Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Sterling's Recent Fall Against Euro Looks Justified

12/02/2022 | 07:16am EST

Sterling's Recent Fall Against Euro Looks Justified

1119 GMT - Sterling's recent fall against the euro makes sense given the U.K.'s weak economic fundamentals, MUFG Bank says. "While we may not be heading for a fiscal or political crisis given Prime Minister Rishi Sunak has quickly addressed those risks, the underlying fundamental backdrop has not changed," MUFG analysts say in a note. The government plans little fiscal tightening over the coming two years given the economy is already weak, the energy price guarantee is being reduced from April, mortgage rates remain higher and the Bank of England's latest economic forecasts were "grim," they say. MUFG expects EUR/GBP to rise to 0.8800 by the fourth quarter of 2023 from 0.8575 currently. (renae.dyer@wsj.com)

 
Companies News: 

Wizz Air Passenger Numbers Rose Significantly on Year in November

Wizz Air Holdings PLC said Friday that it carried significantly more passengers in November on year.

---

Premier Miton FY 2022 Pretax Profit Fell as Assets Under Management Declined

Premier Miton Group PLC on Friday reported a fall in its full-year pretax profit as investors' reluctance to commit new investments in an uncertain market hit its assets under management, but said it has seen encouraging signs of recovery since the end of the period.

---

Light Science Sees FY 2022 Revenue, Pretax Loss Missing Market Views

Light Science Technologies Holdings PLC said Friday that it expects to miss market forecasts for fiscal 2022 revenue and for pretax loss to be wider than consensus expectations, as clients face macroeconomic pressure.

---

MetalNRG Gets Shareholder Request to Call Meeting to Remove Chairman, CEO

MetalNRG PLC said Friday it has received a request from shareholder Edward Spencer to call a general meeting seeking the removal of Chairman Christopher Latilla-Campbell and Chief Executive Rolf Gerritsen.

---

Mind Gym 1H Pretax Profit, Revenue Rose on Favorable Currency Effects

Mind Gym PLC said Friday that pretax profit and revenue rose in the first half of fiscal 2023, boosted by favorable foreign-exchange rates.

---

Goldplat Sells Remaining Shareholding in Caracal Gold

Goldplat PLC said Friday that it has sold its remaining shares in Caracal Gold PLC for an undisclosed sum.

---

ScS Group CFO Chris Muir to Step Down

ScS Group PLC said on Friday that Chris Muir will be stepping down as chief financial officer but will remain with the company to work his 12-month notice.

---

ASOS Interim CFO Katy Mecklenburgh to Step Down, Become Softcat CFO

ASOS PLC on Friday said its interim Chief Financial Officer Katy Mecklenburgh will step down from the role to become Softcat PLC's CFO after working her six-month notice.

---

HeiQ Acquires Chem-Tex Laboratories for $2.5 Mln in U.S. Expansion

HeiQ PLC on Friday said it acquired North Carolina-based specialty chemicals company Chem-Tex Laboratories for $2.5 million as it seeks to expand in the U.S.

 
Market Talk: 

ASOS Interim CFO's Premature Exit Seen as Negative

1130 GMT - ASOS's interim CFO Katy Mecklenburgh departure just over a month after taking the position shows that the company is having a "year from hell," AJ Bell investment director Russ Mould says in a note, with shares are down 73% in the year to date. The declaration adds further pressure on the fast-fashion online retailer to find a permanent replacement and increases the somewhat chaotic feel that is surrounding the business, he adds. (michael.susin@wsj.com)

Cineworld Shares Rise on Report About Possible Vue Takeover

1119 GMT - Cineworld shares rose in early trading Friday after a report in the Times of London suggested peer Vue International was eyeing it for acquisition ahead of a possible initial public offering. The FTSE 250 cinema chain could be targeted by Vue, after founder Tim Richards confirmed the company was ready to seize upon any opportunities that present themselves, the Times reports. Vue is the third largest cinema chain in the U.K. and Ireland behind Odeon and Cineworld, with 91 venues in the U.K. and Ireland. Cineworld is currently in the midst of bankruptcy proceedings that have given it access to around $785 million from a $1.94 billion line of credit to support operations. Shares are up 9.7% at 5.05 pence, having risen to 6.2 pence earlier in the session. (joseph.hoppe@wsj.com)


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

(END) Dow Jones Newswires

12-02-22 0715ET

Stocks mentioned in the article
ChangeLast1st jan.
ASOS PLC -1.93% 963 Delayed Quote.88.64%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.04% 0.64141 Delayed Quote.1.90%
BRITISH POUND / EURO (GBP/EUR) 0.08% 1.11682 Delayed Quote.-0.83%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.07% 0.691257 Delayed Quote.-0.16%
CARACAL GOLD PLC -7.69% 0.3 Delayed Quote.-60.00%
CINEWORLD GROUP PLC 1.67% 4.2 Delayed Quote.15.32%
EURO / BRITISH POUND (EUR/GBP) -0.06% 0.8952 Delayed Quote.0.80%
FTSE MID 250 INDEX -0.10% 20593.46 Delayed Quote.9.23%
GOLDPLAT PLC 0.00% 10.25 Delayed Quote.0.00%
HEIQ PLC -1.49% 33 Delayed Quote.-40.00%
INDIAN RUPEE / EURO (INR/EUR) 0.37% 0.011273 Delayed Quote.-1.08%
LIGHT SCIENCE TECHNOLOGIES HOLDINGS PLC 0.00% 4.5 Delayed Quote.28.57%
METALNRG PLC 0.00% 0.0675 Delayed Quote.-20.59%
MIND GYM PLC 0.00% 76 Delayed Quote.-10.59%
PREMIER MITON GROUP PLC 2.82% 121.33 Delayed Quote.17.80%
SCS GROUP PLC 2.27% 225 Delayed Quote.39.75%
SOFTCAT PLC 1.72% 1304 Delayed Quote.10.14%
UK PENCE STERLING **** / EURO (GBP/EUR) -0.40% 0.011164 Delayed Quote.-0.79%
US DOLLAR / EURO (USD/EUR) -0.05% 0.926526 Delayed Quote.-1.86%
WIZZ AIR HOLDINGS PLC 0.35% 2885 Delayed Quote.51.48%
Latest news "Economy"
05:47pAustralia's Beach Energy reaches deal with Webuild on Waitsia gas project
RE
05:42pUPDATE 4-Newmont aims to build gold giant with $16.9 bln Newcrest offer
RE
05:42pJapan finance minister says he was 'out of the loop' on BOJ gov nomination
RE
05:41pPublic Storage makes $11 billion unsolicited offer for Life Storage - WSJ
RE
05:32pUK Treasury signals no new money for defense - Sky News
RE
05:27pPakistan's ex-president Musharraf dies after years in exile
RE
05:11pMarketmind: U.S.-China crisis?
RE
05:07pUk treasury signals no new money for defence despite recognising…
RE
04:57pUkraine crews working to restore power to Odesa after fire
RE
04:40pAustralia's Beach Energy in deal with Webuild to complete Waitsia Stage 2 gas project
RE
Latest news "Economy"