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Sterling Edges Lower After Inflation Data

22/06/2022 8:42am

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Sterling Edges Lower After UK Inflation Data

0659 GMT - Sterling edges lower after data showed U.K. inflation accelerated moderately in May, undershooting some market expectations. Inflation climbed to an annual rate of 9.1% in May from 9.0% in April. Economists polled by the WSJ expected inflation to reach 9.2%. "The modest rise in inflation...won't prevent the Bank of England from raising interest rates further, but it may encourage it to opt again for a 25 basis points rate hike at its next meeting in August rather than upping the ante with a 50bps hike," Capital Economics economist Paul Dales writes. GBP/USD falls to 1.2215 after the data from 1.2232 beforehand and EUR/GBP rises to 0.8589 from 0.8576. (renae.dyer@wsj.com)

 
Companies News: 

Micro Focus 1H Pretax Loss Narrowed on Lower One-Off Costs, Gain on Digital Safe Disposal

Micro Focus International PLC said Wednesday that its pretax loss for the first half narrowed, driven by a significant reduction in exceptional spending and a $63.0 million profit on the disposal of Digital Safe.

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Anglo American's De Beers Reports Higher Diamond Sales for Cycle 5

Anglo American PLC on Wednesday reported diamond sales of $650 million for the fifth sales cycle of 2022 running between June 6 and June 21.

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Berkeley Group FY 2022 Profit Rose on Robust Homes Demand; Backs FY 2023 Views

Berkeley Group Holdings PLC said Wednesday that pretax profit and revenue rose in fiscal 2022, and backed its fiscal 2023 expectations.

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Frasers Group Increases Investment in Hugo Boss

Frasers Group PLC said Wednesday that it has recently increased its investment in Hugo Boss AG to around 900 million euro ($948.0 million).

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UK Government Extends NatWest Trading Plan to August 2023

UK Government Investments Ltd. said Wednesday that it has extended the trading plan under which it will sell Her Majesty's Treasury's shareholding in NatWest Group PLC by a year to Aug. 11, 2023.

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Churchill China Confident in 2022 View on Continued Record Demand

Churchill China PLC said Wednesday that it remains confident of delivering an on-year improvement in performance for 2022 as the record demand noted in its preliminary results has continued.

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Bonhill to Sell Business Solutions and Governance Arm; Focus on Financial Services

Bonhill Group PLC said Wednesday that it has decided to sell its business solutions and governance division to focus on financial services.

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JD Sports Fashion FY 2022 Pretax Profit Rose but Missed Market Views

JD Sports Fashion PLC said Wednesday that pretax profit for fiscal 2022 rose, though it was below market expectations, and the company warned of headwinds due to macroeconomic uncertainties.

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Intelligent Ultrasound Sees 2022 Revenue in Line With Expectations

Intelligent Ultrasound Group PLC said Wednesday that it continues to be confident in the upgraded market expectations for 2022 revenue.

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Liontrust FY 2022 Pretax Profit Rose, Raises Dividend

Liontrust Asset Management PLC reported on Wednesday a rise in both pretax profit and revenue for fiscal 2022, and raised its dividend payout.

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Team PLC 1H Pretax Loss Narrowed on Organic Growth, Maintained Positive Momentum

Team PLC said Wednesday that pretax loss for the first half of fiscal 2022 narrowed and revenue increased on organic growth and maintained positive momentum after completing two acquisitions.

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System1 Group to Return Up to GBP1.5 Mln Via Tender Offer

System1 Group PLC said Wednesday that it will seek to return up to 1.5 million pounds ($1.8 million) of excess cash via tender offer, and going forward it will pay annual distributions via buyback or tender offer rather than by way of a dividend.

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Wentworth Resources Backs 2022 Gas Production Guidance

Wentworth Resources PLC said on Wednesday that its gas production guidance for 2022 remains unchanged as its rate remains robust.

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Roquefort Therapeutics to Buy Oncogeni in All-Share Deal

Roquefort Therapeutics PLC shares rose Wednesday after it said that it has conditionally agreed to buy Oncogeni Ltd. in return for shares, and it will also place shares at a premium to raise 1 million pounds ($1.2 million) to fund development of the enlarged group.

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Impact Healthcare REIT to Raise Undisclosed Amount to Buy Care Homes

Impact Healthcare REIT PLC said Wednesday that it will raise funds, in a share placing and offer for subscription, to acquire an identified pipeline of care homes.

 
Market Talk: 

Persistently High UK Inflation Could Prompt a Stronger Response From BoE

0709 GMT - U.K. inflation data for May should support the Bank of England's stance to keep raising rates by 25 basis points as the 9.1% inflation rate was in line with expectations and economic growth shows signs of weakening, ING's developed markets economist James Smith says in a note. However, with inflation expected to remain above 9% for the remainder of the year and big moves from the U.S. Federal Reserve, there are increasing chances that the BoE opts for an interest-rate hike of 50 basis points in August, he says. "While we see scope for a 50-basis-points hike in August, we still find it hard to see the central bank taking rates anywhere near as far as the Fed," Smith says. (xavier.fontdegloria@wsj.com)

 

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

(END) Dow Jones Newswires

June 22, 2022 03:27 ET (07:27 GMT)

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