Sterling Falls as BOE Rate Rise Expected to Be Small Compared to
Fed
0712 GMT - Sterling falls ahead of a Bank of England policy
decision where it's expected to raise interest rates but by much
less than the Federal Reserve's 75 basis points rise on Wednesday.
U.K. inflation is near double digits, but unlike the Fed, the BOE
doesn't have the flexibility to raise rates by 75 basis points as
the U.K. economy is shrinking, 60 Second Investor managing editor
Kathy Lien writes. Although the BOE will signal further rate rises
beyond Thursday, a smaller move should limit demand for sterling,
she says. Economists polled by the WSJ expect the BOE to lift its
key rate by 25bp to 1.25%. GBP/USD falls 0.4% to 1.2127 and EUR/GBP
rises 0.2% to 0.8594. The BOE's decision is at 1100 GMT.
(renae.dyer@wsj.com)
Companies News:
Halma Reports Higher FY 2022 Profit, Expects Growth to Continue
in FY 2023
Halma PLC on Thursday reported an improved profit for the year
ended March 31 and forecast further growth for fiscal 2023.
---
Informa Backs 2022 Guidance, Increases Buyback After Strong
Five-Month Trading
Informa PLC on Thursday backed its guidance for the full year
and increased its share buyback program after booking strong
performances in all businesses in the first five months of
2022.
---
Halma Names Marc Ronchetti as Next CEO; Andrew Williams to
Retire Next Year
Halma PLC said Thursday that Chief Executive Officer Andrew
Williams has decided to retire next year, and he will be succeeded
by Chief Financial Officer Marc Ronchetti.
---
Capco to Buy Shaftesbury in All-Share Deal
Capital & Counties Properties PLC said Thursday that it has
agreed to buy Shaftesbury PLC in an all-share deal that will give
Shaftesbury shareholders 53% of the combined group.
---
France's Veolia to Sell Suez's UK Waste Business
Veolia Environnement SA will sell Suez's waste business in the
U.K., after the country's antitrust watchdog--the Competition and
Markets Authority--said its takeover of Suez would harm competition
in the supply of several waste- and water-management services.
---
ASOS Warns of Inflation Hit; Appoints New CEO, Chairman
ASOS PLC said Thursday that it has adjusted it outlook for
fiscal 2023 as inflation hits consumers, and that it has appointed
Jose Antonio Ramos as its new chief executive officer and Jorgen
Lindemann as chairman.
---
Halfords Expects FY 2023 Profits to Fall on Lower Demand,
Inflation
Halfords Group PLC on Thursday forecast lower profits for fiscal
2023 as reduced demand and cost inflation are hurting its
performance.
---
Inchcape Sees 2022 Pretax Profit Beat After Strong Distribution
Business Performance
Inchcape PLC said Thursday that it has continued to perform
strongly since its first-quarter update, with 2022 pretax profit
now forecast to beat market consensus after the strong performance
of its distribution business.
---
Mountview Estates FY 2022 Pretax Profit Fell on Higher Costs,
Raises Dividend
Mountview Estates PLC said Thursday that pretax profit for
fiscal 2022 fell, despite higher revenue and raised its total
dividend payout by more than 75%.
---
THG Says Potential Offers Undervalue Company; Hasn't Provided
Due Diligence Access
THG PLC said Thursday that recent takeover approaches undervalue
the company, and that therefore it hasn't provided the parties due
diligence access after consultation with its major
shareholders.
---
GB Group Appoints Richard Longdon Chair; FY 2022 Pretax Profit
Fell on Higher Costs
GB Group PLC said Thursday that David Rasche is stepping down as
chairman and that Richard Longdon has been appointed to the role
effective Sept. 1, as it reported a fall in pretax profit for
fiscal 2022 after booking higher costs.
---
Boohoo's 1Q Revenue Suffered a Hit on Lower International, US
Sales
Boohoo Group PLC said Thursday that revenue suffered a hit in
the first quarter of fiscal 2023, but that its outlook for the
full-year remains unchanged as its performance was still up 75%
compared to prepandemic levels.
---
N. Brown 1Q FY 2023 Rev Fell; Business Environment Challenging
So Far This Yr
N. Brown Group PLC said Thursday that the managed fall in
revenue continued during the first quarter of fiscal 2023 though at
a more moderate level, and that the business environment has been
challenging since the start of the year.
---
Hurricane Energy Sees $5 Mln Hit From UK Windfall Tax Up to
July
Hurricane Energy PLC said Thursday that it estimates an impact
of around $5 million from the new U.K. Energy Profits Levy up to
the end of July.
---
ASOS Cuts FY 2022 Guidance as Inflation Hits Consumers; Appoints
New CEO -- Update
ASOS PLC said Thursday that it has lowered its outlook for
fiscal 2022 as inflation hits customers, and that it has appointed
Jose Antonio Ramos as its new chief executive officer and Jorgen
Lindemann as chairman.
---
musicMagpie 1H Revenue, Adjusted Ebitda Fell In Challenging
Environment
MusicMagpie PLC said Thursday that revenue and adjusted Ebitda
fell for its first half of fiscal 2022 amid a challenging economic
environment.
---
NWF Group FY 2022 Performance Stronger Than Anticipated; Expects
Record Results
NWF Group PLC said Thursday that its performance in fiscal 2022
was materially stronger than what it expected at the start of the
year, and that it will deliver record results for the year ended
May 31.
---
CareTech Holdings 1H Pretax Profit Fell Amid Higher Costs and
Lower Occupancy
CareTech Holdings PLC said Thursday that pretax profit for the
first half of fiscal 2022 fell but that its performance was broadly
in line with the board's expectations.
---
Best of the Best Shares Jump on GBP6.3 Mln Return to
Shareholders
Shares in Best of the Best PLC rose 24% in early trade Thursday
after the company said that is planning to return up to 6.3 million
pounds ($7.7 million) to shareholders via a tender offer, as part
of its plan to return surplus cash.
---
Feedback to Report FY 2022 Revenue Increase; Shares Rise
Shares in Feedback PLC rose Thursday after it said that it
expects to report a rise in revenue for fiscal 2022, and that it
continued targeting a number of opportunities as it remained
focused on investing in the U.K. and India.
---
Petroneft Resources Granted Extension to Publish 2021
Results
Petroneft Resources PLC said Thursday that it has been granted
an extension of up to three months to report its 2021 results, to
Sept. 30, due to the continued impact of Covid-19.
Market Talk:
ASOS Should Focus on High Return Rate
0707 GMT - ASOS has downgraded its full-year guidance on
inflationary pressures, but the key question is whether the recent
increase in the expensive practice of customers having to return
items--its return rate--is a lasting phenomenon, Berenberg says.
The online fashion retailer also expects to close its fiscal 2022
year with a net debt in the range of GBP75 million to GBP125
million, but the German bank doesn't see any cause for concern in
respect to liquidity. ASOS's GBP500 million convertible bonds are
not due until 2026 and it has a GBP350 million revolving credit
facility available, Berenberg notes. (sabela.ojea@wsj.com;
@sabelaojeaguix)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
June 16, 2022 03:31 ET (07:31 GMT)
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