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Pound Rises Before Likely BOE Rate Rise But Seen Vulnerable

09/22/2022 | 08:52am EST

Sterling Rises Before Likely BOE Rate Rise But Seen Vulnerable to Further Falls

0905 GMT - Sterling gains ahead of the Bank of England's policy decision at 1100 GMT, with another large interest-rate rise expected, most likely of 50 basis points, but it is still at risk of falling in the wake of this decision, ING analyst Chris Turner says in a note. The BOE's policy tightening has provided little support to sterling this summer and instead, U.K. fiscal concern is growing. Friday's government mini-budget "could prove the trigger for another round of gilt [U.K. government bonds] and sterling selling." GBP/USD could fall towards 1.10 and EUR/GBP could rise to around 0.88, Turner says. GBP/USD rises 0.5% to 1.1323, having earlier hit its lowest level since March 1985 at 1.1212, according to FactSet. EUR/GBP falls to a one-week low of 0.8709. (renae.dyer@wsj.com)

 
Companies News: 

Segro COO Andy Gulliford to Retire in 2023

Segro PLC said Thursday that Chief Operating Officer Andy Gulliford will retire from the business in 2023.

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GSK Secures Urinary Tract Infections Treatment License With Spero Therapeutics

GSK PLC said Thursday that it has signed an exclusive license agreement with Spero Therapeutics Inc. to commercialize tebipenem HBr, an antibiotic currently in late-stage studies that may treat complicated urinary tract infections.

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Halma PLC Sees Good 1H Progress; Backs FY 2023 Guidance

Halma PLC said Thursday it expects to report good first-half progress, meeting management expectations, and that its order intake was ahead compared with the same period last year.

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Saint-Gobain Cleared by UK Regulator for GCP Takeover

The U.K. competition authority said Thursday that it wouldn't further its probe into Compagnie de Saint-Gobain SA's planned takeover of GCP Applied Technologies Inc.

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LXI REIT Exchanges Contracts With Sainsbury's on GBP500M Grocery Store Portfolio

LXI REIT PLC said Thursday that it has exchanged contracts with J Sainsbury PLC to acquire a portfolio of grocery stores for 500 million pounds ($563.5 million), and it was in talks with investors over funding.

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JD Sports Fashion 1H Pretax Profit Fell on Higher Costs; Sales Rose

JD Sports Fashion PLC on Thursday reported a decline in pretax profit for the first half after booking higher costs, though it said sales increased because of high demand levels for its sports products.

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Smiths News Set to Beat FY 2022 Market Views on Strong Levels of Sales, Demand

Smiths News PLC said Thursday that its performance for the second half of fiscal 2022 was strong and it expects to end the financial year beating market views.

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Polymetal Swung to 1H Net Loss on Lower Gold Sales; Backs Guidance

Polymetal International PLC said Thursday that it swung to a first-half net loss as revenue fell on lower gold sales, and backed its production guidance for the year.

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PensionBee 1H Pretax Loss Widened; Sales Increased

PensionBee Group PLC reported on Thursday a widened pretax loss for the first half of 2022 after booking higher costs, though it said revenue and assets under administration increased significantly.

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Playtech 1H Pretax Profit Fell on Strong Comparative Period; Revenue Rose

Playtech PLC said Thursday that first-half pretax profit for 2022 fell significantly, despite higher revenue, as distribution costs rose and the comparative period recorded a large one-off benefit, and backed its full-year outlook.

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Aquis Exchange 1H Pretax Profit, Sales Fell on Market Volatility

Aquis Exchange Ltd. reported on Thursday a significant decline in pretax profit and sales for the first half of 2022 due to market volatility, but said that its current performance is in line with market expectations for the full year.

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Safestyle Swung to 1H Pretax Loss Due to Cyberattack; Shares Fall

Safestyle UK PLC shares fell after it said on Thursday that it swung to a pretax loss for the first half due to the costs and disruption from a cyberattack, and that it was reinstating dividend payments.

