest Group PLC said Thursday that it has pleaded guilty to
breaches of money-laundering regulations and warned of booking a
provision in its third-quarter results in relation to a potential
fine.
Market Talk:
Pendragon Flags Strong 3Q, But Shortages May Weigh
0933 GMT - Shares in Pendragon rise more than 6% after the U.K.
car dealership reported strong third-quarter trading and raised its
full-year underlying pretax profit guidance. "Pendragon has become
the latest car retailer to upgrade expectations, suggesting strong
demand remains intact," AJ Bell investment director Russ Mould
says. "How much longer the sector can continue to race ahead
remains in question, given the impact that shortages of key
components and supply-chain issues are having on auto
manufacturers."
---
UK Construction Stocks Gain After House-Price Rise
0902 GMT - U.K. house-builders gain after industry data showed
average house prices rising by 1.7% in September, though experts
said the end of tax relief could have played a role. The rate of
monthly growth was the strongest since February 2007, pushing
year-on-year price inflation up to 7.4%, according to
mortgage-lender Halifax. "Against a backdrop of rising pressures on
the cost of living and impending increases in taxes, demand might
be expected to soften in the months ahead, with some industry
measures already indicating lower levels of buyer activity,"
Halifax Managing Director Russell Galley says. Taylor Wimpey is the
sector's biggest top-flight riser, up 1.5%, while other FTSE 100
and FTSE 250-listed builders and property-related stocks also
gain.
---
Shell Says Hurricane Hit Output By 90,000 Barrels a Day
0745 GMT - Royal Dutch Shell PLC says Hurricane Ida curbed its
oil and natural gas production and earnings in the third quarter,
noting a 90,000 barrel a day impact on its upstream unit. The
integrated gas business is expected to produce between 890,000
barrels of oil equivalent a day and 950,000 barrels, says Shell.
Production from its upstream unit is expected at between 2.03
million barrels of oil equivalent a day and 2.1 million, the
company says. "Upstream and integrated gas volumes, even if guided
as low due to maintenance and outages, were impacted less than
expected," says Giacomo Romeo, analyst at Jefferies.
---
Shell Says Hurricane Ida Cost $400 Mln
0716 GMT - Royal Dutch Shell PLC says Hurricane Ida cost the
company around $400 million, mostly in its oil and gas production
unit. "The magnitude of this looks broadly in line with
expectations," says Biraj Borkhataria, analyst at RBC Capital
Markets. The hurricane damaged a platform which transfers oil and
natural gas from Shell's Mars corridor to onshore terminals.
Repairs are expected to keep the platform offline until the end of
the year, the company says, which has a knock-on impact to
production from the facilities it connects to.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
October 07, 2021 06:12 ET (10:12 GMT)
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