FTSE 100 Climbs as Traders Mull Fed's Rate Rise, Await BOE Decision
0928 GMT - The FTSE 100 rises 0.53% to 7312 points following gains on Wall Street overnight after the Federal Reserve raised interest rates and signalled further increases to curb soaring inflation. The Fed lifted its main rate by 25 basis points to a target range of 0.25% to 0.50%, as widely expected, while investors cheered remarks from Fed Chair Jerome Powell that he saw the U.S economy as being in a strong shape. The Bank of England is seen following suit with a 25bp rate rise Thursday at 1200 GMT. China-exposed stocks including publishing and exhibitions group Informa, Scottish Mortgage Investment Trust, lender Standard Chartered and mining shares rally after China said it would roll out measures to support the economy. (renae.dyer@wsj.com)
Companies News:
Harbour Energy Swung to 2021 Profit as Gas Prices Soared
Harbour Energy PLC on Thursday reported a swing to a profit for 2021, as higher gas prices boosted revenue from its fields.
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AstraZeneca Agrees on Settlement With Chugai Pharmaceutical; To Pay $775M
AstraZeneca PLC said Thursday that its rare-disease group, Alexion, has agreed on a settlement with Chugai Pharmaceutical Co. that resolves all patent disputes related to Ultomiris, and that it will make a payment of $775 million in the second quarter.
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Cineworld Loss Narrowed in 2021 as Admissions Bounced Back
Cineworld Group PLC on Thursday reported a narrowed loss for 2021, as its performance partially recovered from the effect of the pandemic in 2020.
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Deliveroo 2021 Pretax Loss Widened; Sees 2022 Lower Growth on Market Uncertainties
Deliveroo PLC on Thursday said that 2021 pretax loss has widened despite higher revenue and also warned that it expects market uncertainties to reduce growth in 2022.
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Ceres Power 2021 Loss Widened Despite Revenue Growth of 44%
Ceres Power Holdings PLC on Thursday reported a widened loss for 2021 but forecast that strong top-line growth will continue this year.
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Helios Towers 2021 Pretax Loss Widened Significantly on Higher Costs
Helios Towers PLC on Thursday reported a significantly widened pretax loss for 2021, a result of higher costs as well as movements in the company's derivative financial instruments that reflect the embedded call option in its bond.
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Marshalls's 2021 Pretax Profit Soared, Sees 2022 Ahead of Views
Marshalls PLC reported Thursday a jump in 2021 pretax profit, announced a dividend payout and said it expects a robust 2022.
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OSB Group's 2021 Pretax Profit Rose; Outlook Seen as Positive
OSB Group PLC reported Thursday a significant rise in pretax profit for 2021 amid an improved outlook and said that it faces the future with optimism.
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PensionBee 2021 Pretax Loss Widened; Backs 2022 Views
PensionBee Group PLC said on Thursday that 2021 pretax loss widened as it booked higher costs, and that it reiterated its 2022 and medium-term guidance.
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Ocado Lowers FY 2022 Outlook as 1Q Retail Revenue Falls on Changing Customer Habits
Ocado Group PLC reported on Thursday a decline in sales in the first quarter of fiscal 2022 as pandemic restrictions eased and more customers returned to office working and said that it is lowering its full-year outlook as a result.
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National Express Urges Stagecoach Shareholders to Take No Action on DWS Offer
National Express Group PLC said Thursday that it encouraged Stagecoach Group PLC shareholders to take no action on a rival offer from DWS as it materially undervalues the company, and that a National Express-Stagecoach combination represents a superior value-creation opportunity.
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EMIS Group Says It Is Poised for Another Strong Year After 2021 Results
EMIS Group PLC on Thursday reported resilient results for 2021, and said it is building growth momentum and is well positioned for another strong performance in 2022.
Market Talk:
UniCredit Expects UK's Bank Rate to Peak at 1.25% in August
0935 GMT - The Bank of England's Monetary Policy Committee is expected to deliver Thursday its third consecutive interest-rate rise since December and more are set to follow, says UniCredit's research team. They expect rate-setters to lift the bank rate by 25 basis points to its pre-pandemic level of 0.75% at today's policy decision, followed by two further increases in the coming months. "We expect there to be further 25bp hikes in May and August, taking the bank rate to 1.25%," they say, adding that the bank rate is likely to peak at this level in this cycle as concerns turn from inflation being too high to growth being too low. (lorena.ruibal@wsj.com)
Deliveroo Seems to Be Aiming for Long-Term Strategy
0905 GMT - Deliveroo's 2022 guidance is slightly weak and was disappointing, but the company might be focusing on a long-term path to profit, Citi says. The U.S. bank says Deliveroo reported its full-year results in line with expectations, noting revenue was 1% above its views. "On cash burn and liquidity, management's medium-term guidance on profitability suggests significant headroom from available liquidity to fund the company through to profitability," it adds. Citi has a buy/high risk recommendation on the stock and a target price of 230.0 pence. Shares are up 6.7% at 124.35 pence. (michael.susin@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-17-22 0553ET