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Begbies Traynor Sees FY 2023 Profit in Line With Market Views

Begbies Traynor Group PLC said Thursday that it expects to achieve pretax profit for fiscal 2023 in line with market expectations, driven by an increasing demand in insolvency and restructuring cases.

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Time Finance FY 2022 Pretax Profit Fell; New Year Starts Well

Time Finance PLC said Thursday that its fiscal 2022 pretax profit fell and revenue slipped slightly, though the new year has started well with an increase in profit.

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PZ Cussons FY 2022 Pretax Profit Fell on Higher Costs; Raises Dividend

PZ Cussons PLC said Thursday that pretax profit for fiscal 2022 fell on higher costs, though it raised its dividend payout.

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Trakm8 Holdings Is Performing in Line With Market Expectations

Trakm8 Holdings PLC said Thursday that it has continued to perform in line with market expectations since Sept. 14 and remains confident to meet the board's views for this year, and an improved outlook for next.

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Learning Technologies 1H Pretax Profit Rose on Higher Revenue From Acquisition

Learning Technologies Group PLC said Thursday that first-half pretax profit rose as revenue increased due to the contributions from an acquisition and foreign exchange tailwinds, and that its performance has continued into the second half.

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GetBusy ARR Has Grown Since June 30, Backs Full-Year Guidance

GetBusy PLC said Thursday that annual recurring revenue at Aug. 31 has grown slightly since June 30, boosted by solid new business and monetization across the group, and backed its full-year guidance.

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Petro Matad Shares Fall on Widened 1H Loss, Continued Access Issues

Petro Matad Ltd. shares fell Thursday after the company said that first-half pretax loss widened and a land access issue surrounding its Heron 1 field in Mongolia is yet to be resolved.


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

09-22-22 0540ET

Stocks mentioned in the article
ChangeLast1st jan.
AQUIS EXCHANGE PLC 0.00% 435 Delayed Quote.-30.95%
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.05% 0.5521 Delayed Quote.3.59%
BEGBIES TRAYNOR GROUP PLC 0.00% 147.6 Delayed Quote.9.66%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.02% 0.60412 Delayed Quote.3.81%
COMPAGNIE DE SAINT-GOBAIN 1.56% 45.69 Real-time Quote.-26.15%
EURO / BRITISH POUND (EUR/GBP) 0.03% 0.85757 Delayed Quote.2.21%
GETBUSY PLC 0.00% 62 Delayed Quote.-7.46%
GSK PLC 0.61% 1424 Delayed Quote.-13.36%
HALMA PLC 1.35% 2249 Delayed Quote.-29.72%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.07% 0.010006 Delayed Quote.1.42%
J SAINSBURY PLC 0.86% 223.9 Delayed Quote.-18.82%
JD SPORTS FASHION PLC 0.63% 128.8 Delayed Quote.-40.86%
LEARNING TECHNOLOGIES GROUP PLC 0.23% 133.1 Delayed Quote.-25.14%
LXI REIT PLC 1.05% 115 Delayed Quote.-20.69%
PENSIONBEE GROUP PLC -11.50% 50 Delayed Quote.-62.60%
PLAYTECH PLC -0.62% 559 Delayed Quote.-23.69%
POLYMETAL INTERNATIONAL PLC -0.42% 239 Delayed Quote.-81.78%
PZ CUSSONS PLC 0.24% 211 Delayed Quote.2.68%
SAFESTYLE UK PLC 0.38% 26.1 Delayed Quote.-47.48%
SEGRO PLC 1.59% 819.6 Delayed Quote.-42.94%
SPERO THERAPEUTICS, INC. 0.52% 1.92 Delayed Quote.-88.01%
TIME FINANCE PLC 0.00% 18.75 Delayed Quote.-21.05%
TRAKM8 HOLDINGS PLC -3.39% 14.25 Delayed Quote.-36.67%
UK 10Y CASH -0.01% 3.1562 Delayed Quote.249.70%
US DOLLAR / BRITISH POUND (USD/GBP) -0.03% 0.81367 Delayed Quote.10.37%
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