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Sterling Falls After UK Retail Sales Disappoint

09/16/2022 | 03:23am EST

Sterling Falls After Worse-Than-Forecast UK Retail Sales Data

0702 GMT - Sterling falls after official data showed U.K. retail sales fell by a worse-than-expected 1.6% month-on-month in August. Economists polled by the WSJ had expected a 1.4% decline. "Another significant drop in U.K. retail sales this morning signals that, despite narrowly avoiding recession, the U.K. economy is being hit hard by the worsening cost-of-living crisis, as businesses are now starting to implement necessary price increases in response to extreme margin challenges," Simon-Kucher & Partners partner Rosalind Hunter writes. GBP/USD falls to a one-week low of 1.1414 after the data, from 1.1451 beforehand, while EUR/GBP rises to a 19-month high of 0.8752, from 0.8718 beforehand. (renae.dyer@wsj.com)

 
Companies News: 

Jupiter Fund Management's New CEO Plans Business Review, FT Reports

--Jupiter Fund Management PLC's incoming chief executive, Matthew Beesley, is planning a review of the business aimed at cutting costs and returning it to growth, the Financial Times reports, citing unnamed sources.

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Capita to Sell Pay360 for GBP150 Mln

Capita PLC said Friday that it is selling Pay360 Ltd. to The Access Group in a deal that values the business at 150 million pounds ($172 million), after a review of the business.

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Drumz 1H Pretax Loss Narrowed; Seeks Potential Acquisitions

Drumz PLC said Friday that pretax loss for the first half of 2022 narrowed amid higher revenue and lower losses on investments.

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Roquefort Therapeutics Names New CEO, Chief Scientific Officer

Roquefort Therapeutics PLC on Friday said it appointed Trevor Ajanthan Reginald as chief executive officer.

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Coro Energy 1H Net Loss Narrowed on Strong Commodity Prices

Coro Energy PLC said Friday that net loss for the first half of 2022 narrowed driven by strong commodity prices and its Italian gas portfolio production.

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Science in Sport Appoints Daniel Lampard as CFO to Replace James Simpson

Science in Sport PLC said Friday that it has appointed Daniel Lampard as Chief Financial Officer with effect from Oct. 19, replacing James Simpson.

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Liz Truss prepares charm offensive to persuade SoftBank into London listing for Arm -- Financial News

This is the latest in a series of recent bullish indications from the government over its aims to bolster the financial services sector

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Blue Star CEO to Leave; Tony Fabrizi to Rejoin Board as Chairman

Blue Star Capital PLC said Friday that its Chief Executive Derek Lew is stepping down from the company, and that Tony Fabrizi will rejoin the board as its executive chairman.

 
Market Talk: 

UK Retail Sales Could Improve Once Government Support Kicks in

0701 GMT - August's 1.6% decline in U.K. retail sales volumes isn't likely to be reversed soon as the cost-of-living crisis hits harder in the coming months, Capital Economics assistant economist Olivia Cross says in a note. However, the government's freeze on households utility bills will offer substantial support to households and thus to consumer spending, she says. "We now expect that the recession will be smaller and shorter than we did before, which is one reason why we expect that the Bank of England will need to raise interest rates further than we had been expecting to a peak of 4.00%," Cross says. (xavier.fontdegloria@wsj.com)

 

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

(END) Dow Jones Newswires

09-16-22 0322ET

Stocks mentioned in the article
ChangeLast1st jan.
BLUE STAR CAPITAL PLC -5.66% 0.125 Delayed Quote.-66.88%
BLUE STAR LIMITED 1.26% 1271.95 End-of-day quote.25.49%
CAPITA PLC 3.27% 23.38 Delayed Quote.-37.97%
CORO ENERGY PLC -1.54% 0.32 Delayed Quote.1.56%
JUPITER FUND MANAGEMENT PLC 0.16% 128.8 Delayed Quote.-49.84%
SCIENCE IN SPORT PLC 0.00% 14.25 Delayed Quote.-79.20%
SOFTBANK GROUP CORP. 1.20% 6168 Delayed Quote.12.16%
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