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FTSE Down, Unchanged BOE Rates on Thursday Would Weaken Pound

11/03/2021 | 06:23am EST

Unchanged BOE Rates on Thursday Would Weaken Pound

The Bank of England may unexpectedly hold off on raising interest rates at Thursday's meeting, causing sterling to extend its recent losses versus the euro, Danske Bank says. "We continue to see either an unchanged Bank Rate or a dovish hike as the most likely outcomes on Thursday when the Bank of England announces its monetary policy decision (no rate hike being our base case), which would send EUR/GBP further up," Danske Bank analyst Lars Sparreso Lykke Merklin says. A 'dovish hike' would mean the BOE raising interest rates but issuing a cautious message that could dampen expectations for further rate increases. EUR/GBP rises 0.1% to 0.8511, near the three-week high of 0.8515 reached on Tuesday, according to FactSet.

 
Companies News: 

Conduit Holdings 9-Month Gross Written Premiums Were $291M

Conduit Holdings Ltd. said Wednesday that gross written premiums for the first nine months of the year were $291.2 million, and that losses related to Hurricane Ida and floods in Europe were limited.

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Wilmington Says FY 2022 Started Well, Sees Performance in Line with Views

Wilmington PLC said Thursday that it has made a good start to fiscal 2022, noting that it expects to perform in line with its expectations for the full year.

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Quilter 3Q Net Inflows Rose; To Return Around GBP350 Mln to Shareholders

Quilter PLC said Wednesday that net inflows for the third quarter rose and that it plans to return around 350 million pounds ($476.5 million) to shareholders from the disposal of Quilter International.

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Nightcap Expects to Report Market-Beating FY 2022 Earnings; Shares Rise

Shares of Nightcap PLC rose Wednesday after the company said it expects to report market-beating earnings for fiscal 2022 on pent-up socializing demand and income following coronavirus-related lockdowns.

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Esken 1H 2022 Pretax Loss Narrowed; Aviation's Outlook Turning Positive

Shares in Esken Ltd. rose Wednesday after it said that its first-half fiscal 2022 pretax loss narrowed after booking lower costs, and that the outlook for aviation is becoming more positive on eased travel restrictions and the rollout of coronavirus vaccination programs.

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Pipehawk FY 2021 Profit Narrowed on 1H Pandemic Hit But 2H Improved

Pipehawk PLC said on Wednesday that its profit for fiscal 2021 more than halved as revenue fell but its performance during the second half of the year returned to near pre-pandemic levels.

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Airtel Africa Sells Madagascar Tower Company to Helios Towers for $51.7M

Airtel Africa PLC said Wednesday that it has sold its telecommunications tower company in Madagascar to Helios Towers PLC for $51.7 million.

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Kodal Minerals Acquires Minority Shareholdings in Mali Project for $1.2 Mln

Kodal Minerals PLC said on Wednesday that it has acquired the minority shareholdings of Mali's Bougouni lithium project for $1.2 million, and that this has resulted in the company having a 100% interest in all of the project's concessions.

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Energean Says FY Performance Beat Record, 3Q Was Strong

Energean PLC said Wednesday that it continued to deliver strong operational and financial results in the third quarter of the year, boosted by higher commodity prices and above-expectations production.

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Goldplat Says 1Q Combined Operating Profit From Recovery Operations Unchanged

Goldplat PLC said Wednesday that its recovery operations achieved the same combined operating profit for the first quarter of fiscal 2022 when compared with the year-earlier period.

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Dalata Hotel Agrees on Debt Extension; Appoints Conal O'Neill COO

Dalata Hotel Group PLC said Wednesday that it has agreed on a one-year extension on its debt facilities with its banking partners, and that Conal O'Neill has been appointed chief operations officer effective Jan. 1.

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Pelatro's Nic Hellyer Becomes Full-Time CFO

Pelatro PLC said Wednesday that part-time Chief Financial Officer Nic Hellyer has agreed to increase his commitment to a full time role.

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Braemar Shipping 1H Pretax Profit, Revenue Rose; On Track to Meet Views

Braemar Shipping Services PLC said Wednesday that its pretax profit and revenue rose after refocusing on its core shipbroking and corporate finance business, and said it was on track to meet upgraded expectations.

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Nanoco Group FY 2021 Pretax Loss Narrowed After Cost Cuts

Nanoco Group PLC said on Wednesday that its fiscal 2021 pretax loss narrowed as it booked lower costs after restructuring part of the business.

