Pound Could Fall Vs Euro if Powell Confirms Imminent Tapering

Pound Could Fall Vs Euro if Fed's Powell Confirms Imminent Tapering

0833 GMT - Sterling could weaken modestly against the euro if Federal Reserve Chair Jerome Powell confirms the central bank will soon start tapering asset purchases in his speech at the Jackson Hole symposium later, ING says. A confirmation of imminent tapering would take more of a toll on currencies, which are sensitive to risk appetite such as sterling, than on funding currencies such as the euro, ING analysts say. Sterling is more positively correlated to market sentiment than the euro, they say. "We could witness a break above 0.8600 today, but we do not see any strong fundamental base to drive the pair sustainably higher for now." EUR/GBP is flat at 0.8578. Powell is expected to speak at 1400 GMT.

 
Companies News: 

Salt Lake Potash CEO Resigns, Advanced Talks Under Way with Replacement

Salt Lake Potash Ltd. said Friday that Chief Executive Officer Tony Swiericzuk has resigned, and that the board is in advanced discussions with a replacement CEO.

---

Air Partner Sees Lower 1H Underlying Profit

Air Partner PLC said underlying pretax profit for the first half of fiscal 2022 is expected to be lower than in the prior year, but it is optimistic about prospects for its charter and safety-and-security divisions.

---

Amigo Holdings 1Q Profit Rose Amid Pause in Lending

Amigo Holdings PLC said Friday that its fiscal first-quarter pretax profit significantly improved as a pause in lending helped make the business cash generative, and that uncertainty still remains over its ability to continue as a going concern.

---

East Imperial Shares Rise After Signing New Supply Deals in New Zealand, Australia

Shares in East Imperial PLC rose Friday as the company signed new supply agreements in New Zealand and Australia.

---

Starcom 1H Loss Narrowed

Starcom PLC said Friday that its loss for the first half of 2021 narrowed and that it believes its supply-chain services will become increasingly valuable amid continuing logistics constraints.

---

Sportech CEO, CFO to Step Down

Sportech PLC said Friday that Chief Executive Officer Richard McGuire and Chief Financial Officer Tom Hearne will step down from their current roles next month, and that they will be replaced by two internal promotions.

 
Market Talk: 

Polymetal's Prognoz Project to Add $60 Mln of Ebitda by 2024

0818 GMT - Polymetal on Thursday said it had approved fast-track development for its Prognoz silver project in Russia, which is expected to be adding around $60 million to the company's Ebitda by 2024, Jefferies says. First ore is expected to be mined in the first quarter of 2023. Moreover, the Veduga gold project is likely to be approved at the November capital markets day, the U.S. bank says. However, the precious metals miner has increased 2021 capex guidance for the second time this year, reflecting inflationary pressures. "Unless travel restrictions significantly ease by that time, the subsequent wage inflation in the construction sector impacting project development in Russia would likely continue into 2022, lifting medium-term capex forecasts." ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires; [phone]

(END) Dow Jones Newswires

08-27-21 0453ET