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FTSE 100 Falls as Apple Report Fuels Recession Fears

07/19/2022 | 04:40am EDT

FTSE 100 Falls as Apple Report Fuels Recession Fears

0749 GMT - The FTSE 100 falls 0.5% to 7188 points after Wall Street retreated overnight following a media report that tech group Apple will slow hiring and spending growth, fueling recession fears. "Investor lethargy from overseas defined a weak opening for U.K. markets," Interactive Investor analyst Richard Hunter writes. The Apple news "provided another stark reminder of the fact that corporates could be feeling the squeeze against a backdrop of high inflation and tightening margins," he says. GSK spinoff Haleon shares fall 2.6% in the consumer goods company's London trading debut as fears over weaker economic growth and high inflation weigh. Informa gains 3.9% after the events organizer said it would resume interim dividends following strong first-half results. (renae.dyer@wsj.com)

 
Companies News: 

Babcock International to Sell Part of Aerial Emergency Services Business for EUR136.2 Mln

Babcock International Group PLC said Tuesday that it has agreed to sell parts of its aerial emergency-services businesses for 136.2 million euros ($138.2 million) to funds managed by Ancala Partners LLP.

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Pebble Group Expects to Beat 2022 Expectations

Pebble Group PLC said Tuesday that it expects to perform ahead of current market expectations for 2022.

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Informa Sees Significant 1H Growth, Backs Full-Year Guidance

Informa PLC said Tuesday that it expects significant underlying revenue and adjusted operating profit growth in the first half, backed its full-year guidance and said it has acquired Industry Dive as part of its expansion plans.

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Liontrust Asset Management 1Q Assets Under Management Increased

Liontrust Asset Management PLC said Tuesday that assets under management increased in the first quarter of fiscal 2023, adding that it remains confident about the long-term outlook of its investments.

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Darktrace Expects FY 2022 Revenue Increase on Strong Demand

Darktrace PLC said Tuesday that it expects to report a rise in revenue for fiscal 2022 after booking strong demand.

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Hyve Group to Get GBP3 Mln on Ukrainian Business Sale

Hyve Group PLC said Tuesday that it will sell its Ukrainian business to ProExpo (Europe) Ltd. for up to 3 million pounds ($3.6 million) in a management buy-out.

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Yu Group Expects 1H Performance to Be Boosted by Investments Made

Yu Group PLC said Tuesday that it expects revenue to rise significantly in the first half of the year, driven by investments made in its systems and processes and despite the pressures facing the energy industry, with growth expected to continue throughout the year.

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Photo-Me International 1H Pretax Profit Rose as Costs Fell; Sees FY 2022 Revenue Growth

Photo-Me International PLC said pretax profit for the first half of fiscal 2022 rose after it booked lower costs, and that it expects revenue growth of at least 20% for the fiscal year.

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Wise 1Q Revenue Growth Boosted by Rise in Active Users, Volume

Wise PLC said Tuesday that growth in revenue for its first quarter of fiscal 2023 was supported by an increase in users and volume.

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Made.com Downgrades 2022 Guidance After 1H Sales Fell

Made.com Group PLC said Tuesday that sales in the first half of 2022 declined significantly on year amid worsening consumer sentiment, and that it is downgrading its guidance for the whole year.

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Biffa Awarded 10-Year Contract in Scotland

Biffa PLC said Tuesday that it has been awarded a 10-year contract to provide logistics, sorting and counting services in Scotland.

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Informa Sees Significant 1H Growth, Backs Full-Year Guidance -- Update

Informa PLC said Tuesday that it expects significant underlying revenue and adjusted operating profit growth in the first half, backed its full-year guidance and said it has acquired Industry Dive as part of its expansion plans.

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Kier Group Sees FY 2022 Results in Line Despite Macro Pressures

Kier Group PLC said Tuesday that it expects results for fiscal 2022 to be in line with management's expectations despite macroeconomic pressures.

 
Market Talk: 

UK Labor Market Data Unlikely to Make a Big Difference for BoE Officials

0751 GMT - U.K.'s job market data isn't expected to change minds among Bank of England's officials regarding the size of the next interest-rate increase, ING's developed markets economist James Smith says in a note. Those officials who push for a 50-basis-points increase have enough evidence to say they are worried about worker shortages, while those who back steadier 25-basis-points rises can argue that the jobs market isn't tightening further, he says. "August's meeting remains a tough call, but the fact that markets are pricing a 50-basis-point hike, against a backdrop of sterling pressure and the prospect of another 75-basis-point hike from the U.S. Federal Reserve, suggests that the committee is likely to follow through with a more aggressive rate increase," Smith says. (xavier.fontdegloria@wsj.com)

Informa's Results, Update Offer Encouragement Across the Board

0738 GMT - Informa's strong first-half results came coupled with an update on mergers and acquisitions, and across the board there looks to be encouraging news, Citi says. The events and business-intelligence group's results were comfortably ahead of market views and full-year guidance has been maintained, though commentary on its outlook suggests the company would have raised guidance on an underlying basis if it weren't for uncertainty in China, Citi analysts say in a research note. "The company also indicates that [full-year] guidance excludes the impact of the Industry Dive transaction, which should be accretive [as it is cash finance for a profitable business]," the U.S. bank says. Citi retains its buy rating on the stock with a 725-pence price target. Shares are up 3.6% at 556.4 pence. (joseph.hoppe@wsj.com)


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

(END) Dow Jones Newswires

07-19-22 0439ET

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -4.91% 142.48 Delayed Quote.-14.54%
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -2.46% 0.585 Delayed Quote.11.86%
BABCOCK INTERNATIONAL GROUP PLC -4.47% 277.8 Delayed Quote.-8.73%
BIFFA PLC 0.98% 414 Delayed Quote.14.37%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -2.76% 0.658683 Delayed Quote.16.15%
DARKTRACE PLC -4.72% 299 Delayed Quote.-25.32%
EURO / BRITISH POUND (EUR/GBP) -1.39% 0.88406 Delayed Quote.6.46%
FTSE 100 -1.77% 6881.59 Delayed Quote.-5.13%
GSK PLC -1.92% 1315.8 Delayed Quote.-18.37%
HYVE GROUP PLC -0.94% 52.9 Delayed Quote.-43.07%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -2.08% 0.011075 Delayed Quote.14.94%
INFORMA PLC -3.25% 506.6 Delayed Quote.1.36%
KIER GROUP PLC -2.24% 65.6 Delayed Quote.-39.00%
LIONTRUST ASSET MANAGEMENT PLC -6.88% 704 Delayed Quote.-65.64%
THE PEBBLE GROUP PLC -1.61% 91.5 Delayed Quote.-29.81%
US DOLLAR / BRITISH POUND (USD/GBP) -2.35% 0.901599 Delayed Quote.26.12%
WISE PLC 5.12% 693.8 Delayed Quote.-12.77%
YÜ GROUP PLC 0.00% 202.5 Delayed Quote.-10.00%
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