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Sterling Falls as BOE Rate Rise Expected to Be Small

16/06/2022 8:46am

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Sterling Falls as BOE Rate Rise Expected to Be Small Compared to Fed

0712 GMT - Sterling falls ahead of a Bank of England policy decision where it's expected to raise interest rates but by much less than the Federal Reserve's 75 basis points rise on Wednesday. U.K. inflation is near double digits, but unlike the Fed, the BOE doesn't have the flexibility to raise rates by 75 basis points as the U.K. economy is shrinking, 60 Second Investor managing editor Kathy Lien writes. Although the BOE will signal further rate rises beyond Thursday, a smaller move should limit demand for sterling, she says. Economists polled by the WSJ expect the BOE to lift its key rate by 25bp to 1.25%. GBP/USD falls 0.4% to 1.2127 and EUR/GBP rises 0.2% to 0.8594. The BOE's decision is at 1100 GMT. (renae.dyer@wsj.com)

 
Companies News: 

Halma Reports Higher FY 2022 Profit, Expects Growth to Continue in FY 2023

Halma PLC on Thursday reported an improved profit for the year ended March 31 and forecast further growth for fiscal 2023.

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Informa Backs 2022 Guidance, Increases Buyback After Strong Five-Month Trading

Informa PLC on Thursday backed its guidance for the full year and increased its share buyback program after booking strong performances in all businesses in the first five months of 2022.

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Halma Names Marc Ronchetti as Next CEO; Andrew Williams to Retire Next Year

Halma PLC said Thursday that Chief Executive Officer Andrew Williams has decided to retire next year, and he will be succeeded by Chief Financial Officer Marc Ronchetti.

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Capco to Buy Shaftesbury in All-Share Deal

Capital & Counties Properties PLC said Thursday that it has agreed to buy Shaftesbury PLC in an all-share deal that will give Shaftesbury shareholders 53% of the combined group.

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France's Veolia to Sell Suez's UK Waste Business

Veolia Environnement SA will sell Suez's waste business in the U.K., after the country's antitrust watchdog--the Competition and Markets Authority--said its takeover of Suez would harm competition in the supply of several waste- and water-management services.

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ASOS Warns of Inflation Hit; Appoints New CEO, Chairman

ASOS PLC said Thursday that it has adjusted it outlook for fiscal 2023 as inflation hits consumers, and that it has appointed Jose Antonio Ramos as its new chief executive officer and Jorgen Lindemann as chairman.

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Halfords Expects FY 2023 Profits to Fall on Lower Demand, Inflation

Halfords Group PLC on Thursday forecast lower profits for fiscal 2023 as reduced demand and cost inflation are hurting its performance.

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Inchcape Sees 2022 Pretax Profit Beat After Strong Distribution Business Performance

Inchcape PLC said Thursday that it has continued to perform strongly since its first-quarter update, with 2022 pretax profit now forecast to beat market consensus after the strong performance of its distribution business.

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Mountview Estates FY 2022 Pretax Profit Fell on Higher Costs, Raises Dividend

Mountview Estates PLC said Thursday that pretax profit for fiscal 2022 fell, despite higher revenue and raised its total dividend payout by more than 75%.

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THG Says Potential Offers Undervalue Company; Hasn't Provided Due Diligence Access

THG PLC said Thursday that recent takeover approaches undervalue the company, and that therefore it hasn't provided the parties due diligence access after consultation with its major shareholders.

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GB Group Appoints Richard Longdon Chair; FY 2022 Pretax Profit Fell on Higher Costs

GB Group PLC said Thursday that David Rasche is stepping down as chairman and that Richard Longdon has been appointed to the role effective Sept. 1, as it reported a fall in pretax profit for fiscal 2022 after booking higher costs.

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Boohoo's 1Q Revenue Suffered a Hit on Lower International, US Sales

Boohoo Group PLC said Thursday that revenue suffered a hit in the first quarter of fiscal 2023, but that its outlook for the full-year remains unchanged as its performance was still up 75% compared to prepandemic levels.

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N. Brown 1Q FY 2023 Rev Fell; Business Environment Challenging So Far This Yr

N. Brown Group PLC said Thursday that the managed fall in revenue continued during the first quarter of fiscal 2023 though at a more moderate level, and that the business environment has been challenging since the start of the year.

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Hurricane Energy Sees $5 Mln Hit From UK Windfall Tax Up to July

Hurricane Energy PLC said Thursday that it estimates an impact of around $5 million from the new U.K. Energy Profits Levy up to the end of July.

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ASOS Cuts FY 2022 Guidance as Inflation Hits Consumers; Appoints New CEO -- Update

ASOS PLC said Thursday that it has lowered its outlook for fiscal 2022 as inflation hits customers, and that it has appointed Jose Antonio Ramos as its new chief executive officer and Jorgen Lindemann as chairman.

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musicMagpie 1H Revenue, Adjusted Ebitda Fell In Challenging Environment

MusicMagpie PLC said Thursday that revenue and adjusted Ebitda fell for its first half of fiscal 2022 amid a challenging economic environment.

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NWF Group FY 2022 Performance Stronger Than Anticipated; Expects Record Results

NWF Group PLC said Thursday that its performance in fiscal 2022 was materially stronger than what it expected at the start of the year, and that it will deliver record results for the year ended May 31.

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CareTech Holdings 1H Pretax Profit Fell Amid Higher Costs and Lower Occupancy

CareTech Holdings PLC said Thursday that pretax profit for the first half of fiscal 2022 fell but that its performance was broadly in line with the board's expectations.

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Best of the Best Shares Jump on GBP6.3 Mln Return to Shareholders

Shares in Best of the Best PLC rose 24% in early trade Thursday after the company said that is planning to return up to 6.3 million pounds ($7.7 million) to shareholders via a tender offer, as part of its plan to return surplus cash.

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Feedback to Report FY 2022 Revenue Increase; Shares Rise

Shares in Feedback PLC rose Thursday after it said that it expects to report a rise in revenue for fiscal 2022, and that it continued targeting a number of opportunities as it remained focused on investing in the U.K. and India.

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Petroneft Resources Granted Extension to Publish 2021 Results

Petroneft Resources PLC said Thursday that it has been granted an extension of up to three months to report its 2021 results, to Sept. 30, due to the continued impact of Covid-19.

 
Market Talk: 

ASOS Should Focus on High Return Rate

0707 GMT - ASOS has downgraded its full-year guidance on inflationary pressures, but the key question is whether the recent increase in the expensive practice of customers having to return items--its return rate--is a lasting phenomenon, Berenberg says. The online fashion retailer also expects to close its fiscal 2022 year with a net debt in the range of GBP75 million to GBP125 million, but the German bank doesn't see any cause for concern in respect to liquidity. ASOS's GBP500 million convertible bonds are not due until 2026 and it has a GBP350 million revolving credit facility available, Berenberg notes. (sabela.ojea@wsj.com; @sabelaojeaguix)

 

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

(END) Dow Jones Newswires

June 16, 2022 03:31 ET (07:31 GMT)

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