Sterling Faces Sustained Weakness on UK Growth Concerns
0823 GMT - Sterling faces sustained weakness on concerns about
the U.K.'s worse economic outlook compared to elsewhere,
Commerzbank says. The International Monetary Fund said Tuesday the
U.K. will be the only major economy to shrink this year, which is
bad news for sterling, as it's unclear whether this growth gap will
be long-term, Commerzbank currency analyst Ulrich Leuchtmann says
in a note. "If that was the case, we would have to fear that the
relation of British to U.S. and European per capita gross domestic
product was deteriorating." The lower the per capita GDP of an
economy, the lower the currency is valued, Leuchtmann says. GBP/USD
trades flat at 1.2315 but EUR/GBP rises to a one-week high of
0.8836, according to FactSet. (renae.dyer@wsj.com)
Companies News:
Vodafone Says It Is on Track to Meet FY 2023 Guidance After 3Q
Total Revenue Fell Slightly
Vodafone Group PLC said Wednesday that third-quarter total
revenue fell slightly on year and that it is on track to meet its
updated fiscal 2023 guidance.
---
Entain Raises 2022 Ebitda Guidance After Higher Net Gaming
Revenue
Entain PLC on Wednesday raised its earnings guidance for 2022 as
it posted an 12% rise in net gaming revenue for the year.
---
Severn Trent Names Helen Miles New CFO to Replace James
Bowling
Severn Trent PLC said Wednesday that it has appointed Helen
Miles as its new chief financial officer after James Bowling
decided to retire in July 2023.
---
Halma Buys Thermocable for Initial GBP22 Mln
Halma PLC said Wednesday that it has bought Thermocable Ltd. for
an initial consideration of 22 million pounds ($27.1 million) on a
cash-free and debt-free basis.
---
GSK 4Q Sales and Earnings Rose, Driven by Specialty Medicines,
Vaccines
GSK PLC on Wednesday posted rising earnings and sales for the
fourth quarter, which the company said were boosted by its
specialty medicines and vaccines businesses.
---
Gaming Realms 2022 Earnings, Revenue Grew; Appoints New CEO,
CFO
Gaming Realms PLC said Wednesday that 2022 earnings and revenue
grew thanks to growth in licensing and that it has appointed a new
chief executive and a chief financial officer
---
Restore 2022 Performance in Line With Views; 2023 Started With
Positive Momentum
Restore PLC said Wednesday that its performance in 2022 was in
line with market expectations and that it entered 2023 with
positive momentum as it continued to see substantial growth
potential across its organic and acquisition strategies.
---
Made Tech 1H Revenue Jumped, Earnings in Line on Organic
Growth
Made Tech Group PLC said Wednesday that revenue for the first
half of fiscal 2023 jumped 76% on strong organic growth and that
adjusted earnings before interest, taxes, depreciation and
amortization was in line with management's expectations.
---
Tialis Essential IT PLC Completion of Acquisition
TIDMTIA
---
Orcadian Energy to Raise GBP500,000 via Discounted Share
Placing
Orcadian Energy PLC said Wednesday that it is planning to raise
500,000 pounds ($615,850) via a discounted share placing and will
use the money toward its work program and for working capital
purposes.
---
GSK 4Q Sales and Earnings Rose, Driven by Specialty Medicines,
Vaccines -- Update
GSK PLC on Wednesday posted rising earnings and sales for the
fourth quarter, which the company said were boosted by its
specialty medicines and vaccines businesses.
---
Keywords Studios Buys 47 Communications LLC to Add Expertise,
Scale in US
Keywords Studios PLC said Wednesday that it has bought 47
Communications LLC to add expertise and scale to its marketing and
PR offering in the U.S.
---
Tandem Group Shares Fall on 2022 Revenue Fall
Shares at Tandem Group PLC fell Wednesday after the company said
that 2022 revenue will be down around 35% on the prior year, but
still in line with market expectations.
---
Virgin Money Flags Good Financial Momentum After Positive 1Q
Virgin Money UK PLC said Wednesday that its first-quarter
performance was positive as it posted a rise in customer deposits
and net interest margin.
Market Talk:
UK House Prices Have Further Room to Fall
0750 GMT - House prices in the U.K. fell in January for a fifth
consecutive month, according to data from Nationwide, and this
trend should continue in the months ahead, Pantheon Macroeconomics'
senior U.K. economist Gabriella Dickens says in a note.
"Households' real disposable incomes will fall further over the
next couple of quarters, as the government reduces its energy bills
support, and as firms push through job cuts in the face of surging
borrowing costs," she says. Additionally, still-high mortgage rates
will weigh on affordability and demand, with many potential buyers
expected to wait until prices have fallen substantially, Dickens
says. Nationwide's data shows U.K. house prices have declined 3.2%
from their peak, and Pantheon expects prices to fall about 8%
peak-to-trough. (xavier.fontdegloria@wsj.com)
---
Vodafone 3Q Update Shows Disappointing Spain Performance
0822 GMT - Vodafone's third-quarter update showed a major
disappointment in Spain and no substantive strategy update,
Jefferies analysts Jerry Dellis and Yi Hsin Yeoh say in a research
note. The U.K.-based telecommunications company's deteriorating
Spain performance is a reminder of the competitive set up of the
market, with five mainstream rivals and a number of wholesale
challengers, they say. The statement highlights simplification to
restore growth and more commercial autonomy being passed down to
country level, they add. Jefferies has a hold rating on the stock
with a target price of 85.00 pence. Shares trade down 2.6% at 90.66
pence. (kyle.morris@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
February 01, 2023 03:43 ET (08:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Mar 2024 to Apr 2024
FTSE 100
Index Chart
From Apr 2023 to Apr 2024