PMI Data May Help Lift Euro, Pound Versus Dollar

PMI Data May Help Lift Euro, Pound Versus Dollar

0811 GMT - Provisional purchasing managers' surveys for February for the eurozone and U.K. on Tuesday--at 0900 GMT and 0930 GMT respectively--could lift the euro and pound against the dollar, UniCredit Research analysts say in a note. The PMI data "are expected to show some improvement, which is likely to be positively received by both the euro and the pound against the dollar," they say. The analysts also expect a sharp increase in the German ZEW survey at 1000 GMT, which could lift the euro further. However, EUR/USD is unlikely to rise much above 1.07, especially if U.S. PMI data, due later, also improve. EUR/USD falls 0.2% to 1.0671. GBP/USD falls 0.2% to 1.2013. ([e-mail])

 
Companies News: 

HSBC Posts Higher Profit After Rise in Global Interest Rates -- WSJ

Global banking giant HSBC Holdings PLC reported a sharp rise in fourth-quarter profit, driven by higher interest rates.

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Intermediate Capital COO, CFO Vijay Bharadia to Step Down

Intermediate Capital Group PLC said Tuesday that Chief Financial and Operating Officer Vijay Bharadia has decided to step down following the company's annual general meeting in July.

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Antofagasta 2022 Pretax Profit Fell on Lower Copper Prices

Antofagasta PLC said Tuesday that pretax profit for 2022 fell due to lower copper prices, and reduced its dividend payout.

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InterContinental Hotels Launches $750 Mln Buyback Program; 2022 Pretax Profit Rose, Missed Consensus

InterContinental Hotels Group PLC said Tuesday that it was launching a $750 million share buyback program for 2023 as it reported a rise in 2022 pretax profit driven by strong demand but missed consensus.

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Finsbury Food 1H Pretax Profit Rose on Price Recovery

Finsbury Food Group PLC said Tuesday that pretax profit for the first half of fiscal 2023 rose, driven by price recovery initiatives, and that it remains on track to meet full-year market expectations.

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Smith & Nephew Posts 2022 Pretax Profit Drop, Updates Midterm Targets

Smith & Nephew PLC on Tuesday reported a drop in pretax profit for 2022 due an associate's loss as it outlined guidance for 2023 and updated its midterm targets.

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Safestore Holdings Had Solid 1Q; Expects to Meet FY 2023 Consensus

Safestore Holdings PLC said Tuesday that it had a solid first quarter with revenue growth of 9.4% and it expects to meet consensus adjusted earnings per share for the year.

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Carr's Group Names Peter Page CEO; 2022 Pretax Profit, Revenue Rose

Carr's Group PLC on Tuesday said executive chairman Peter Page is relinquishing the role as he becomes chief executive officer and named David White as chief financial officer, both with immediate effect, and reported a rise in pretax profit for fiscal 2022.

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Petra Diamonds Swung to Pretax Loss on Higher Costs, Lower Sales

Petra Diamonds Ltd. reported a swing to pretax loss in the first half of fiscal 2023, in line with expectations, dragged by higher costs and lower diamond sales.

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GB Group 2023 Revenue to Rise on Year But Miss Forecasts

GB Group PLC said Tuesday that it expects fiscal 2023 revenue to rise, despite challenging conditions for cryptocurrency and macroeconomic uncertainty in its key North America market.

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Blancco Technology 1H Revenue, Profit Rose Amid Broad Growth

Blancco Technology Group PLC said Tuesday that revenue and profit rose for the first half of fiscal 2023 as it booked double-digit constant currency growth in each of its three geographies.

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InterContinental Hotels Sees Strong Leisure Demand in 2023 Despite Economic Uncertainties -- Update

InterContinental Hotels Group PLC said Tuesday that despite current economic uncertainty, it expects strong leisure demand in many markets this year after demand returned strongly in 2022.

 
Market Talk: 

HSBC's 2023 Outlook Appears Conservative, Implies Downgrades

0807 GMT - HSBC's outlook for 2023 looks more conservative than expected, says Citi in a note after the bank posted a fourth-quarter profit beat and an encouraging buyback update. This would imply consensus downgrades of mid-single digits to pre-provision profit and low single-digits to pretax profit, Citi analysts say. Net interest income guidance is maintained, "which HSBC views to be conservative, as it factors in lagged deposit pass-through, [Current Account Savings Account] migration, and higher funding cost from the trading book," they say, flagging the IFRS 17 impact that could represent an around $2.2 billion hit isn't captured. They add that loan growth guidance is cautious in the short-term and cost guidance has slightly increased. Citi rates the stock buy. Shares fall 1.2% at 613.3 pence. ([e-mail])

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Antofagasta 2022 Dividend Beat Views

0803 GMT - Antofagasta's 1H performance was broadly in line with expectations, despite the drag of lower copper production and copper prices, Citi analysts say in a note. However, the Chile-focused miner surprised by declaring a final dividend of 50.5 U.S. cents a share, representing a 100% payout ratio for a third consecutive year and ahead of Citi's expectations of 29 cents, they say. "Moreover, Antofagasta has recorded $945 million exceptional gain for its exit from Reko Diq project in Pakistan, for which cash is expected to come in by end of the year and should be available for shareholder distribution," the analysts say. ([e-mail])

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Smith & Nephew's New Midterm Targets Seen as More Realistic

0759 GMT - Smith & Nephew's midterm guidance shift should be well taken by investors although there may be some initial negative reaction to the downgrade, RBC Capital Markets says in a note. The medical technology group said it now sees a trading margin of at least 20% in 2025 compared with the previous guidance of 21% in 2024. "This is the margin-guidance reset we have been looking for and has been the key focus of investors going into these results," analyst Jack Reynolds-Clark says, noting the 2025 target is slightly ahead of consensus expectations of 19.8%. RBC has an outperform rating on the stock. ([e-mail])

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HSBC's Earlier Capital Return Is Welcome, Says Jefferies

0658 GMT - HSBC's rolling forward of buyback considerations and special dividend earmarking are welcome moves, says Jefferies in a note after the bank posted a fourth-quarter profit beat. "A 40bps beat on CET1 is welcome as is clarification of earlier buybacks (now expected in respect of Q1 23) and a $0.21 special dividend paid in 2024 upon Canada sale being completed," say analysts Joseph Dickerson and Aqil Taiyeb. The bank's net interest income guidance looks very conservative, they add. Jefferies rates the stock buy. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

02-21-23 0342ET