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FTSE 100 Seen Opening Higher as Pound Hits Record Low

09/26/2022 | 03:12am EST

FTSE 100 Seen Opening Higher as Pound Hits Record Low Against Dollar

0644 GMT - The FTSE 100 is expected to open higher as sterling plunges to a record low against the dollar. IG futures data show the London stocks index opening up 40 points. GBP/USD falls 1.9% to 1.0616, having hit a record low of 1.0349 overnight, according to FactSet. A weaker pound usually supports the FTSE 100 due to the large proportion of overseas earners on the index. "Traders have lost their trust in [U.K.] lawmakers who are steering the government," AvaTrade analyst Naeem Aslam writes, noting concerns over how new fiscal support measures will be funded. "In addition, the Bank of England has made a mistake after mistake, which has further shattered the confidence in sterling," Aslam says. (renae.dyer@wsj.com)

 
Companies News: 

Unilever CEO Alan Jope to Retire at End of 2023

Unilever PLC said Monday that Chief Executive Officer Alan Jope has decided to retire from the company at the end of 2023 after five years in the role.

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Anglo American Begins Copper Operations at Peru Site; Revises Production Guidance

Anglo American PLC said Monday that it has started commercial copper operations at its Quellaveco project in Peru, and narrowed 2022 guidance for copper from Chile.

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GSK PLC Names Julie Brown as New CFO; Iain Mackay to Retire in May

GSK PLC said Monday that it has appointed Julie Brown as its new chief financial officer, replacing Iain Mackay, from May 2023.

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Pendragon Gets 29 Pence/Share Takeover Offer From Hedin Mobility

Pendragon PLC said Monday that it has received a 29-pence-a-share takeover offer from Hedin Mobility Group AB.

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Babcock International Five-Month Performance in Line With Views

Babcock International Group PLC said Monday that its performance for the first five months of fiscal 2023 was within the board's expectations, and that the market backdrop remains dynamic.

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Sainsbury's Talks with LXI REIT Over Sale of 18 Stores Collapse

J Sainsbury PLC said Monday that it is no longer in discussions with LXI REIT PLC over the sale and leaseback of a portfolio of 18 supermarket stores, due to LXI's market volatility concerns.

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Next Fifteen Swung to 1H Pretax Loss as Costs Increased

Next Fifteen Communications Group PLC said Monday that it swung to a first-half pretax loss as costs increased.

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Christie Group 1H Pretax Profit Rose on Strong Demand; Increases Dividend

Christie Group PLC said Monday that its first-half pretax profit and revenue rose amid strong demand, and raised its dividend.

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RPS Agrees to New $690.1 Mln Takeover by Tetra Tech; Withdraws WSP Recommendation

RPS Group PLC said Monday that it has agreed to a 636 million-pound ($690.1 million) offer from Tetra Tech Inc. and has withdrawn its recommendation for the previously agreed WSP Global Inc. takeover.

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Likewise 1H Pretax Profit Fell as Costs Increased

Likewise Group PLC said Monday that pretax profit for the first half fell as costs increased.

 
Market Talk: 

Impact of Gilt Selloff on Eurozone Bonds Seen Contained, but Better to Be Cautious

0633 GMT - The massive selloff in U.K. gilts on Friday should have limited repercussion on the eurozone rates markets, though the risk-off moves warrant caution, Rainer Guntermann, rates strategist at Commerzbank, writes in a note. In particular, another record print in eurozone HICP is due, he says, adding that this should underpin market expectations of European Central Bank interest-rate rises. The year-on-year eurozone HICP, due for release on Sept. 30, is expected to rise to 9.7% this month from 9.1% in August, with a rise in core inflation also forecast, according to The Wall Street Journal's poll of economists. On Friday, U.K. gilt yields rose 20 to 40 basis points after the Debt Management Office raised its debt-issuance target for 2022-2023 due to extra budget expenditures. (emese.bartha@wsj.com)


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

(END) Dow Jones Newswires

09-26-22 0311ET

Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC -3.32% 3190 Delayed Quote.9.40%
BABCOCK INTERNATIONAL GROUP PLC 1.03% 293 Delayed Quote.-8.98%
BRITISH POUND / US DOLLAR (GBP/USD) 0.30% 1.22711 Delayed Quote.-9.76%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.20% 0.73377 Delayed Quote.-7.41%
COMMERZBANK AG 2.22% 7.914 Delayed Quote.15.74%
DYNAMIC HOLDING CO., LTD. -0.85% 17.4 End-of-day quote.-23.18%
EURO / US DOLLAR (EUR/USD) -0.09% 1.05457 Delayed Quote.-7.55%
FTSE 100 0.06% 7476.63 Delayed Quote.1.19%
GSK PLC -1.74% 1457.8 Delayed Quote.-9.73%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.21% 0.012127 Delayed Quote.-9.45%
J SAINSBURY PLC 0.98% 226.4 Delayed Quote.-18.71%
LIKEWISE GROUP PLC 0.78% 16.125 Delayed Quote.-65.59%
LXI REIT PLC 0.17% 116.2 Delayed Quote.-20.00%
MSCI PERU (GDTR) 1.18% 5893.17 Real-time Quote.14.06%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.72% 0.64226 Delayed Quote.-7.09%
NEXT FIFTEEN COMMUNICATIONS GROUP PLC 1.55% 985 Delayed Quote.-27.61%
PENDRAGON PLC -28.37% 20.2 Delayed Quote.21.55%
RPS GROUP PLC 0.00% 219 Delayed Quote.76.90%
TETRA TECH, INC. -0.39% 153.015 Delayed Quote.-10.31%
UK 10Y CASH -0.04% 3.1825 Delayed Quote.237.40%
UNILEVER PLC -0.85% 4125.5 Delayed Quote.5.46%
WSP GLOBAL INC. 0.55% 162.11 Delayed Quote.-12.20%
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