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Sterling Could Fall on Less Than 8-1 Vote For BOE Rate Rise

11/04/2021 | 06:06am EST

Sterling Could Fall on Less Than 8-1 Vote For BOE Rate Rise

0956 GMT - The Bank of England is expected to raise interest rates by 15 basis points later but sterling could weaken if fewer than eight of the nine-member Monetary Policy Committee back the move, ING says. EUR/GBP could rise to 0.8535 on Thursday, although a BOE rate rise well before the Federal Reserve would "tee up GBP for further gains over coming months as U.K. inflation pressures continue to build," ING analysts say. "Our team does not see U.K. inflation peaking until next April at around 4.5/5.0%." EUR/GBP falls 0.2% to 0.8476, but GBP/USD drops 0.4% to 1.3630. The BOE announces its rate decision at 1200 GMT. (renae.dyer@wsj.com)

 
Companies News: 

BT 1H Pretax Profit Fell, Brings Forward Savings Target

BT Group PLC said Thursday that pretax profit for the first half of fiscal 2022 fell slightly together with revenue, but maintained its outlook and brought forward its cost-savings target.

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Hikma Pharmaceuticals Says Performance Continues to be Strong; Backs 2021 Guidance

Hikma Pharmaceuticals PLC said Thursday that its performance continues to be strong and backed its 2021 guidance.

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Sainsbury Swung to 1H Pretax Profit on Lower Costs

J Sainsbury PLC on Thursday reported a swing to a pretax profit for the first half of fiscal 2022 as a reflection of lower restructuring and impairment costs.

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Superdry 1H Revenue Fell Slightly on Lower Sales

Superdry PLC said Thursday that revenue declined slightly in the first half of fiscal 2022, marked by significantly higher in-store sales and lower online sales.

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Tate & Lyle 1H 2022 Pretax Profit Halved

Tate & Lyle PLC on Thursday reported a more-than-halved pretax profit for the first half of fiscal 2022, as stronger profit growth in its food-and-beverage-solutions and sucralose segments offset lower profits from its primary-products business.

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JD Sports Required to Sell Footasylum by UK Regulator

A U.K. regulator said Thursday that it will require sports-goods retailer JD Sports Fashion PLC to sell off its Footasylum business, after an investigation found competition concerns.

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Smith & Nephew 3Q Revenue Rose

Smith & Nephew PLC said Thursday that revenue for the third quarter of its fiscal year rose, and that it is on track to deliver at the lower end of guidance for the year due to the pandemic.

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Alien Metals to Raise GBP3.5 Mln via Share Placing to Fund Work Program

Alien Metals Ltd. said Thursday that it plans to raise 3.5 million pounds ($4.8 million) via a share placing which will be used toward its work program over the next year.

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Sainsbury Swung to 1H Pretax Profit, Says It Is Well Placed for Christmas -- Update

J Sainsbury PLC on Thursday reported a swing to a pretax profit for the first half of fiscal 2022 as a reflection of lower restructuring and impairment costs, and said that it is prepared for Christmas despite supply-chain challenges.

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Ten Entertainment Expects FY 2021 Pretax Profit on Sales Strength

Ten Entertainment Group PLC said Thursday that it expects to make a pretax profit for fiscal 2021, compared with previous expectations of a loss.

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IMI's 3Q Beats Views; 2021 Seen Hit by Exchange Rates

IMI PLC said Thursday that performance in the third quarter was ahead of the board's expectations, but that it expects full-year financial results to be hit by exchange rates.

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Electrocomponents 1H Pretax Profit, Revenue Rose

Electrocomponents PLC said Thursday that pretax profit and revenue rose in the first half of its fiscal 2022, and that it has continued to record further good momentum across all regions during the first five weeks of the second half.

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Smiths News FY 2021 Pretax Profit Doubled; Warns of Inflation Pressure

Smiths News PLC on Thursday reported a more-than-doubled pretax profit for fiscal 2021 but warned that inflationary pressures are likely to hurt fiscal 2022 Ebitda by 2 million pounds ($2.7 million).

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Purplebricks Group 1H 2022 Challenging; FY 2022 Ebitda Below Guidance, Shares Fall

Shares in Purplebricks Group PLC fell on Thursday after the company said that the six-month period to Oct. 31 has been challenging and that it expects adjusted Ebitda for fiscal 2022 to be below guidance.

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Derwent London Lettings Beat Rent Values; Vacancy Rate Falls

Derwent London PLC said Thursday that lettings signed in the year to date have been above estimated rent values and its vacancy rate has narrowed.

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City Pub CFO Tarquin Williams to Step Down

City Pub Group PLC said on Thursday that Chief Financial Officer Tarquin Williams will stand down on Nov. 29 and will be replaced by Holly Elliott.

 
Market Talk: 

Supply Constraints Persist For UK Construction Sector in October

1010 GMT - U.K. construction activity expanded at a faster pace in October but the sector continued to grapple with supply constraints and rapidly increasing purchasing prices, according to an IHS Markit/CIPS survey. "The volatile price and supply environment added to business uncertainty and continued to impede contract negotiations," Markit director Tim Moore says. "As a result, the overall rate of new order growth was unchanged from the eight-month low seen in September." There were also widespread reports that material and staff shortages disrupted work while rising fuel and energy prices added pressure on costs, Moore says. The construction purchasing managers' index rose to 54.6 in October from 52.6 in September, with a level above 50 indicating growth. (renae.dyer@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-04-21 0705ET

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