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Financial System Makes Big Promises on Climate Change at COP26 Summit--Update

Most of the world's big banks, its major investors and insurers, and its financial regulators have for the first time signed up to a coordinated pledge that will incorporate carbon emissions into their most fundamental decisions.

 
Market Talk: 

CLS Maintains High Rent Collections Amid Improving Activity

1055 GMT - CLS Holdings continues to achieve sector-leading rent collection rates with improving activity levels in the U.K., Germany and France expected to lead to a reduction in vacancy by year-end, Liberum says. The commercial-property investment company's portfolio repositioning continues with good progress on developments and refurbishments, while a further update on real-estate trust conversion for the U.K. business is expected in the next few weeks, Liberum says. CLS's shares look cheap with a sizeable 28% discount to its net development value, which doesn't reflect earnings upside from improving market conditions over the next year, the brokerage says. Liberum retains its buy rating and target price of 290.0 pence. Shares are up 0.2% at 219.5 pence.

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Land Securities Signals More Moves into Mixed-Use Development

1044 GMT - Land Securities' strategic acquisition of a 75% stake in the MediaCity hub in Greater Manchester for GBP425.6 million heralds another major move into mixed-use development, Goodbody says. The commercial-property developer and investment company's strategic acquisition of the site includes 11 buildings, comprising workspace, studios, labs, residential and ancillary leisure and retail space, all of which is 96% let and generates GBP31.1 million in net operating income a year, the Irish brokerage says. "LandSec's purchase of MediaCity adds further significant mixed-used exposure from an immediately income producing asset, with further development potential in a strong, dynamic regional city," Goodbody says, retaining its buy rating on the stock.

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Supply Chain Issues Hit Business Optimism in UK Services Sector

0958 GMT - U.K. services activity grew at a faster pace than previously thought in October but business optimism fell to its lowest level since March, according to the IHS Markit/CIPS purchasing managers' index survey. "Escalating business costs remain deeply concerning as salaries rocketed along with fuel and energy costs and material shortages as a result of supply chain disorder," CIPS director Duncan Brock says. Many supply chain managers struggled to find the right staff from a falling number of job seekers, he says. An expected U.K. interest rate rise on Thursday could ease inflation but also add pressure on some household budgets, he says. October's services PMI was revised to 59.1 from 58.0 previously, versus 55.4 in September, indicating growth.

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GlaxoSmithKline's Growth Seen Underpinned by Vaccines

0957 GMT - GlaxoSmithKline's growth is set to ramp up from 2022, with 5% to 6% revenue growth and double-digit underlying EPS growth, Jefferies says. For New GSK--the company remaining after the spinoff of the consumer health division--the revenue compound annual growth rate until 2026 should be 6.6% and the EBIT compound annual growth rate is set at 11%,Jefferies says. Vaccines are set to underpin growth aims, the investment bank says. The British pharma major should be able to achieve high-single-digit vaccine sales growth until 2026, with doubling sales of the shingles vaccine Shingrix already reflected in the estimate, Jefferies says.

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UK Service Sector Recovery Gains Momentum

0954 GMT - U.K. service providers indicated a sharp rise in business activity in October, driven by a strong increase in new work, the services purchasing managers index shows. The headline IHS Markit/CIPS U.K. services PMI rose to 59.1 in October from 55.4 in September, signaling the strongest pace of recovery since July. "Looser international travel restrictions and greater domestic mobility helped to lift the U.K. service sector recovery out of its recent malaise in October," IHS Markit's economics director Tim Moore says. Average prices charged increased at a survey-record pace, reflecting pressures on operating expenses, Moore says. Record rates of input price and output charge inflation appear to have dampened business optimism, which eased to its lowest since January, IHS Markit says.

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BOE Likely to Lift Base Rate in December or February, Says Pimco

0944 GMT - The Bank of England is more likely to wait until December or February to deliver its first post-pandemic rate rise, says Peder Beck-Friis, portfolio manager at Pimco. Markets are almost fully pricing in a 15 basis-point rise to 0.25% on Thursday, when the Monetary Policy Committee is due to announce their policy decision. "We have low conviction in the precise timing of the first hike," Beck-Friis tells Dow Jones Newswires. "Either the BoE increases its policy rate on Thursday, or slightly more likely in our view, sends a strong signal that it will hike in December or February." He expects the bank rate to reach a pre-pandemic level of around 0.75% by the end of 2022, unless above-target inflation persists.

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

(END) Dow Jones Newswires

11-03-21 0723ET

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