Pound Likely to be Held Back as Weak Growth Limits UK Rate Rises

Pound Likely to be Held Back as Weak Growth Limits UK Rate Rises

0712 GMT - Sterling has limited scope to rise versus the euro as the Bank of England is unlikely to raise interest rates by as much as the market expects due to weak economic growth, MUFG Bank says. "We are not convinced the BOE will be in a position to deliver what is priced into the market with growth likely to be very weak through the remainder of this year," MUFG analysts say, noting the International Monetary Fund cut its U.K. economic growth forecasts significantly on Tuesday. The BOE will probably deliver a further two 25 basis points rate rises and then pause, they say. EUR/GBP rises 0.1% to 0.8306 but GBP/USD rises 0.1% to 1.3016. ([e-mail])

 
Companies News: 

SSE to Buy Portfolio of Wind Projects in Southern Europe for EUR580M

SSE PLC said Tuesday that it is acquiring a portfolio of renewable-energy projects in Spain, France, Italy and Greece from Spain-based engineering group Siemens Gamesa Renewable Energy SA for 580 million euros ($625.7 million).

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Wood Group CEO Robin Watson to Retire

John Wood Group PLC said Wednesday that Chief Executive Robin Watson intends to retire.

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Bunzl 1Q Underlying Revenue Growth Hurt by Fewer Trading Days; Backs 2022 Guidance

Bunzl PLC said Wednesday that its first-quarter underlying revenue growth was hurt by fewer trading days than in the same period a year earlier, and backed its guidance for 2022.

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Wood Group 2021 Net Loss Narrowed Despite Ebitda Drop

John Wood Group PLC on Wednesday reported a narrowed net loss for 2021, reflecting lower one-off costs, and said it expects to announce a deal for the sale of its Built Environment arm this quarter.

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Naked Wines Says FY 2022 Results Will in Line With Views

Naked Wines PLC said Wednesday that it expects to post results for the year ended March 28 in line with expectations.

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888 Holdings 1Q Revenue Dropped as Average Monthly Active Players Fell

888 Holdings PLC said Wednesday that revenue for the first quarter of 2022 fell on year as average monthly active players declined and reflecting the temporary exit from the Netherlands.

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Quilter's 1Q Assets Under Management and Administration Fell on Quarter

Quilter PLC said Wednesday that assets under management and administration fell slightly from the previous period in the first quarter of 2022, but that gross and net flows remained resilient despite market uncertainty.

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Centamin Reports 1Q Gold Production Drop, Reiterates 2022 Guidance

Centamin PLC said Wednesday that its first quarter gold production fell as expected, and reaffirmed its outlook for the whole year.

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Cornerstone FS 1Q Revenue Was Highest-Ever Quarterly Figure

Cornerstone FS PLC said Wednesday that revenue for the first quarter of the year was 946,000 pounds ($1.2 million), its highest-ever quarterly figure.

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QinetiQ Sees FY 2022 Ahead of Guidance, Market Views

QinetiQ Group PLC said Wednesday that it expects results for the year ended March 31 to be marginally ahead of previous guidance as well as current market expectations.

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Hunting Says 1Q Performance in Line With Expectations

Hunting PLC said Wednesday that its performance in the first quarter of 2021 was in line with expectations.

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Senior 1Q Performance in Line With Views

Senior PLC said Wednesday that its performance in the first quarter was in line with expectations, and that revenue rose 12% from a year earlier on a constant currency basis.

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

04-20-22 0424ET