UK Economy Expected to Fall Into Recession at 1H 2023

0740 GMT - There are increasing signs that a meaningful slowdown in the U.K. is approaching, with the economy expected to face a recession by early 2023, Wells Fargo international economist Nick Bennenbroek says in a note. "With price pressures intensifying even further over the balance of 2022... it seems clear that declining real household incomes will weigh even more heavily on consumer spending and overall GDP growth in the months and quarters ahead," he says. Wells Fargo expects U.K. economic growth to stall in 4Q, while GDP is set to shrink by 0.4% in both 1Q and 2Q 2023. "Even against this uncertain growth backdrop, intensifying inflation pressures suggest the Bank of England will need to continue with its monetary tightening cycle for a while yet," Bennenbroek says. (xavier.fontdegloria@wsj.com)

 
Companies News: 

Mondi Completes Sale of Personal Care Components Ahead of Schedule

Mondi PLC said Friday that it has completed the disposal of its Personal Care Components business to Nitto Denko Corp. for 615 million euros ($644.8 million) ahead of schedule.

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Aston Martin Lagonda Regularly Monitors Funding Options; Trading in Line

Aston Martin Lagonda Global Holdings PLC said late Thursday that it regularly keeps funding options under review and that any financing, if made, would be used to support and accelerate the company's growth.

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Itaconix 1H Revenue Hit Record High; Set to Meet Full-Year Market Views

By Sabela Ojea

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M.J. Gleeson Meets Target With Sale of 2,000 Homes in FY 2022

M.J. Gleeson PLC said Friday that it doubled home sales for the financial year ended June 30 after completing the sale of 2,000 homes.

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Lamprell Shareholder Considers Takeover Bid

Lamprell PLC's shareholder Sami Al Angari said Friday that it is considering an offer to acquire the rest of the troubled United Arab Emirates-based company.

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Kazatomprom CEO Mazhit Sharipov Steps Down for Personal Reasons

NAC Kazatomprom JSC said Friday that Chief Executive Officer Mazhit Sharipov will step down on Monday for personal reasons.

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Braemar Shipping Says Performance Is Ahead of Expectations

Braemar Shipping Services PLC said Friday that its performance in the year ending February 2023 continues to be strong and ahead of management's expectations.

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S4 Capital Agrees to Buy Marketing Agency XX Artists

S4 Capital PLC said Friday that it has entered into a deal to buy the U.S.-based social-media marketing agency XX Artists to combine it with Media.Monks.

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Ukrproduct Suspends Shares as War Delays Audit, Hurts 2022 Performance

Ukrproduct Group Ltd. said Friday that it has suspended its shares from trading because it can't complete its 2021 audit due to the war in Ukraine, and that the current year's performance has been hurt by the conflict.

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CVS Group Says U.K. Watchdog Completed Investigation Over The Vet Deal, Buys OCVC

CVS Group PLC said on Friday that the U.K. Competition and Markets Authority has completed its investigation on CVS' acquisition last year of Quality Pet Care Limited, which trades as The Vet, and added that it has acquired OCVC Limited and that it is currently performing in line with expectations.

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Vertu Motors Buys Online Car Wiper Blades Business for GBP3.5 Mln -- Deal Digest

ACQUIRER: Vertu Motors PLC

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BlueRock Diamonds 2021 Loss Narrowed, Fundraising Talks Continue

BlueRock Diamonds PLC on Friday reported a narrowed loss for 2021 and said that it remains in talks to secure further financing.

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Block Energy to Step Up Drilling in 2022, 2023 -- Energy Comment

Block Energy PLC on Friday reported a narrowed loss for 2021, and promised to accelerate drilling in 2022 and 2023 to increase oil production and target gas deposits. Here is what the Georgia-focused oil-and-gas company had to say:

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Pennpetro Energy Trading Suspended Due to 2021 Accounts Delay

Pennpetro Energy PLC said Friday that trading in its shares has been temporarily suspended as the U.K.-based company hasn't been able to publish its 2021 accounts by the June 30 deadline.

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Lamprell Shares Suspended Due to Delayed Publication of 2021 Accounts

Lamprell PLC said Friday that its shares have been suspended pending the release of its 2021 results.

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

July 01, 2022 03:59 ET (07:59 GMT)

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