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BOE Seen Lifting Rates in February After Latest Inflation Data

19/01/2022 9:06am

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BOE Seen Lifting Rates in February After UK Inflation Data

0822 GMT - Wednesday's higher-than-expected U.K. inflation data will likely encourage the Bank of England to raise interest rates for a second consecutive meeting in February but any further rate increases will be gradual, ING says. "With inflation rates set to plunge in 2023, and the prospects of a severe wage-price spiral looking less likely, subsequent moves are likely to be more gradual," ING economist James Smith says. ING expects two rate rises this year. The data showed U.K. consumer prices rose 5.4% year-on-year in December--the highest since March 1992--following a 5.1% increase in November and well above the BOE's 2% target. Economists in a WSJ survey expected a 5.2% rise. (renae.dyer@wsj.com)

 
Companies News: 

GlaxoSmithKline Names Tony Wood CSO Designate

GlaxoSmithKline PLC said Wednesday that it has appointed Tony Wood as chief scientific officer from August, replacing Hal Barron, who will become nonexecutive director.

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Smith & Nephew Buys Engage Surgical for Up to $135 Mln

Smith & Nephew PLC said Wednesday that it has acquired Engage Surgical for up to $135 million, contingent on sales performance.

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Burberry's 3Q Comparable Retail Sales Rose Ahead of Market Views

Burberry Group PLC said Wednesday that retail revenue and comparable store sales rose in the third quarter of fiscal 2022, with new customers driving double-digit full-price sales growth across all of its product categories.

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Antofagasta Expects Higher Costs in 2022; 2021 Output in Line With Guidance

Antofagasta PLC on Wednesday warned that its operational costs will jump this year, and reported that production for 2021 was in line with its guidance.

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Experian COO Kerry Williams to Retire; Craig Boundy Named

Experian PLC said Wednesday that Chief Operating Officer Kerry Williams plans to retire from his role after 19 years with the company, and will be replaced by Craig Boundy.

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Wise 3Q Revenue Rose 34%

Wise PLC said Wednesday that its revenue grew 34% in the third quarter of the fiscal year.

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Pearson Expects Increased 2021 Sales, Adj Operating Profit

Pearson PLC said Wednesday that it expects to report increased sales and adjusted operating profit for 2021.

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J.D. Wetherspoon to Report 1H Loss Due to Coronavirus-Related Restrictions

J.D. Wetherspoon PLC said Wednesday that sales for the second quarter of fiscal 2022 were hurt by coronavirus-related restrictions, and that it will be loss-making in the first half of the year.

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Christie Group Sees 2021 Operating Profit Significantly Ahead of Market Expectations

Christie Group PLC said Wednesday that it expects to report operating profit for 2021 significantly ahead of current market expectations.

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WH Smith Says Year-To-Date Revenue Is at 85% of Pre-Pandemic Levels

WH Smith PLC said Wednesday that revenue for the 20 weeks to Saturday was at 85% of 2019 revenue levels, with its high street--or brick-and-mortar retail--business being in a stronger position than its travel division due to the Covid-19 Omicron variant.

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Burberry's 3Q Comparable Retail Sales Rose Ahead of Market Views -- Update

Burberry Group PLC said Wednesday that retail revenue and comparable store sales rose in the third quarter of fiscal 2022, with new customers driving double-digit full-price sales growth across all of its product categories on a two-year basis.

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Liontrust 3Q Assets Under Management Rose

Liontrust Asset Management PLC said Wednesday that assets under management and advice for the third quarter of fiscal 2022 rose 20% from a year earlier.

 
Market Talk: 

UK Annual Inflation Could Reach 7% in April

0817 GMT - The U.K.'s inflation rate is set to rise even further in the coming months, to 7% in April from the December's 5.4%, Capital Economics' chief U.K. economist Paul Dales says. The increases in producer prices have yet to fully filter through to consumer prices, and the surge in energy prices could result in an increase in utility bills in April, he says. A 7% inflation rate would be higher than the peak of 6% that the Bank of England was forecasting when it raised interest rates in December, so another increase in rates is expected in February, Dales says. Capital Economics expects inflation to remain above 4% the whole year, and to drop to the BoE's 2% target in April 2023. (xavier.fontdegloria@wsj.com)

Burberry's 3Q Sales Seen Underpinning Market Views

0804 GMT - Burberry's third-quarter full price retail growth demonstrates a healthy momentum and implies a high single-digit drag from markdown reduction, RBC Capital Markets says. The British luxury-goods company's third-quarter retail comparable retail sales were slightly better than expected, the Canadian bank notes. "Overall, we would expect these results to underpin current expectations in Burberry, with ongoing progress in the full price channel. We are not expecting to see material consensus earnings revisions," RBC adds. (sabela.ojea@wsj.com; @sabelaojeaguix)

 

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

January 19, 2022 03:51 ET (08:51 GMT)

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