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UK's Trade Performance With US Weakens on Strong Dollar, Fuel Imports

08/16/2022 | 05:48am EST

UK's Trade Performance With US Weakens on Strong Dollar, Fuel Imports

0832 GMT - The U.K. has recorded two consecutive quarters of a goods trade deficit with the U.S. for first time since 1998, driven by a strong dollar and rising fuel imports, analysis from Ebury shows. The deficit reached GBP3.1 billion in the first quarter, the largest-ever negative goods gap with the U.S., and GBP700 million in the second quarter. "Evidently, the devalued pound against the dollar this year has bumped up the value of imports from the U.S.," Jack Sirett, Ebury's head of dealing, writes. "As inflationary pressures continue to build in the U.K. ahead of the October energy price cap hike, the combination of growing imports from the States and a strengthening USD will add further to that volatile cocktail." (renae.dyer@wsj.com)

 
Companies News: 

AstraZeneca's Lynparza Supplemental New Drug Application Granted Priority Review by FDA

AstraZeneca PLC said Tuesday that its supplemental new drug application, or sNDA, for its cancer treatment, Lynparza in combination with abiraterone, has been granted a priority review by the U.S. Food and Drug Administration.

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Abrdn Sells GBP225M Shareholding in HDFC Asset Management

abrdn PLC said Tuesday that it has sold 12.8 million shares in HDFC Asset Management Co. for 225 million pounds ($271.2 million), with the proceeds to be used for general corporate purposes.

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Sage Group to Buy Lockstep for Undisclosed Sum to Drive Growth

Sage Group PLC said Tuesday that it has agreed to buy cloud accounting technology provider Lockstep for an undisclosed amount to accelerate the growth strategy.

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Watches of Switzerland 1Q Revenue Rose Amid Luxury Demand; Backs FY 2023 Views

Watches of Switzerland Group PLC said Tuesday that its performance for the first quarter of fiscal 2023 was robust as demand for luxury products continues to increase, and reiterated its previous guidance.

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Ted Baker Agrees to $254.3 Mln Takeover by Reebok Owner Authentic Brands

Ted Baker PLC said Tuesday that it has agreed to a 211 million pound ($254.3 million) final cash offer from Juicy Couture, Reebok and David Beckham brand owner Authentic Brands Group LLC.

 
Market Talk: 

UK Labor Market Expected to Remain Tight Despite Economic Slowdown

0841 GMT - While the June labor market report showed little change in the unemployment rate, wage data was stronger than expected and labor-force participation still remains suppressed relative to prepandemic levels, Goldman Sachs says in a note. Tuesday's sata is consistent with Goldman Sachs's view that the U.K. labor market will remain tight and wage growth will continue to be elevated despite the recent slowdown in GDP growth. Given the tight labor market and strong inflationary pressures, the American bank continues to expect the Bank of England to raise the deposit rate by 50 basis points in September and 25 basis points in November and December. (maria.martinez@wsj.com)


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

(END) Dow Jones Newswires

08-16-22 0547ET

Stocks mentioned in the article
ChangeLast1st jan.
ABRDN PLC 0.94% 214.3 Delayed Quote.-11.04%
ASTRAZENECA PLC 0.27% 10954 Delayed Quote.26.23%
BRITISH POUND / US DOLLAR (GBP/USD) -0.15% 1.2093 Delayed Quote.-10.48%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.04% 0.7472 Delayed Quote.-5.27%
EURO / US DOLLAR (EUR/USD) -0.12% 1.0395 Delayed Quote.-8.46%
FLOKI INU (FLOKI/USD) 0.00%End-of-day quote.0.00%
HDFC ASSET MANAGEMENT COMPANY LIMITED 1.81% 2162.95 Delayed Quote.-11.58%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.09% 0.012242 Delayed Quote.-8.76%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.21% 0.6245 Delayed Quote.-8.44%
SAGE GROUP PLC -0.10% 812.6 Delayed Quote.-4.69%
WATCHES OF SWITZERLAND GROUP PLC -0.78% 1024 Delayed Quote.-27.89%
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