UK House Price Data May Question Bets on BOE Rate Rises
0824 GMT - The Royal Institution of Chartered Surveyors' latest U.K. house price data suggest the market's interest rate rise expectations are overdone, ING says. The RICS house price index fell to minus 2% in October from plus 30% in September and the first negative reading since June 2020. This is a clear response to the recent surge in mortgage rates, ING analyst Chris Turner says in a note. "This will again question the market's pricing of the Bank of England's tightening cycle, where we think rates priced at 4.65% next summer are way too high." (renae.dyer@wsj.com)
Companies News:
Auto Trader 1H Pretax Profit Fell Slightly After Costs Increase
Auto Trader Group PLC said Thursday that pretax profit for the first half of fiscal 2023 fell slightly after booking an increase in operating costs following the acquisition of Autorama.
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Haleon Upgrades 2022 Views After 3Q Revenue Rose on Pricing, Volumes
Haleon PLC said Thursday that organic revenue for the third quarter rose, driven by increased pricing and higher volumes.
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Endeavour Mining 3Q Net Profit Fell on Lower Gold Prices; Backs 2022 Views
Endeavour Mining PLC said Thursday that third-quarter net profit fell largely due to lower gold prices and slightly lower production, but that it is on track to meet the top end of 2022 production views.
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Centrica Sees Full-Year Earnings at Top End; To Launch Buyback
Centrica PLC said Thursday that it now expects full-year adjusted earnings per share toward the top end of analyst expectations after booking continued strong operational performance since its interim results and that it will launch a buyback.
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AstraZeneca Lifts 2022 Guidance After Swing to 3Q Profit, Higher Sales
AstraZeneca PLC on Thursday lifted its guidance for the full year after reporting a swing to net profit and higher sales for the third quarter of the year, which both beat consensus expectations.
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ConvaTec 10-Month Revenue Rose on Sales Growth; Raises Organic Growth Guidance
ConvaTec Group PLC said Thursday that revenue for the 10 months to the end of October rose as it booked sales growth and that it is raising its 2022 guidance for organic growth.
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3i Group 1H Operating Profit Fell; Sees Difficult 2023 Macroeconomic Environment
3i Group PLC said Thursday that its operating profit for the first half of fiscal 2023 fell, and that it anticipates that macroeconomic conditions next year to be difficult.
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Tate & Lyle 1H Profit Rose, Backs 2022 Market Views; Cuts Dividend
Tate & Lyle PLC said Thursday pretax profit for the first half of fiscal 2023 rose, and said it expects to meet full-year market expectations.
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WH Smith Swung to FY 2022 Pretax Profit on Robust Travel Performance
WH Smith PLC on Thursday reported a swing to pretax profit for fiscal 2022, driven by a robust performance in travel business, and declared a dividend payout.
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National Grid 1H Pretax Profit Rose; Lifts Guidance
National Grid PLC said Thursday that pretax profit for the first half of fiscal 2023 rose, and lifted its guidance for the year.
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B&M 1H Pretax Profit Fell on Costs; Backs Views on Higher Sales, Margins
B&M European Value Retail SA said Thursday that pretax profit for the first half of fiscal 2023 fell on higher costs and backed its full-year guidance.
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Young & Co.'s Brewery 1H Profit, Revenue Rose in First Restriction-Free Period Since 2019
Young & Co.'s Brewery PLC said Thursday that first-half pretax profit and revenue rose as it traded without Covid-19 restrictions for the first period in three years.
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Domino's Pizza Launches GBP20 Mln Share Buyback After Strong Momentum
Domino's Pizza Group PLC said Thursday that it is launching a 20 million pounds ($22.7 million) share buyback thanks to its strong recent momentum and confidence in its future prospects.
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QinetiQ 1H Pretax Profit Rose as Order Intake Increased; Raises Guidance
QinetiQ Group PLC said Thursday that pretax profit rose as revenue increased on a higher order intake for the first half of fiscal 2023, and raised its guidance.
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Grafton 10-Month Revenue Rose; Backs 2022 Views, Launches GBP100 Mln Buyback
Grafton Group PLC said Thursday that revenue in the first 10 months of the year grew on strong demand, and kicked off a 100 million pound ($113.6 million) share buyback.
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Spirent Communications Backs 2022 View After Strong 3Q
Spirent Communications PLC said Thursday that it has seen strong performance in the third quarter and that it is confident in its expectations for the full year.
Market Talk:
Tate & Lyle Delivers a Strong 1H, Offsetting Inflation
0813 GMT - Tate & Lyle has delivered a strong 26% outperformance to consensus adjusted operating profit expectations for the first half, showing its ability to navigate cost inflation through price-through and other levers, Citi says. The food-and-beverage ingredients provider has also guided for fiscal 2023 to be in-line with current market expectations for adjusted pretax profit, though there is room for small foreign-exchange-related upgrades, Citi analysts say in a research note. "Both underlying volume and importantly mix growth delivery, we think, underpin the attractive mid-term strategy as Tate shifts to become more of a value-add player," the U.S. bank says. Citi retains its buy rating on Tate & Lyle's stock. Shares are up 2.6% at 732.8 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
11-10-22 0342ET
