FTSE 100 to Extend Gains as Bank Fears Continue to Wane
March 30 2023 - 3:19AM
Dow Jones News
FTSE 100 Seen Opening Higher as Bank Fears Continue to Wane
0648 GMT - The FTSE 100 is seen opening higher after closing
Wednesday higher for the third consecutive day as worries over
banking-sector stress continue to wane. IG futures data show
London's premier stock index opening 27 points higher after closing
up 80 points on Wednesday. "If you look at the equity markets
today, you could hardly guess that there is still a bank stress
going on underneath, which threatens credit availability and calls
for a potential recession," Swissquote Bank analyst Ipek
Ozkardeskaya writes. However, sentiment remains fragile after a
shaky month for banks with commercial bank deposits trending lower
as higher-yielding savings alternatives like treasury bills and
money market funds amass decent inflows, she says.
(renae.dyer@wsj.com)
Companies News:
Moonpig Backs FY 2023 Revenue, Earnings View on 2H
Resilience
Moonpig Group PLC said Thursday that its performance has been
resilient in the second half to date as it booked its largest ever
week of sales in the U.K. ahead of Mother's Day, and backed its
expectations for revenue and adjusted earnings before interest,
taxes, depreciation and amortization for fiscal 2023.
---
SSE Raises FY 2023 Adjusted EPS Guidance Again
SSE PLC on Thursday raised its adjusted earnings per share
expectations to more than 160 pence ($1.97) in fiscal 2023, up from
the updated 150 pence guidance and backed some of the other targets
it issued in January.
---
Shoe Zone Launches GBP3 Mln Share Buyback Program
Shoe Zone PLC said Thursday that it is launching a share buyback
program to purchase 3.0 million pounds ($3.7 million) worth of
shares.
---
Arbuthnot Banking 2022 Pretax Profit Rose on BoE's Rate
Increases
Arbuthnot Banking Group PLC said Thursday that its pretax profit
and net interest income rose significantly in 2022 thanks to the
Bank of England's rate increases, which are expected to further
boost revenue in 2023.
---
Tasty Swung to FY 2022 Pretax Loss on Higher Costs
Tasty PLC reported on Thursday a swing to pretax loss on the
back of increased costs despite higher revenue.
---
Secure Trust Bank 2022 Pretax Profit Fell, Says Chairman to
Retire
Secure Trust Bank PLC on Thursday said is confident it will
deliver a strong performance in 2023 and announced the planned
retirement of its chairman, as it posted a lower 2022 pretax
profit.
---
John Lewis of Hungerford 1H Pretax Loss Widened; FY 2023 Pretax
Profit Seen Up on Year
John Lewis of Hungerford PLC said Thursday that its pretax loss
widened for the first half of fiscal 2023 after booking higher
costs, but that the board believed pretax profit for the year will
be ahead of fiscal 2022.
---
Dillistone Secures Potential Major Contract, Sees Revenue Rise
From 2024 Onward
Dillistone Group PLC said Thursday that it has secured a
potentially significant contract win with an undisclosed leading
U.K.-based contingency recruiter company, without providing
financial details on the deal.
---
Gresham House 2022 Assets Under Management Rose On Fundraising,
Investment Performance
Gresham House PLC said Thursday that its assets under management
grew 20% in 2022, driven mainly by strong fundraising and
investment performance, while net income increased.
Market Talk:
Consumer Inflation Expectations Remain High, Raising Chance of
Further Interest-Rate Hikes
0628 GMT - Consumer inflation expectations in the U.S., the
eurozone and the U.K. are showing some signs of easing, but are
still elevated, which means it is too soon for central banks to
ease policy outside of a full-on recession scenario, economists at
JPMorgan say in a note. "With realized inflation and wage growth
remaining elevated, we continue to flag the risk that the salience
of this environment could lead to wage- and price-setting behavior
settling at paces inconsistent with central banks' inflation
targets," they say. Recent banking turmoil means that the odds of
such an outcome are lower in the event of a significant tightening
of credit conditions, but central banks are likely to stay focused
on keeping its inflation-fighting credibility, JPM says.
(xavier.fontdegloria@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
March 30, 2023 03:04 ET (07:04 GMT)
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