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FTSE Down, Pound Rises as Strong Jobs Data May Support December Rate Rise

11/16/2021 | 04:31am EST

Pound Rises as Strong UK Jobs Data May Support December Rate Rise

The pound rises after data showed U.K. unemployment falling to 4.3% in the three months to September, alongside still-high wage growth, supporting the case for the Bank of England to raise interest rates in December, says ING. The figures suggest the end of the government's wage-subsidy, or furlough, program didn't push up joblessness. Fears of a slowdown in the jobs market were a major factor in the BOE leaving rates on hold, ING says. "Given the lack of evidence of a slowdown in today's strong jobs data, the case for a December 15 basis-point hike is now stronger." GBP/USD rises 0.4% to 1.3466, versus 1.3423 before the data. EUR/GBP falls to a two-week low of 0.8441, versus around 0.8477 beforehand.

Companies News: 

Ferrexpo Sets Policy to Return 30% of Free Cash Flow as Dividends

Ferrexpo PLC said Tuesday that it will aim to return 30% of free cash flow to shareholders going forward.


Yew Grove REIT Agrees to EUR127.8 Mln Takeover; Declares Dividend

Yew Grove REIT PLC on Tuesday said that it has agreed to a 127.8 million euro ($145.3 million) takeover by Slate Office REIT.


Premier Foods 1H Pretax Profit Fell; Backs Full-Year Guidance

Premier Foods PLC on Tuesday reported a fall in pretax profit in the first half of fiscal 2022 as revenue decreased from the prior year's exceptionally high volumes, and said it was on track to deliver full-year expectations.


Homeserve 1H 2022 Pretax Profit Rises Boosted by Strong Performance

Homeserve PLC on Tuesday reported an increased pretax profit for the first half of fiscal 2022 as it benefited from a strong performance in North America.


Kinovo Sees 1H Revenue, Adjusted Ebitda Increase; To Sell DCB Kent Unit

Kinovo PLC said Tuesday that it expects to report a significant increase in revenue for the first half of fiscal 2022 and that it is in advanced talks to sell DCB Kent Ltd.


Vitec Expects to Exceed FY Market Views, to Buy Savage for $57.3 Mln

Vitec Group PLC said Tuesday that it is buying Savage Universal Corp. for up to $57.3 million in cash, adding that full-year adjusted pretax profit is now expected to be slightly above market expectations.


Revolution Bars FY 2021 Sales Fell; FY 2022 Currently Exceeding Previous Performance

Revolution Bars Group PLC on Tuesday reported a narrowed pretax loss for fiscal 2021 and lower sales, and said that it has already exceeded the total revenue generated for fiscal 2021 as a whole over the first 14 weeks of fiscal 2022.


Kenmare Launches Tender Offer to Return Up to GBP61.8 Mln

Kenmare Resources PLC on Tuesday proposed to return up to 61.8 million pounds ($82.9 million) to shareholders via a tender offer.


Filta Expects Full-Year Revenue, Earnings Above Views

Filta Group Holdings PLC on Tuesday said that its business performed well in the third quarter of the year, and that it anticipates full-year revenue and earnings to be slightly above market expectations.


Bridgepoint Says 3Q Performance Was Strong; Backs Full-Year Guidance

Bridgepoint Group PLC said Tuesday that its business was strong in the third quarter, and backed its guidance for the full year.


Genuit 2021 EBIT Seen in Line with Views

Genuit Group PLC said Tuesday that earnings before interest and taxes for 2021 is expected to be in line with market views, and that its performance for the four months ended Oct. 31 was strong.


IDOX Sees FY 2021 Revenue, Adjusted Ebitda Increase

IDOX PLC said Tuesday that it expects to report an increase in revenue and adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2021, in line with the board's expectations.


Gear4Music Lowers FY Guidance on Supply-Chain Issues; Shares Fall

Shares of Gear4Music (Holdings) PLC fell nearly 21% in early trade Tuesday after the company lowered its guidance for fiscal 2022, blaming supply-chain issues, and reported a fall in first-half pretax profit.


HSBC Appoints Greg Hingston to Head Insurance Business

HSBC Holdings PLC said that it is appointing Greg Hingston as the global chief executive of its insurance business.


LV= Maintains Choice of Bain Capital for Takeover Over Royal London

LV= said Tuesday that the board continues to choose Bain Capital as the bidder with the best takeover offer despite Royal London Mutual's efforts to make it reconsider the decision.


McKay Securities Swings to 1H Pretax Profit; Declares Increased Dividend

McKay Securities PLC on Tuesday reported a swing to pretax profit for the first half of fiscal 2022 and increased its interim dividend.


Focusrite FY 2021 Pretax Profit Jumped on Higher Revenue

Focusrite PLC on Tuesday reported a higher pretax profit for fiscal 2021 as revenue increased due to the growth of its customer base.


Red Rock Resources Shares Fall on Dispute Over DRC JV Project

Shares in Red Rock Resources PLC fell in early trading Tuesday after it said that its partner in the VUP copper-cobalt project in the Democratic Republic of Congo has instituted legal proceedings related to the joint-venture assets.

Market Talk: 

Vodafone Gains After 1H Results Top Hopes

0903 GMT - Shares in Vodafone Group top the FTSE 100 risers, up 5% after the mobile-phone operator reported lower first-half pretax profit, but raised its full-year guidance. ING described the results as strong and above expectations, with good revenue and earnings progress. "Note that revenues are still declining in Italy and Spain, where market conditions are tough," ING analysts say. "Although cash flow from operations is up by 7.4% compared to 1H21, leverage and cash flow figures for the first half are a bit disappointing."


Diageo Issues Ambitious Medium-Term Guidance

0811 GMT - Diageo has issued medium-term sales and profit guidance for 2023-25, which has surprised analysts at RBC Capital Markets. One of Ivan Menezes' first acts on taking over as CEO was to abandon specific quantitative guidance, the bank says. Therefore, the announcement is undoubtedly impressive and a sign of management's confidence, RBC says. "Nonetheless, we can't help feeling a little uneasy at the reappearance of such ambitious quantitative specific guidance. Last time--when Diageo felt similarly confident--it didn't end well, although we recognize that it is now a much superior business," RBC says. Shares rise 3.5%.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

11-16-21 0431ET

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