London Stocks Seen Opening Higher
0644 GMT - The FTSE 100 is expected to open 19 points higher, according to IG, having closed on Tuesday at 6936.74, with markets buoyed by more positive earnings news out of the U.S., notably from Netflix. Sentiment remains strong after the U.K. government reversed plans for unfunded tax cuts. However, concerns about U.K. political uncertainty and a shaky economy remain. Data early Wednesday showed U.K. annual CPI inflation rose to 10.1% in September, which will increase the likelihood of a large rate rise by the Bank of England in November. (jessica.fleetham@wsj.com)
Companies News:
CPPGroup Launches New Strategy, Change Management Program
CPPGroup PLC said Wednesday that it is launching a new strategy and change management program after completing a review.
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Antofagasta Sees 2023 Copper Production Increase Boosted by Los Pelambres
Antofagasta PLC on Wednesday that it expects an increase in copper production for 2023 after the completion of works at Los Pelambres, and that third quarter production rose compared with the previous period.
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Man Group Assets Under Management Fell in 3Q in Difficult Period
Man Group PLC said Wednesday that assets under management at the end of the third quarter fell in what was a very difficult period for the industry.
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ASOS Swung to FY 2022 Pretax Loss; Sees Volatile Start to FY 2023
ASOS PLC said Wednesday that it swung to a pretax loss for fiscal 2022 on higher sales costs, and distribution and administrative expenses, and said the business environment remains volatile going into the new year.
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Provident Financial Sees 2022 in Line With Market Expectations Despite Backdrop
Provident Financial PLC said Wednesday that its performance for the full year is in line with market views, reflecting its shift to lower-risk costumers and despite the current market backdrop.
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Spectris 3Q, Nine-Month Sales Rose 10% on Continued Strong Demand
Spectris PLC said Wednesday that third-quarter and year-to-date sales were up 10% after it booked continued strong demand and maintained a positive book-to-bill ratio.
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Rathbones Group 3Q Funds Under Management Slip As Investment Values Fall
Rathbones Group PLC on Wednesday reported a slight fall in funds under management over the third quarter due to a fall in the value of its investments, but still outperformed its benchmark index.
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Brickability 1H Revenue, Adjusted Earnings Rose
Brickability Group PLC said Wednesday that it expects its revenue for the first half of fiscal 2023 to significantly increase on-year together with adjusted earnings, following growth across all of its divisions.
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Eastnine to Sell its Stake in Russian Fashion Retailer to Sistema for EUR193 Mln
STOCKHOLM--Swedish real-estate company Eastnine AB said Wednesday that it has entered an agreement to sell its 36% stake in Russian fashion retailer Melon Fashion Group to Sistema JSFC for around 193 million euros ($190.3 million).
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Arqiva Financing PLC DGI9 completes acquisition of stake in Arqiva
TIDM20CA
Market Talk:
BOE Expected to Opt for a 100-Basis-Points Interest-Rate Hike as Inflation Pressures Persist
0650 GMT - The Bank of England is expected to increase interest rates by 100 basis points in November after September inflation data showed persisting underlying price pressures, Capital Economics' chief U.K. economist Paul Dales says in a note. The data showed that core inflation, which excludes the more-volatile categories of food and energy, accelerated to a new cycle high of 6.5%, in a sign that strong price growth was more widespread, he says. Some indicators suggest that global inflation for goods will ease soon, but it appears domestic services inflation pressures--which are linked to the tight labor market and high wage growth--are still growing despite the clear weakening in the economic outlook, Dales says. (xavier.fontdegloria@wsj.com)
BOE's Confirmation of APF Gilt Sales to Have Limited Impact for Now
0628 GMT - The Bank of England's confirmation of the start of gilt sales in the Asset Purchase Facility as of Nov. 1 is likely to have limited market reaction on Wednesday, Citi says. "The small size of these sales should limit the market reaction today, as should the fact that Longs [long-dated gilt] are not permanently excluded...but there is a risk the market extrapolates and flattens the gilt curve, potentially offering an opportunity to fade," Citi's rate strategists write in a note. In light of the government's fiscal announcement scheduled for Oct. 21, the first gilt sale operation will take place on Nov. 1, rather than on Oct. 31 as planned before. In the fourth quarter APF gilt sales will only include short and medium maturities. (emese.bartha@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
10-19-22 0308ET
