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Sterling Gains as BOE Officials Flag Likely Rate Rises

10/11/2021 | 02:16am EST

Sterling Gains as BOE Officials Flag Likely UK Rate Rises

0706 GMT - Sterling gains, rising to its highest in two months against the euro, after Bank of England Governor Andrew Bailey and BOE policymaker Michael Saunders signalled imminent interest rates rises to curb inflation. In an interview with The Yorkshire Post, Bailey said high inflation must be managed to prevent it from becoming permanently embedded. Saunders told London's Telegraph newspaper that households should prepare for "significantly earlier" interest rate rises. GBP/USD is "holding the line" above 1.36 on prospects of tighter U.K. monetary policy, while the downside potential for EUR/GBP below 0.85 looks limited, Unicredit analysts say. EUR/GBP falls 0.3% to a two-month low of 0.8471, while GBP/USD rises 0.4% to a near two-week high of 1.3675, according to FactSet. (renae.dyer@wsj.com)

 
Companies News: 

Asos Shares Tumble After Profit Warning And CEO Departure-- MarketWatch

Fashion retailer Asos plunged 15% in early London trading after a profit warning and announcing the surprise departure of its chief executive.

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Senior PLC's Sales in First Nine Months Were 14% Lower on a Constant Currency Basis

Senior PLC said Monday that sales in the first nine months of the year were around 14% lower on a constant currency basis, and that excluding its Senior Aerospace Connecticut unit, revenue in this period was down 11% on an organic, constant currency basis.

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UK Watchdog Launches Probe Into Grafton Group's Planned Sale of Traditional Merchanting Business

The U.K. Competition and Markets Authority said Monday that it has started an investigation into Grafton Group PLC's planned sale of its traditional merchanting business in Great Britain to Huws Gray.

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Good Energy Reaffirms 2021 Views Despite UK Market Volatility

Good Energy Group PLC on Monday reaffirmed full-year expectations despite the current volatility in the U.K. energy retail sector and recent low wind speeds.

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Polarean Imaging Shares Rise on Polarizer System Installation in Canada

Shares in Polarean Imaging PLC rose on Monday after the company said it had installed its 9820 Xenon Polarizer system at the BC Children's Hospital, in Vancouver, Canada.

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ReNeuron Shares Rise on Positive Data From Exosome Drug Delivery Technology Trial

Shares of ReNeuron Group PLC rose Monday after the company said a trial of its exosome drug delivery technology has yielded positive data, showing it can effectively deliver therapeutic proteins to the specific area of the brain affected by several neurological diseases.

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Equals Group Revenue Increased in 3Q

Equals Group PLC said Monday that its revenue for the third quarter of 2021 increased amid strong demand for its services.

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Ascent Resources Says Slovenian Wells Can Generate at Least EUR100,000 Revenue a Month

Shares in Ascent Resources LLC rose Monday morning after it said that its PG-10 and PG-11A wells in Slovenia can generate net revenue of at least 100,000 eurox ($115,765) a month for the company.

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Oracle Power Shares Rise on PowerChina International Agreement

Shares in Oracle Power PLC rose on Monday after the company said it had signed a non-exclusive cooperation agreement with PowerChina International Group Ltd. to jointly develop a green hydrogen production facility in Pakistan.

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XP Power 3Q Orders Rose, Revenue Fell

XP Power Ltd. said Monday that orders for the third quarter rose 87% on a constant-currency basis and 73% on a reported basis, and that revenue fell 5% on a constant-currency basis and 11% on a reported basis.

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LendInvest 1H Platform Assets Under Management and Funds Under Management Rose

LendInvest PLC said Monday that platform assets under management rose 31.7% on the year in the first half of fiscal 2022, while platform funds under management were up 39.8%.

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Treatt Forecasts 14% Rise in Revenue for FY 2021

Treatt PLC said Monday that it expects revenue for fiscal 2021 to increase 14% compared with the prior year, and that its adjusted pretax profit is forecast to be in line with the board's previously upgraded expectations.

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Science Group Raises 2021 Guidance for Third Time

Science Group PLC said Monday that it is raising full-year guidance for the third time, citing a resilient business performance and the Frontier acquisition.

 
Market Talk: 

Gilt Yields Rise Further After BOE Officials Warn of Looming Rate Rise

0750 GMT - U.K. borrowing costs in the debt capital market have risen over the weekend after Bank of England officials warned in separate interviews about rising inflation and endorse more aggressive market pricing of an early interest rate rise. Governor Andrew Bailey said in an interview to Yorkshire Post that he was "concerned with inflation above target," and that "we have got to in a sense prevent the thing becoming permanently embedded because that would obviously be very damaging." Separately, policymaker Michael Saunders endorsed market pricing of an interest rate rise as soon as this quarter, telling The Telegraph that it was "appropriate." The 10-year gilt yield peaked at 1.204% in early trading and trades last at 1.199%, according to Tradeweb. (lorena.ruibal@wsj.com)

ASOS FY 2022 Outlook Is Worse Than Expected

0722 GMT - Shares in ASOS plunge 15% after the online fashion retailer warned of lower earnings for fiscal 2022 as a result of supply-chain issues and higher costs. ASOS expects an adjusted pretax profit of GBP110 million-GBP140 million for fiscal 2022, the mid-point being 35% below current consensus estimates of GBP193 million, Jefferies notes. A downgrade to fiscal 2022 estimates had clearly been well anticipated, but this 35% cut is bigger than most will have envisaged, Jefferies adds. "Although many of the headwinds are understandable and, hopefully, transitory, we suspect investors will struggle to put much credibility on the medium-term targets," the bank says. (jaime.llinares@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

10-11-21 0416ET

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