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Sterling Mixed After Latest UK Inflation Data

07/20/2022 | 03:50am EDT

Sterling Pares Gains Vs Dollar, Extends Losses Vs Euro After UK Inflation Data

0713 GMT - Sterling pares gains against the dollar and extends losses versus the euro after data showed U.K. inflation accelerated to a 40-year high in June, putting pressure on already strained household incomes. Inflation rose to an annual rate of 9.4% in June from 9.1% in May, compared to the 9.3% expected by economists in a WSJ survey. "The intense cost of living squeeze is putting significant pressure on the U.K.'s consumer-led economy and means the risk of recession is high," HSBC Asset Management strategist Hussain Mehdi writes. The Bank of England is likely to lift rates by a larger 50 basis points in August, he says. GBP/USD falls to 1.2010 after the data from 1.2021 beforehand and EUR/GBP rises to 0.8541 from 0.8517. (renae.dyer@wsj.com)

 
Companies News: 

PayPoint 1Q Sales Rose; FY 2023 Outlook Unchanged

PayPoint PLC said Wednesday that sales increased in the first quarter of fiscal 2023, noting that its expectations for the financial year and the medium term remain unchanged.

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Antofagasta Downgrades Guidance After Los Pelambres Pipeline Incident

Antofagasta PLC on Wednesday downgraded 2022 production and cost guidance after an issue at its Los Pelambres project caused copper output to fall 6.5% in the second quarter.

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Premier Foods 1Q Sales Rose; Year-To-Date Performance in Line With Views

Premier Foods PLC said Wednesday that sales rose 6.0% in the first quarter of fiscal 2023 to 197 million pounds ($236.3 million), and that its performance so far has been in line with the board's expectations.

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Costain Says 1H Performance Met Its Views; Expects Rev to Top Market Views

Costain Group PLC said Wednesday that its first-half performance met its expectations, with revenue anticipated to exceed market forecasts on inflation recovery mechanisms and increased volumes.

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Royal Mail 1Q Revenue Fell; Committed to Reaching Agreement With CWU

Royal Mail PLC said Wednesday that its fiscal first-quarter group revenue fell 11.5% on year and that it was committed to reaching an agreement with a union after a ballot on strike action on Tuesday.

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Centamin Backs 2022 Production Guidance, Sees Costs at Upper End of Range -- Commodity Comment

Centamin PLC on Wednesday reiterated 2022 production guidance after output improved in the second quarter, but warned that operational costs for the year will be at the upper end of expectations. This is what the owner of the Sukari gold mine in Egypt had to say:

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Petershill Partners' 2Q Aggregate Assets Under Management Unchanged

Petershill Partners PLC said Wednesday that aggregate assets under management in the second quarter were unchanged from the previous quarter.

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Centaur Media Swung to 1H Pretax Profit; 2H Performance in Line With Views

Centaur Media PLC said Wednesday that it swung to a pretax profit for the first half of 2022 as revenue rose, and that its performance in the second half is in line with the board's expectations.

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Bloomsbury Publishing Four-Month Revenue Rose 27% After Record 1H UK Book Sales

Bloomsbury Publishing PLC said Wednesday that revenue for the four months ended June 30 grew 27% after the first half of 2022 had record U.K. consumer book sales.

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Finsbury Food Says FY 2022 Sales Rose on Year; Cost Pressures Mitigated

Finsbury Food Group PLC said Wednesday that it delivered a strong performance in fiscal 2022 with higher total sales, and has largely mitigated costs pressures through a range of initiatives.

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Pendragon Sees 1H Profit Slipping Slightly on Higher Operating Costs

Pendragon PLC said Wednesday that it expects underlying pretax profit to slip slightly in the first half of the year on higher underlying operating costs, though gross profit per vehicle rose.

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Antofagasta Downgrades Guidance After Los Pelambres Pipeline Shutdown -- Update

Antofagasta PLC on Wednesday downgraded 2022 production and cost guidance after a pipeline problem at its Los Pelambres project caused copper output to fall 6.5% in the second quarter.

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Corcel to Raise GBP336,000 via Share Placing; Launches Cost Cuts

Corcel PLC said Wednesday that it is planning to raise 336,000 pounds ($403,066) via a discounted share placing and started some cost cuts to boost the company's finances.

 
Market Talk: 

Royal Mail Seen at a Crossroads After Particularly Frank Update

0722 GMT - Royal Mail looks to be at a crossroads, with recent progress having stalled and a weaker outlook in prospect, Richard Hunter, head of markets at interactive investor, says in a note. "In a particularly frank statement, the group has listed the challenges currently being faced. A recurring theme is the likelihood of industrial action, which will further hamper progress on its much-needed transformation program. At the same time, the burgeoning parcels market has stalled, with inflationary pressures leading to less retail spending and therefore deliveries," Hunter says. The white-knuckle ride for shareholders is likely to continue, he notes, but some optimism remains, such as higher automation and its stability and positioning. Shares trade down 3.5% at 275.10 pence. (kyle.morris@dowjones.com)


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

(END) Dow Jones Newswires

07-20-22 0349ET

Stocks mentioned in the article
ChangeLast1st jan.
ANTOFAGASTA PLC 1.39% 1131 Delayed Quote.-15.50%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.57% 0.65746 Delayed Quote.2.29%
BLOOMSBURY PUBLISHING PLC -0.14% 366 Delayed Quote.1.67%
BRITISH POUND / EURO (GBP/EUR) -0.26% 1.14999 Delayed Quote.-4.34%
BRITISH POUND / US DOLLAR (GBP/USD) -0.24% 1.13113 Delayed Quote.-17.51%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.12% 0.747289 Delayed Quote.5.98%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.14% 0.73477 Delayed Quote.-8.62%
CENTAMIN PLC 1.09% 91.16 Delayed Quote.2.63%
CENTAUR MEDIA PLC -1.16% 42.5 Delayed Quote.-24.11%
CORCEL PLC 0.00% 0.375 Delayed Quote.-75.00%
COSTAIN GROUP PLC -2.00% 39.2 Delayed Quote.-26.59%
EURO / US DOLLAR (EUR/USD) 0.00% 0.98347 Delayed Quote.-13.87%
FINSBURY FOOD GROUP PLC 2.53% 81 Delayed Quote.-19.00%
INDIAN RUPEE / EURO (INR/EUR) -0.22% 0.012456 Delayed Quote.6.17%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.10% 0.012259 Delayed Quote.-8.63%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.23% 0.57056 Delayed Quote.-18.17%
PAYPOINT PLC -1.67% 590 Delayed Quote.-11.28%
PENDRAGON PLC 0.74% 27.2 Delayed Quote.17.24%
PETERSHILL PARTNERS PLC 2.39% 188.6 Delayed Quote.-31.29%
PREMIER FOODS PLC 0.42% 95.7 Delayed Quote.-14.40%
ROYAL MAIL PLC 6.48% 196.4 Delayed Quote.-61.19%
US DOLLAR / EURO (USD/EUR) -0.01% 1.016808 Delayed Quote.16.00%
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