Pound Remains Fragile Even if UK Data Improve

The pound remains fragile even if U.K. data confirm the economic recovery is progressing after volatile lockdown months, Commerzbank says. Sterling won't benefit from the recovery as long as monetary policy remains loose, Commerzbank's Esther Reichelt says. "The remaining uncertainties (coronavirus, Brexit) are simply too great for us to see room for a significantly GBP-positive tightening of monetary policy in the coming months." Official data on Friday showed U.K. retail sales rose 9.7% on year in June, versus the 9.0% increase forecast by a WSJ survey of economists. At 0830 GMT, U.K. manufacturing and services purchasing managers' index surveys for July will be released. GBP/USD falls 0.1% to 1.3748 and EUR/GBP rises 0.2% to 0.8562. 


 
Companies News:

Ted Baker to Move to Cheaper Headquarters Next Year

Ted Baker PLC said Friday that it has chosen to move its new global headquarters to the London neighborhood of Fitzrovia, which will allow the company to make good savings on rent.

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Secure Trust Bank Sells Mortgage Loan Portfolio for GBP54.6 Mln

Secure Trust Bank PLC said Friday that it has agreed to sell a portfolio of mortgage loans to Jacqali Designated Activity Co., a financing vehicle.

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Alliance Trust Swung to 1H Pretax Profit; Plans to Review Dividend

Alliance Trust PLC said Friday that it swung to a pretax profit for the first half of 2021 as the value of its assets rose, and said it is launching a review of the level and funding of its dividend payments.

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Fusion Antibodies Gets First GBP150,000 Research Milestone Payment

Fusion Antibodies PLC said Friday that it has achieved its first research milestone payment of 150,000 pounds ($206,520) as part of a collaboration with an undisclosed major client.

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Gateley Buys Tozer Gallagher for Up to GBP825,000 -- Deal Digest

ACQUIRER: Gateley (Holdings) PLC, a U.K. legal and professional services group.

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U.K.'s CMA Won't Further Probe Lanxess-Emerald Kalama Deal

The U.K.'s Competition and Markets Authority said Friday it won't further probe the proposed acquisition by German chemicals company Lanxess AG of Emerald Kalama Chemical.

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Sealand Capital Signs New Distribution Contracts in East Asia

Sealand Capital Galaxy Ltd. said Friday that it has entered into exclusive, three-year product-specific distribution contracts with Heath London, The Gruff Stuff and Carter Beauty by Melissa Carter in Hong Kong, Macau and mainland China.

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Harworth Sees First Half Developing Nicely

Harworth Group PLC said on Friday that it expects EPRA [European Public Real Estate Association] Net Disposal Value as at June 30 to be materially ahead of current consensus for 2021, and that it remains well-capitalized and is managing cashflows sustainably.

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MJ Hudson Buys Fund Administration Business for Up to GBP2.8 Mln -- Deal Digest

ACQUIRER: MJ Hudson Group PLC, an asset-management consulting firm.

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Myanmar Strategic Holdings 1H Loss Widened

Myanmar Strategic Holdings Ltd. on Friday reported a widened pretax loss for the first half of fiscal 2021 despite a jump in revenue as higher costs more than offset the rise.

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Prime People FY 2021 Pretax Loss Narrowed; Suspends Final Dividend

Prime People PLC said on Friday that its pretax loss for fiscal 2021 narrowed on lower costs, but that it isn't declaring a final dividend for the year. 


 
Market Talk:

Ted Baker Is a Step Closer to Becoming a More Lucrative Business

0737 GMT - U.K. luxury-clothing brand Ted Baker's relocation of its headquarters to another site in London is a positive step, according to Liberum. "The move of Ted Baker's head office not only delivers additional cost savings but underpins the improved commerciality of the group under this management team," the brokerage says. The move reflects the company's continuing cost-control effort and represents a further step toward making Ted Baker a leaner, more cash-generative business, Liberum says. The brokerage has a buy rating on the stock. Shares are up 0.7% at 138.6 pence.

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UK Retail Sales Are Likely to Fall Back in Coming Months

0722 GMT - U.K. retail sales will probably fall back in coming months after rising in June, Pantheon Macroeconomics says. "The temporary boost to food spending from the Euro 2020 [soccer tournament] will fade, while higher confidence does not appear to be translating to higher levels of economic activity, due to the recent rise in Covid-19 cases," Pantheon economist Samuel Tombs says. Higher inflation, a decline in the value of Universal Credit payments--a living-cost benefit--at the end of September, and a fall in employment in 4Q after the job retention scheme ends will also weigh on confidence and real disposable incomes, he says. U.K. retail sales rose 9.7% on year and 0.5% on month in June, official data show Friday.

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

07-23-21 0355ET