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FTSE Edges Higher, Risk of BOE Policy Error May Become Concern For Sterling Investors

10/11/2021 | 04:29am EST

Risk of BOE Policy Error May Become Concern For Sterling Investors

Sterling may rise in the next couple of months on the prospect of the Bank of England raising interest rates soon but could fall thereafter on concerns about policy error, Commerzbank says. If the market were to consider monetary policy tightening as a mistake, the "GBP-positive effect could soon be turned on its head," Commerzbank currency analyst Ulrich Leuchtmann says. Many economists argue that a central bank shouldn't take action when inflation is being driven by labor shortages that tighter policy can't resolve, he says. Earlier, GBP/USD reached a near two-week high of 1.3675 and EUR/GBP hit a 2-month low of 0.8471, according to FactSet.

Companies News: 

Argentex Expects Higher 1H Revenue

Argentex Group PLC said Monday it expects revenue to increase 33% for the first half of fiscal year 2022 as client trading volumes recovered.


Intercede Group 1H 2022 Revenue Boosted by New Orders

Intercede Group PLC said Monday that revenue for the first half of fiscal 2022 was up 9% on a constant currency basis compared with the same period last year, reflecting orders from both new and existing customers.


Sistema Agrees to Sell Shares in Timber Company for $150 Mln

Sistema JSFC said Monday that it has agreed to sell shares in timber-processing company PJSC Segezha Group to Bonum Capital Ltd. for $150 million.


Spectra Systems Gets New Order; Expects to Beat 2021 Market Forecasts

Spectra Systems Corp. said Monday that it has received a new yearly order from a long-time central bank customer and therefore expects to beat market forecasts for this year.


EDF's Pod Point Considers London IPO

U.K. electric-vehicle-charger provider Pod Point said Monday that it is considering an initial public offering on the London Stock Exchange.


Harmony Energy Income Trust Intends to Raise GBP230 Mln in London IPO

Harmony Energy Income Trust PLC said Monday that it intends to float on the London Stock Exchange, with the fund targeting an initial placing and offer of up to 230 million new shares at a price of 100 pence each.


Tungsten West to Raise GBP39 Mln in London IPO

Tungsten West said Monday that it has secured a 39 million-pound ($53.1 million) fundraising as part of its initial public offering in London.


Pantheon Infrastructure to List on London's Main Market

Pantheon Infrastructure PLC said Monday that it plans to list on London's main market and that it expects to raise 300 million pounds ($408.5 million) via a placing, a subscription, and an intermediaries offer on admission.


Autins Shares Rise as Shareholder Increases Stake to 11.99%

Shares in Autins Group plc rose Monday after Braveheart Investment Group PLC said that it has increased its stake in the company to 11.99%.

Market Talk: 

ASOS Drops After Taking Supply, Cost Hit

0914 GMT - ASOS drops 7% after the online fashion retailer warned of lower full-year earnings amid supply-chain pressures and higher costs and said chief executive Nick Beighton was stepping down. "The market had a sense that life has been a bit of struggle for ASOS, given the gloomy update from rival Boohoo in recent days which seemed to confirm the fast-fashion industry was not enjoying the best of times," says AJ Bell investment director Russ Mould. "The near-term outlook is somewhat bleak for the company. Sales growth is expected to slow quite dramatically, cost pressures and supply-chain problems could remain for a while, which means profit margins will be squeezed, and consumer uncertainty could result in volatile trading."


UK Economy Is Expected to Have Expanded 0.6% in August

0837 GMT - The U.K. economy gained some momentum in August after stalling in July, Pantheon Macroeconomics says. The country's gross domestic product is expected to have expanded 0.6% over the previous quarter in August, half the rate required for the Bank of England's forecast of 2.1% quarterly growth in 3Q to be realised, Pantheon says. "Most indicators of overall activity suggest month-to-month growth in GDP was faster in August than in July, but well short of the pace seen in prior months," the economic-research firm says. Pantheon expects monthly growth in GDP to slow and average just 0.4% in the final four months of this year as households' real incomes are squeezed by high inflation and fading fiscal support. U.K. GDP data for August is due Wednesday.


AstraZeneca Covid-19 Antibody Treatment Shows Promise in Preventing Severe Illness

0817 GMT - AstraZeneca PLC's antibody cocktail AZD7442 could help nonhospitalized patients with mild to moderate Covid-19 avoid more severe illness, the drugmaker says in summarized, preliminary trial results. Last week, AstraZeneca asked for U.S. Food and Drug Administration authorization to use the antibody combination for a different purpose, as a preventative shot against symptomatic Covid-19, like a vaccine. Now the company says AZD7442 might also help treat mild to moderate cases in people already infected. Top-line results show it reduced the risk of severe Covid-19 or death by between 50% and 67% if administered within a week after symptoms showed. The company says it's discussing findings with regulators. Full trial results haven't been reviewed by independent researchers or published.


ASOS FY 2022 Outlook Is Worse Than Expected

0722 GMT - Shares in ASOS plunge 15% after the online fashion retailer warned of lower earnings for fiscal 2022 as a result of supply-chain issues and higher costs. ASOS expects an adjusted pretax profit of GBP110 million-GBP140 million for fiscal 2022, the mid-point being 35% below current consensus estimates of GBP193 million, Jefferies notes. A downgrade to fiscal 2022 estimates had clearly been well anticipated, but this 35% cut is bigger than most will have envisaged, Jefferies adds. "Although many of the headwinds are understandable and, hopefully, transitory, we suspect investors will struggle to put much credibility on the medium-term targets," the bank says.

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

(END) Dow Jones Newswires

10-11-21 0629ET

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