FTSE 100 Rises as Traders Eye Key US Inflation Data

FTSE 100 Rises as Traders Eye Key US Inflation Data

0800 GMT - The FTSE 100 rises along with other European indices following a rally in Asia stocks on hopes the latest U.S. inflation data on Tuesday will show price pressures eased further. London's top-tier stocks index gains 0.9% to 7422 points, led by mining shares as metal prices rise. While U.S. inflation is likely to have eased in August, peak inflation hasn't been reached yet in the eurozone or U.K., UBS Global Wealth Management chief investment officer Mark Haefele says in a note. "And we believe the Federal Reserve will require at least three months of reassuring inflation data--along with evidence of a cooling labor market--before considering softening its tone." ([e-mail])

 
Companies News: 

Australia's Financial-Intelligence Agency Investigates Entain

Australia's financial-intelligence agency said it has begun an investigation into a unit of U.K.-listed Entain PLC, which will consider whether the betting company breached anti-money laundering laws.

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Serco CEO Rupert Soames to Retire by September 2023; Mark Irwin Named Successor

Serco Group PLC said Monday that Chief Executive Rupert Soames intends to retire from the company by September 2023, and that Mark Irwin has been named his successor.

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Beeks Financial Cloud Says FY 2022 Has Been in Line With Market Views

Beeks Financial Cloud Group PLC said Monday that trading performance for fiscal 2022 has been in line with market expectations and that it expects to grow further in fiscal 2023.

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DFS Furniture Nonexecutive Chairman Ian Durant to Retire

DFS Furniture PLC said Monday that Nonexecutive Chairman Ian Durant will retire from the company on Nov. 4 during the conclusion of the annual general meeting.

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UK Oil & Gas Raises GBP3 Mln Via Discounted Placing; Guzyal Mukhametzhanova Named CFO

UK Oil & Gas PLC said Monday that it has raised gross proceeds of 3 million pounds ($3.5 million) via a discounted share placing and that Guzyal Mukhametzhanova has been named the company's new chief financial officer.

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Grainger FY 2022 To-Date Rental Growth Rose, Occupancy High

Grainger PLC said Monday that like-for-like rental growth for the first 11 months of fiscal year 2022 rose 4.5%, and occupancy levels remained high.

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Accsys Technologies Five-Month Wood Revenue Stable, Supported by Strong Demand

Accsys Technologies PLC said Monday that it has benefited from continuing strong demand and stable wood revenue in the first five months of fiscal 2023.

 
Market Talk: 

Tate & Lyle's Mounting Pressures in Europe Prompts Downgrade

0812 GMT - Tate & Lyle's exposure to European sales could be at risk from 2H and beyond amid mounting cost pressures, Jefferies analysts Martin Deboo and Feng Zhang say in a research note. In order to curb inflationary pressures, the provider of food-and-beverage ingredients could have to increase pricing of FY 2023 contracts to above 20%, they say. "Tate have demonstrated impressive pricing power so far, 75% of Europe sales are specialties & EU sugar prices are rising, which should lift isoglucose. But there are limits to what customers will bear," the analysts say. Jefferies downgrades their recommendation on the stock to hold from buy. ([e-mail])

U.K. Jobs Data Could Be More Important for Pound Than Soft GDP Data

0801 GMT - The pound shows a mixed reaction, rising against a weaker dollar but falling against the euro, after data showed U.K. GDP expanded less than expected in July, and ING currency analyst Chris Turner says Tuesday's U.K. jobs figures will be more significant. "The adjustment for the June bank holiday makes the [GDP] figures a little difficult to read and we think the Bank of England will take more notice of tomorrow's August jobs data for insight into how tight the U.K. labor market really is," he says in a note. GDP grew by 0.2% in July, below WSJ poll forecasts of a 0.3% expansion. GBP/USD rises 0.5% to 1.1684; EUR/GBP rises to a three-month high around 0.8723. ([e-mail])

Contact: London NewsPlus, Newswires; [e-mail]

(END) Dow Jones Newswires

09-12-22 0434ET