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BOE's Comparatively Low Rate Rise Still Looks Positive For Sterling

17/06/2022 9:05am

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BOE's Comparatively Low Rate Rise Still Looks Positive For Sterling

0707 GMT - The Bank of England's decision to raise interest rates by another 25 basis points on Thursday was low compared to other central banks but this doesn't necessarily put the sterling at a disadvantage, Commerzbank says. A central bank that raises rates slowly need not be perceived as weak if it is certain that it will continue to lift rates, Commerzbank currency analyst Ulrich Leuchtmann says in a note. "And because [the BOE] formulated its will to hike further yesterday in a marginally more convincing manner, the pound was able to rise correctly (and ceteris paribus: permanently)," he says. GBP/USD falls 0.7% to 1.2265 and EUR/GBP rises 0.4% to 0.85652. (renae.dyer@wsj.com)

 
Companies News: 

Future Says on Track to Meet FY 2022 Guidance, Audience Growth Returns

Future PLC said Friday that it is on track to achieve its full-year guidance as the encouraging start to the second half of fiscal year 2022 has continued.

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M&C Saatchi Withdraws Recommendation for Next Fifteen Takeover

M&C Saatchi PLC said Friday that it no longer considers the takeover offer from Next Fifteen Communications Group PLC to be fair and reasonable, as Next's share price has fallen since the offer was made.

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Glencore Raises Coal Guidance Amid Unprecedented Market Conditions

Glencore PLC on Friday raised price and cost guidance for its coal operations and said that the trading business is outperforming expectations.

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Curtis Banks Says COO Jane Ridgley Is Retiring

Curtis Banks Group PLC said Friday that its Chief Operating Officer Jane Ridgley is retiring, and that it has started a search for a successor.

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Access Intelligence Sees 1H Revenue Increase Following Isentia Buy

Access Intelligence PLC said Friday that revenue increased significantly in its first half after the acquisition of media monitoring, intelligence and insights company Isentia.

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Allied Minds Names Bruce Failing as Interim Chairman

Allied Minds PLC said Friday that former senior independent director Bruce Failing has assumed the role of interim chairman, after former Chairman Harry Rein stepped down as planned.

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Tesco 1Q Comparable Revenue Rose, But UK Sales Fell -- Update

Tesco PLC said Friday that like-for-like sales rose in the first quarter of fiscal 2023, although U.K. revenue had a hit on an on-year basis, and noted that its full-year guidance for its profit and cash performance remains unchanged.

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Directa Plus Says Performance Accelerated, Expects Major Tender

Directa Plus PLC said on Friday that performance in the last two months has accelerated and sales were in line with expectations as it expects a major tender offer to be secured.

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James Fisher & Sons Appoints New CEO

James Fisher & Sons PLC said Friday that it has appointed Jean Vernet as chief executive officer with effect Sept. 5, replacing Eoghan O'Lionaird.

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Bidstack Group Appoints David Reeves as Chairman Designate

Bidstack Group PLC said Friday that it has appointed David Reeves as chairman designate.

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EnQuest Nonexecutive Chairman to Step Down

EnQuest PLC said Friday that nonexecutive Chairman Martin Houston has decided to step down to pursue other business interests.

 
Market Talk: 

Tesco Looks Well-Positioned for Future on Back of UK Market-Share Growth

0721 GMT - Tesco is well-positioned for what's to come, Citi analysts Nick Coulter and Viraj Brahmbhatt say in a research note. The U.K. grocer's decline in U.K. sales met the U.S. bank's consensus expectations, it said, citing a post-pandemic normalization and the effects of inflation. The fact that Tesco continues to take market share when consumers are facing major inflationary pressures should also be viewed positively, Citi adds. Citi has a buy recommendation on the stock and a target price of 300 pence a share. Shares are down 0.3% at 249.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

 

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

(END) Dow Jones Newswires

June 17, 2022 03:50 ET (07:50 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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