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Gilt Yields Rise After Fitch Downgrades UK Outlook to Negative

10/06/2022 | 04:23am EST

UK Gilt Yields Rise After Fitch Downgrades UK Outlook to Negative

0803 GMT - U.K. gilt yields rise after Fitch Ratings cut its outlook on the U.K. to negative from stable late Wednesday, following on from S&P's recent decision to reduce the country's outlook to negative. Fitch said the reduction in the outlook reflected the "large and unfunded fiscal package announced as part of the new government's growth plan," which could "lead to a significant increase in fiscal deficits over the medium term." Fitch affirmed the U.K. credit rating at AA-. The yield on the 10-year gilt rises more than 6 basis points to 4.088%, according to Tradeweb. (jessica.fleetham@wsj.com)

 
Companies News: 

Diageo Backs Medium-Term Guidance Amid Challenging Operating Backdrop

Diageo PLC said Thursday that it has had a good start to fiscal 2023 and that it remains well-positioned to deliver its medium-term guidance despite expecting the operating environment to remain challenging.

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RS Group 1H Revenue Rose; Expects Full Year to Slightly Beat Market Views

RS Group PLC said Thursday that like-for-like revenue for the first half of fiscal 2023 rose 16%, with strong growth across all three regions, and that it expects to slightly beat full-year market expectations for profit and revenue.

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Imperial Brands Launches Buyback of Up to GBP1 Bln; FY 2022 Performance in Line With Views

Imperial Brands PLC said Thursday that it is launching a share-buyback program of up to one billion pounds ($1.13 billion), and that its performance for the year ended Sept. 30 was in line with expectations.

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Halma Buys Germany's WEETECH for EUR57.5 Mln

Halma PLC said Thursday that it has acquired the German safety-critical electrical testing technology company WEETECH Holding GmbH.

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Shell PLC Sees Rise in 3Q Marketing Results; Fall in Integrated Gas Trading

Shell PLC said Thursday that it expects integrated gas trading and optimization results to fall on quarter, but for market results to rise.

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Motorpoint 1H Revenue Rose But Pretax Profit Slipped on Higher Investment

Motorpoint Group PLC said Thursday that its revenue for the first half of fiscal 2023 rose significantly, helped by vehicle mix and price inflation, though pretax profit is expected to slip on increased investment.

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Chemring 11-Month Performance on Track; FY 2022 in Line With Views

Chemring Group PLC said Thursday that its performance in the 11 months to Sept. 30 was on track despite a challenging macroeconomic environment, and that its result for fiscal 2022 was expected to be in line with expectations.

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CMC Markets' 1H Net Trading Revenue Rose; On Track to Achieve Three-Year Growth Plans

CMC Markets PLC said Thursday that leveraged net trading revenue for the first half of fiscal 2023 rose 27%, and that it is on track to deliver its three-year growth plans.

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AIQ Nonexecutive Chairman Steps Down; New Chairman Appointed

AIQ Ltd. said Thursday that Nonexecutive Chairman Graham Duncan is stepping down to pursue other interests and that Aditya Chathli has been appointed as chairman.

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Eckoh Sees FY 2023 Profit, Revenue Increase Boosted By US activity

Eckoh PLC said Thursday that it expects significant revenue and profit growth in fiscal 2023 as it benefits from a robust order book boosted by renewed activity in U.S.

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Volution FY 2022 Profit, Revenue Rose on Regional Growth; FY 2023 Started Well

Volution Group PLC said Thursday that pretax profit and revenue rose significantly in fiscal 2022, driven by growth in the U.K., continental Europe and Australia, and that fiscal 2023 has started well.

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BATM Advanced Communications CEO to Step Down; Successor Appointed

BATM Advanced Communications Ltd. said Thursday that Chief Executive Officer Zvi Marom has decided to step down and that Chief Financial Officer Moti Nagar will be promoted to CEO.

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N. Brown Expects 2H Product Revenue Decline; Shares Fall

Shares of N. Brown Group PLC fell Thursday after it said that it expects product revenue in the second half of fiscal 2023 to decline at a rate similar to the second quarter's, and that first-half pretax profit fell on lower product revenue due to softer market conditions.

