London Stocks Fall on Russia-Ukraine Fears
0919 GMT - London stocks fall as hopes for an end to the Ukraine war fade after Russia and Ukraine made little progress in negotiations. The FTSE 100 drops 0.2% to 7370 points with financial stocks among the worst performers while mining shares rally. "Equity markets remain highly sensitive to the repercussions of the conflict and as fighting enters the fourth week, there still seems a gulf separating Russian and Ukrainian negotiators," Hargreaves Lansdown analyst Susannah Streeter says in a note. U.S. President Joe Biden and his Chinese counterpart Xi Jinping are expected to hold talks over Russia at 1300 GMT Friday, which is "causing nervousness given it comes at a sensitive diplomatic time between Russia and the U.S.," she says. (renae.dyer@wsj.com)
Companies News:
ContourGlobal Posts Record 2021 Earnings; Sees 2022 Performance Ahead of Expectations
ContourGlobal PLC on Friday reported record high earnings for 2021 and said that performance in the current year is better than expected.
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Essentra Swung to 2021 Pretax Profit on Higher Revenue; Strong Start to 2022
Essentra PLC said Friday that it swung to a pretax profit for 2021 as revenue rose, and that it had made a strong start to the year with sales and its order book ahead of 2021.
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Eurocell Swung to 2021 Pretax Profit; Starts 2022 With Strong Sales, Performance
Eurocell PLC reported on Friday a swing to a pretax profit for 2021 and said that it has started 2022 in a strong position, with sales volumes to the end of February up 6% on the previous year.
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IAG Agrees to Give Air Europa's Owner EUR100M Loan for Potential 20% Stake in Airline -- Update
International Consolidated Airlines Group SA said it has signed a deal with Air Europa's conglomerate owner Globalia Corporacion Empresarial SA to provide a 100 million euro ($110.3 million) seven-year unsecured loan in exchange for a potential stake of up 20% in the Spanish airline.
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Cenkos 2021 Profit Rose on Higher Transactions
Cenkos Securities PLC on Friday reported a profit rise for 2021, reflecting growth in transactions and clients.
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J.D. Wetherspoon 1H 2022 Pretax Loss Narrowed on Higher Revenue
J.D. Wetherspoon PLC said on Friday that its pretax loss narrowed for the first half of fiscal 2022 as revenue rose, and that trade in the last three weeks to March 13 was 2.6% below the equivalent period in 2019, reflecting an improving trend in the sector.
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Investec PLC Raises FY 2022 Earnings Guidance; Sees Operating Performance Above Pre-Pandemic Levels
Investec PLC on Friday raised its earnings guidance for fiscal 2022, citing strong momentum in the second half, and said its operating performance is better than pre-pandemic levels.
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Harland & Wolff Appoints Malcolm Groat as Chairman
Harland & Wolff Group Holdings PLC said Friday that it has appointed Malcolm Groat as chairman.
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Sycamore Partners Considers Bid for Ted Baker
Sycamore Partners Management LP on Friday confirmed that it is considering making a bid for the clothing brand Ted Baker PLC.
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Xeros Technology CEO to Step Down
Xeros Technology Group PLC said Friday that Chief Executive Officer Mark Nichols has informed the company that he intends to step down.
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Impact Healthcare Buys Two Care Homes in Mansfield, England, for GBP11.1M
Impact Healthcare REIT PLC said Friday that it has acquired two care homes for 11.1 million pounds ($14.6 million) from Woodleigh Care in Mansfield, Nottinghamshire, in England.
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Symphony International Swung to a 2021 Pretax Profit, Positive EPS
Symphony International Holdings Ltd. reported on Friday a swing to a pretax profit, as well as positive earnings per share for 2021 as a whole.
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Ferrexpo's Deadline for Publishing 2021 Results Extended to June 30
Ferrexpo PLC said Friday that the deadline for publishing its 2021 accounts has been extended to June 30 due to the impact of Russia's invasion of Ukraine.
Market Talk:
BoE Dovish Policy Tweak Suggests Unease Over Economic Outlook
0820 GMT - The Bank of England's more prudent approach when talking about further interest rate increases over the next months signals that policy makers are increasingly concerned about a squeeze on household incomes, Pantheon Macroeconomics says. "The Committee now is placing more weight on the adverse impact that high inflation will have on domestic demand than on the risk that it will cause inflation expectations and wage growth to drift higher over the medium term," the economic-research firm says. Pantheon expects the rate increase cycle will stall once the rate reaches 1% from the current 0.75%, which is still likely to happen in May. "By the meeting in June 16, it should be clear enough that the economy is struggling," Pantheon says. (xavier.fontdegloria@wsj.com)
Quick End to Conflict Would Allow Markets to Return to Growth
0746 GMT - A quick resolution to the Russian-Ukrainian conflict and a continued fall in commodity prices could make the overall economic damage quite limited, and markets could return to their growth trajectory, Candriam says. In that case, inflationary pressures would fall and the economic environment would improve, while central banks could pursue their normalization path more serenely, it says. Conversely, the deterioration of the current situation could weigh on growth and inflation forecasts, reinforcing the risk of stagflation and leading ultimately to a recession, it says. "In this context, the allocation to risky assets should be reduced, while the yield curve should flatten before inverting." (emese.bartha@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-18-22 0536ET
