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UK Inflation Drop Doesn't End Rate-Rise Debate

20/10/2021 8:50am

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UK Inflation Drop Doesn't End Rate-Rise Debate

0716 GMT - September's slight decline in U.K. inflation won't settle the debate on when the Bank of England's Monetary Policy Committee should raise interest rates, Pantheon Macroeconomics says. "Hawks will be able to continue to warn of the dangers that high inflation poses to inflation expectations, while the doves will be able to point out that the above-target rate is primarily due to rising prices for oil and some goods affected by global supply chain problems," Pantheon's chief U.K. economist Samuel Tombs says. Looking ahead, the recent surge in energy prices looks set to drive up U.K. inflation to a peak of about 4.7% in April, Pantheon forecasts. (maria.martinez@wsj.com)

Companies News: 

Segro Third-Quarter Rental Income Rose

Segro PLC said Wednesday that the rental income it contracted during the third quarter of 2021 rose 63%, and its vacancy rate declined further on the back of strong demand for space.


Antofagasta Expects Copper Production to Fall in 2022

Antofagasta PLC on Wednesday forecast lower copper production for 2022, reflecting a lack of rainfall and lower grades at its Centinela Concentrates operation.


Avast 3Q Revenue, Adjusted Ebitda Rose; Reaffirms FY Outlook

Avast PLC said Wednesday that its adjusted Ebitda and revenue for the third quarter of 2021 increased when compared with the year-earlier period, and reiterated its full-year outlook.


Deliveroo 3Q Orders, Gross Transaction Value Rose; Raises Full-Year Transaction Value Guidance

Deliveroo PLC said Wednesday that it saw a rise in orders and gross transaction value in the third quarter of 2021, and raised its guidance for gross transaction value for the year.


Burberry Appoints Versace's Jonathan Akeroyd as New CEO

Burberry Group PLC said Wednesday that it has appointed Jonathan Akeroyd, currently Gianni Versace SpA's chief executive, as its new CEO.


Real Good Food Sees Positive 1H Ebitda as Revenue Returns to Pre-Pandemic Levels

Real Good Food PLC said Wednesday that it achieved profitability at the Ebitda level in the first half of the fiscal year, as revenue returned to pre-pandemic levels.


Anglo American Says De Beers' Rough-Diamond Sales Fell

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell 6.1% in the eight sales cycle of 2021 compared with the previous cycle, but said sales were higher compared with the same cycle last year.

Market Talk: 

Antofagasta Falls on Weak 2022 Copper Production Guidance

0716 GMT - Shares in Antofagasta fall 3.6% after the Chilean copper miner reported third quarter production and provided guidance for next year. The 2022 output forecast of 660,000-690,000 tons is weak, says Citi, which anticipated production of 750,000 tons. "We expect consensus estimates downgrades for the next year on the back of today's release," the U.S. bank warns. On the positive side, third quarter copper production was marginally ahead of expectations and there are tailwinds for 2021 production and costs. There is also room for Antofagasta to deliver a better-than-expected cost performance this year, as unit cash costs were 9% below guidance in the first nine months, Citi notes. (jaime.llinares@wsj.com)

Burberry's Appointment of Versace's Jonathan Akeroyd as Its Next CEO Seen as Solid Move

0715 GMT - The appointment of Jonathan Akeroyd as Burberry Group's new CEO is a solid designation and will be a good compliment to Chief Operating and Chief Financial Officer Julie Brown, who has significant experience in cost control and finance, Bernstein says. Akeroyd has earned significant experience at Capri--where he currently heads Versace--and earlier at Kering--where he served as chief executive of Alexander McQueen, the U.S. brokerage says. "Mr. Akeroyd's experience seems relevant, as Burberry's position in the market is somewhere in between the high-end European luxury brands and the more commercially focused American accessible luxury brands," Bernstein says. (sabela.ojea@wsj.com; @sabelaojeaguix)

Antofagasta 2022 Guidance Could Lead to Consensus Downgrades

0707 GMT - The key highlight of Antofagasta's third quarter update was production guidance for 2022 which, combined with higher-than-expected capital expenditure, will likely lead to consensus downgrades for 2022, RBC Capital Markets analyst Tyler Broda says. The Chilean miner expects 2022 copper production to fall to 660,000-690,000 metric tons, well below the Visible Alpha consensus of 724,000 tons, reflecting grade decline in Centinela and drought conditions at Los Pelambres. In addition, lower realized copper prices in the third quarter should lead to earnings downgrades for 2021, Broda says. Shares fall 4.6% to 1,408 pence. (jaime.llinares@wsj.com)


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

(END) Dow Jones Newswires

October 20, 2021 03:35 ET (07:35 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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