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Seeing Machines to Collaborate With Magna International; Shares Rise

Seeing Machines Ltd. shares rose Thursday after it said it has agreed to collaborate with Magna International Inc., with the latter providing an investment of up to $65 million through an exclusivity arrangement and convertible note.

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Tern Raises GBP1.6 Mln via Discounted Subscription

Tern PLC said Thursday that it has raised 1.6 million pounds ($1.8 million) via a discounted retail offer and subscription.

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Shell PLC Sees Fall in 3Q Integrated Gas Trading, Rise in Marketing Results -- Update

Shell PLC said Thursday that it expects integrated gas trading and optimization results to fall on quarter, along with refining margins, but for market results to rise.

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Image Scan Says FY 2022 Revenue, Profit, to Be Below Views; Shares Fall

Shares in Image Scan Holdings PLC fell Thursday after the company said revenue and profit for the year ended Sept. 30 will be below market expectations.

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Mila Resources to Raise GBP696,000 for Australian Gold Exploration

Shares in Mila Resources PLC rose Thursday after the company said it had conditionally raised around 696,000 pounds ($788,360) via a share placing, and that it will use the proceeds to continue its gold exploration activity in Australia.

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Mobile Streams to Raise GBP1.2 Mln to Fund Further NFT Deals

Mobile Streams PLC said Thursday that it is seeking to raise 1.2 million pounds ($1.4 million) via a share placing to fund further non-fungible token contracts, including several expected to be signed this month.

 
Market Talk: 

European Economies Face a Period of Slower Growth, Higher Inflation

0726 GMT - The assumption that European inflation would be transitory--most forecasters' central case at the start of the year--is looking increasingly like a mistake, HSBC says in a note. Eurozone and U.K. inflation rates are in the double digits and there is more pass-through from wholesale energy prices to come, despite governments intervening more forcefully, according to HSBC's economists. Weaker exchange rates, rising input prices and real wage resistance--workers resisting cuts to real-term pay by demanding pay raises--could all add to core inflationary pressure, too, HSBC says. More monetary tightening and a real-terms income squeeze means Europe's major economies will enter recession, HSBC says. "A challenging period lies ahead where slow growth rates may coexist with higher inflation rates," the bank says. (maria.martinez@wsj.com)


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

(END) Dow Jones Newswires

10-06-22 0422ET

Stocks mentioned in the article
ChangeLast1st jan.
BATM ADVANCED COMMUNICATIONS LTD. 0.86% 29.25 Delayed Quote.6.75%
CHEMRING GROUP PLC 0.36% 278 Delayed Quote.-6.55%
CMC MARKETS PLC 1.28% 237.5 Delayed Quote.6.03%
DIAGEO PLC -5.52% 3472 Delayed Quote.-4.88%
ECKOH PLC 0.00% 42.5 Delayed Quote.3.66%
GOLD -0.32% 1924.64 Delayed Quote.6.22%
HALMA PLC 2.15% 2138 Delayed Quote.8.31%
IMAGE SCAN HOLDINGS PLC 0.00% 1.625 Delayed Quote.-9.72%
IMPERIAL BRANDS PLC -0.94% 2007 Delayed Quote.-3.09%
MAGNA INTERNATIONAL INC. 1.05% 82.69 Delayed Quote.7.59%
MILA RESOURCES PLC 2.78% 0.925 Delayed Quote.8.82%
MOBILE STREAMS PLC -4.00% 0.12 Delayed Quote.-12.73%
MOTORPOINT GROUP PLC 0.00% 145 Delayed Quote.0.00%
RS GROUP PLC -0.74% 937 Delayed Quote.4.63%
SEEING MACHINES LIMITED 2.24% 6.85 Delayed Quote.11.38%
SHELL PLC 0.41% 2341.5 Delayed Quote.0.67%
TERN PLC 3.23% 8 Delayed Quote.-1.84%
UK 10Y CASH -0.88% 3.3198 Delayed Quote.-10.59%
VOLUTION GROUP PLC -1.08% 367 Delayed Quote.0.55%
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