FTSE 100 Seen Opening Higher After Losses on Banking Sector Fears

0740 GMT - The FTSE 100 is expected to open higher after falling sharply in the previous session amid concerns about the global banking system due to U.S. banking failures and troubles at Credit Suisse. IG futures data show London's premier stock index opening 70 points higher after closing 292 points lower on Wednesday. European bank stocks slid Wednesday, led by Credit Suisse, after the Swiss lender's biggest backer Saudi National Bank said it wouldn't provide more financial support. "With yesterday's fresh stress on bank stocks, a 50 basis points [interest-rate] hike from the European Central Bank at today's monetary policy meeting is less than certain," Swissquote Bank analyst Ipek Ozkardeskaya writes. The ECB's policy decision is at 1315 GMT. (renae.dyer@wsj.com) 


 
Companies News:

Vodafone Business CEO Vinod Kumar to Retire

Vodafone Group PLC on Thursday said that the chief executive officer of Vodafone Business, Vinod Kumar, will retire on Dec. 31 to pursue a portfolio career.

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Halma Sees FY 2023 Adjusted Profit Rising In-Line With Market Views

Halma PLC said Thursday that fiscal 2023 adjusted pretax profit is expected to be in line with market expectations as it has enjoyed organic, constant-currency revenue growth in all areas in the year-to-date.

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Deliveroo 2022 Revenue Rose as Pretax Loss Narrowed Amid Efficiency Gains

Deliveroo PLC on Thursday said that its revenue rose and its pretax loss narrowed in 2023 as the company optimized consumer fees, made efficiency gains in the rider network and efficiently targeted marketing spend.

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Rentokil Initial Upgrades Midterm Views on Back of Terminix Acquisition

Rentokil Initial PLC upgraded its medium-term guidance on Thursday on the back of the acquisition and integration of Terminix, after reporting a worse-than-expected pretax profit fall in 2022.

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Polymetal International Swung to 2022 Net Loss; Won't Declare Dividend

Polymetal International PLC said Thursday that it swung to a net loss in 2022 and won't declare a dividend, as sanctions on Russia for invading Ukraine caused costs to rise and metal prices to fall.

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Helios Towers 2022 Pretax Loss Widened as Expenses Rose

Helios Towers PLC said Thursday that its pretax loss for 2022 widened as revenue rose, driven by an increase in expenses.

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DFS Furniture Narrows FY 2023 Guidance Toward Lower End After 1H Pretax Profit Fell

DFS Furniture PLC said Thursday that pretax profit fell in the first half of fiscal 2023, and revised its full-year guidance for pretax profit excluding brand amortization toward the lower end of its previous view.

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Savills 2022 Pretax Profit Slipped on Higher Costs; Chairman to Step Down

Savills PLC said Thursday that 2022 pretax profit fell despite a rise in revenue, driven by increased operating expenses, and Chairman Nicholas Ferguson said he plans to retire toward the end of the year.

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National World 2022 Pretax Profit Rose as Costs Fell

National World PLC said Thursday that pretax profit rose in 2022 as costs fell.

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Pineapple Power to Raise GBP350,000 for Future Acquisitions

Pineapple Power Corp. said Thursday that it has secured 350,000 pounds ($421,995) of new funds via a share placing and subscription and will use the money toward any future acquisition costs and for general working capital needs. 


 
Market Talk:

The UK's 2023 Budget Shows Chancellor Has Little Room to Maneuver

1452 ET - Chancellor Jeremy Hunt doesn't have much wiggle room as no changes to corporate or personal taxation rates in the UK's budget were announced, Shore Capital analysts say in a note. In the absence of further tax rises government expenditure medium-to-long-term debt to GDP also remains a real constraint. Analysts say this was a political budget which will aid in creating the basis for more stability and gradual improvement as Hunt has little to do with reducing CPI. Still the Office for Budget Responsibility suggests CPI will be below 3% by the end of 2023 with living standards expected to be on the rise and should sit alongside improved consumer confidence, the analysts say. (anthony.orunagoriainoff@dowjones.com)

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UK Should Seek to Attract International Business, Not Just From the US

1754 GMT - U.K. chancellor Jeremy Hunt's budget adds more detail to recent pledges on innovation funding, Knight Frank's Emma Goodford says in a note. However, it remains unclear whether it recognizes that accelerating innovation would benefit more from the use of growth funds to improve the best-performing innovation clusters and ecosystems nationwide, she says. Further measures directing international interest, as well as the requisite funding, toward innovation hubs across the U.K. are needed as established clusters would find additional focus even more advantageous if these measures could unlock a planning blockage, Goodford says. "The U.K. must be alert to attracting international business from some of the world's most populous countries, not just the U.S.," Goodford says. (anthony.orunagoriainoff@dowjones.com)

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Brexit is Biggest Obstacle to UK Inward Investment

1711 GMT - The biggest barrier to UK inward investment is red tape caused by the country's departure from the EU, a campaign group says. The government would "remove obstacles that stop businesses investing" in the UK, finance minister Jeremy Hunt says in his spring budget statement. Still, Brexit has hit businesses with a mountain of new costs and bureaucracy, underlined this week by Chinese electric-car maker BYD's decision to avoid basing its first European factory in the UK due to Brexit-related instability, Best for Britain says. "Any Budget which doesn't acknowledge the economic hit from diverging from our largest trading partner is not serious about growth," the group's chief executive Naomi Smith writes. (philip.waller@wsj.com)


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

(END) Dow Jones Newswires

03-16-23 0405ET