Sterling Unlikely to Stay Above $1.10 For Long, ING Says
0801 GMT - Current levels in sterling above $1.10 look "unsustainable" given fragility in the bond market and the U.K.'s deteriorated fiscal and current account position, ING currency analyst Francesco Pesole says in a note. "A return to sub-1.10 levels in cable [GBP/USD] is a question of when rather than if, in our view," he says. Solid U.S. jobs data, due at 1230 GMT, may favor "a more rapid descent" in the pound. The consensus forecast in a WSJ poll is for U.S. non-farm payrolls to increase by 275,000 in September, after a 315,000 rise the previous months. GBP/USD is last up 0.2% at 1.1182. (jessica.fleetham@wsj.com)
Companies News:
SolGold Agrees to Merger With Cornerstone Capital Resources; Shares Rise
Shares in SolGold PLC rose Friday after the company said it has agreed to buy the entire issued share capital of Cornerstone Capital Resources Inc. in a unanimously recommended friendly merger, valuing Cornerstone at around 96.7 million pounds ($107.9 million).
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J.D. Wetherspoon Swung to Pretax Profit in FY 2022 as Pandemic Restrictions Eased
J.D. Wetherspoon PLC reported a swing to pretax profit in fiscal 2022, driven by easier comparatives after the ease of Covid-19 restrictions, and said that its outlook is cautiously optimistic.
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Castings Sees Strong Demand in 1H; Expects to Meet Market Views
Castings PLC said Friday that underlying demand in the first half of fiscal 2023 remained strong, and that it is confident it will continue to meet market views.
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PureTech Health in Takeover Discussions With Nektar Therapeutics
PureTech Health PLC said Friday that it is in takeover discussions with Nektar Therapeutics, speaking in response to press speculation.
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Steppe Cement 3Q Revenue Rose on Higher Sales Volumes, Prices
Steppe Cement Ltd. said Friday that revenue for the third quarter rose along with the volume of cement sales and prices.
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Marshalls Nine-Month Revenue Fell at Landscape Products Division
Marshalls PLC said Friday that in the nine months to Sept. 30, revenue at its landscape products division fell 6% amid tough trading conditions, but that group revenue rose as demand at its building products division remained strong.
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Impax Asset Management Group FY 2022 Assets Under Management Fell
Impax Asset Management Group PLC said Friday that assets under management at the end of fiscal 2022 were lower than a year earlier, but that it recorded positive net inflows during the fourth quarter.
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
10-07-22 0417ET
