UKX FTSE 100 Index

FTSE 100 Poised to Fall; Asia, US Make Gains

0726 GMT - The FTSE 100 Index looks set to open seven points lower at 7529, according to IG futures data, though Asia markets rise and Wall Street closed higher. Markets in Australia, mainland China, Hong Kong, Japan and South Korea all make gains and the Dow rose 1%. Brent crude drops 0.7% to $74.80 a barrel. "Today's main event is the FOMC meeting, where we expect the Fed to hike rates by 25 basis points," Danske Bank analysts say in a note. "Focus will mainly be on the Fed's guidance on future moves." (philip.waller@wsj.com)

 
Companies News: 

Superdry to Sell Intellectual Property Assets in APAC for $50 Mln

Superdry PLC said Wednesday that it has signed an intellectual property transfer agreement with South Korea-based Cowell Fashion Co. Ltd. for the sale of its assets in certain countries within Asia Pacific for an upfront payment of $50 million in cash.

---

XPS Pensions Sees 2023 Revenue Above Consensus

XPS Pensions Group PLC said Wednesday that it expects revenue for fiscal 2023 to be ahead of current consensus and that the board expects operational gearing to have improved after having managed costs well.

---

Vistry 2022 Pretax Profit Fell on Exceptional Costs; Early 2023 Sales Improving

Vistry Group PLC said Wednesday that 2022 pretax profit fell on exceptional costs and despite a rise in revenue, and it reported an encouraging start to the year with a trend of improving sales.

---

Braemar to Report FY 2023 Rise in Revenue, Underlying Operating Profit

Braemar PLC said Wednesday that it expects to report a rise in revenue and underlying operating profit for fiscal 2023, and that the board is looking at fiscal 2024 with confidence.

---

Fevertree 2022 Pretax Profit Fell on Glass, Freight Costs, Backs 2023 Views

Fevertree Drinks PLC said Wednesday that pretax profit for 2022 fell, mostly driven by increased glass costs and trans-Atlantic freight costs, but backed its 2023 guidance and raised the dividend payout.

---

Ten Entertainment 2022 Profit, Revenue Significantly Rose Postpandemic

Ten Entertainment Group PLC said Wednesday that its 2022 pretax profit significantly increased together with total sales, as it delivered its first undisrupted trading year since 2019.

---

Pendragon 2022 Pretax Profit Fall on Cost Inflation, Increased Interest Rates

Pendragon PLC said Wednesday that its 2022 pretax profit fell on cost inflation and increased interest rates, although revenue grew slightly, and that it won't proposed a final dividend.

 
Market Talk: 

Marks & Spencer's Savings Plan Underpins Outer Year Margin Progression

0633 GMT - Marks & Spencer Group's GBP400 million savings program will enable selective investment in its clothing offering before underpinning outer year margin progression despite 2024's weaker macro environment expectations, Citi says. The U.K. retailer's five-year plan to grow clothing's market share by one percentage point from 9% with margins above 10%, with food growing by one percentage point from 3.6% and margins above 4% equates to EPS of around 25 pence before considering the Ocado JV, Citi analyst Nick Coulter says in a note. "Whilst acknowledging its legacy challenges, we view the risk-reward to be skewed to the upside for the shares," he says. Citi upgrades its rating on the stock to buy from neutral and raises target price to 175 pence from 150 pence. (anthony.orunagoriainoff@dowjones.com)

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

(END) Dow Jones Newswires

March 22, 2023 03:55 ET (07:55 GMT)

FTSE 100
Index Chart
From Mar 2024 to Apr 2024

FTSE 100
Index Chart
From Apr 2023 to Apr 2024