UK's Tight Labor Market to Pressure BOE Toward Further Interest-Rate Increases
0755 GMT - U.K. labor-market data keeps the pressure on the Bank of England to raise interest rates by another 50 basis points rather than opting for a smaller increase, Pantheon Macroeconomics' chief U.K. economist Samuel Tombs says in a note. Most members of the Monetary Policy Committee will want to see clearer signs that the labor market is softening, and continued momentum in wage growth also likely will be on policymakers' minds, he says. "The MPC will have to be willing to bet that emerging signs of increasing labour market slack will translate into slowing wage growth, if they are to stop hiking Bank Rate in March," Tombs says. (xavier.fontdegloria@wsj.com)
Companies News:
Anglo American Appoints Alison Atkinson Group Director Projects & Development
Anglo American PLC said Tuesday that Alison Atkinson has been appointed group director Projects & Development, a new role within the company, and that this will be effective during the second quarter of 2023.
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Diageo Agrees to Buy Don Papa Rum for Up to $473 Mln
Diageo PLC said Tuesday that it has agreed to acquire Don Papa Rum, a dark rum from the Philippines, for a potential total consideration of up to 437.5 million euros ($473.4 million).
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Experian Backs FY 2023 Guidance After 3Q Organic Revenue Grew
Experian PLC said Tuesday that organic revenue grew 6% at constant exchange rates in the third quarter and backed its full-year guidance.
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Ocado 4Q Retail Revenue Rose; Backs FY 2022 Views
Ocado Group PLC backed its fiscal 2022 guidance on Tuesday supported by a robust fourth-quarter performance and said it has started the new fiscal year with a record Christmas performance.
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M&G Names Joseph Pinto CEO of Asset Management Arm as Jonathan Daniels Retires
M&G PLC said Tuesday that Joseph Pinto has been appointed chief executive officer of M&G Asset Management, replacing Jonathan Daniels, who is retiring.
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Wise Raises FY 2023 Guidance After Interest-Boosted 3Q Revenue
Wise PLC on Tuesday raised its full-year guidance again as it posted a 50% rise in its third-quarter revenue, boosted by higher interest income.
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Crest Nicholson 2022 Pretax Profit Fell on Exceptional Items, Sales Slowed at Year End
Crest Nicholson Holdings PLC said Tuesday that 2022 reported pretax profit fell despite higher revenue, due to exceptional items, and that its sales rate slowed in the final weeks of the year.
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Ninety One's Assets Under Management Rose Slightly on Quarter in 3Q
Ninety One PLC on Tuesday said that its assets under management for the third quarter of fiscal 2023 saw a slight on-quarter rise but fell compared to the same quarter of the previous year.
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Quiz December Revenue Rose on Strong Demand
Quiz PLC said Tuesday that revenue increased in December, driven by a strong consumer demand.
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THG PLC Reports Record 2022 Revenue; Reviewing Loss-Making OnDemand Unit
THG PLC on Tuesday reported a record group revenue for 2022, with growth in its three core business, and said that it has started a review of the loss-making categories and territories within the THG OnDemand unit.
Market Talk:
Sterling Rises After UK Labor Market Data
0749 GMT - Sterling rises after data showed U.K. wage growth accelerated in the three months to November, supporting the case for the Bank of England to raise interest rates further. Average weekly earnings excluding bonuses increased 6.4% in the three-month period compared with 6.1% growth from August to October. Economists polled by the WSJ expected 6.3% growth. The unemployment rate was unchanged at 3.7% versus forecasts of 3.8%. The data "only add further weight to the case for the BOE to raise interest rates from 3.50% now, perhaps to 4.50% in the coming months," Capital Economics economist Ashley Webb writes. EUR/GBP falls to 0.8864 after the data from 0.8885 beforehand and GBP/USD rises to 1.2219 from 1.2172. (renae.dyer@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
01-17-23 0315ET
