Sterling Investors Await BOE Testimony After Inflation Data
0836 GMT - Sterling shows limited reaction to data revealing a jump in U.K. annual CPI to 11.1%, its highest since October 1981, and investors will wait to see how Bank of England policymakers react during testimony to parliamentarians later, ING says. The likely message will be a reiteration of its recent policy statement: "do not expect 75bp hikes to become common and that the market pricing of the tightening cycle is too aggressive," says ING analyst Chris Turner in a note. The big "event risk" for sterling is Thursday's autumn budget, which "on paper should be sterling negative," he says. GBP/USD trades at 1.1881, up 0.2% on the day, recovering after a brief drop following the release of the data. (jessica.fleetham@wsj.com)
Companies News:
Experian 1H Pretax Profit Fell Amid Higher Costs; Backs FY 2023 Views
Experian PLC on Wednesday reported a fall in pretax profit for the first half of fiscal 2022 and reiterated its full-year guidance despite expecting the economic backdrop to be tougher over the year.
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Deliveroo to End Operations in Australia
Deliveroo PLC said Wednesday that it has decided to stop operations in Australia as it doesn't hold a broad base of strong local positions, but said this won't change full-year guidance.
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British Land Swung to 1H Pretax Loss on Interest Rate Hikes; Raises Dividend
British Land Co. said Wednesday that it swung to a pretax loss in the first half of fiscal 2023 as portfolio valuations fell on rising interest rates, though revenue rose and it increased its dividend.
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Sage Group FY 2022 Profit Fell as Costs Rose
Sage Group PLC said Wednesday that fiscal 2022 pretax profit fell as costs increased due to a change in recurring and nonrecurring items, including higher net gains in the prior year from disposals.
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SSE Swung to 1H Pretax Loss After Booking Higher Costs; Backs Guidance
SSE PLC said Wednesday that it swung to a pretax loss for the first half of fiscal 2023 after booking higher costs, and backed its guidance for the year.
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CMC Markets 1H Pretax Profit Rose on Higher Market Activity
CMC Markets PLC said Wednesday that pretax profit for the first half of fiscal 2023 rose slightly as market activity accelerated, and that the group's expansion plans remain on track.
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McBride Performing in Line Year to Date Despite Challenging Market
McBride PLC said Wednesday that it has performed in line with expectations in the year to date, despite uncertainty in the political and macroeconomic environment.
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Mediclinic International 1H Boosted by More Inpatients, Day Cases
Mediclinic International PLC on Wednesday reported a 4.4% rise in pretax profit for the first half of fiscal 2023 on revenue that was boosted by more inpatient and day case admissions, but offset by lower average revenue per case compared with the pandemic-affected comparable period.
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Premier Foods 1H Pretax Profit, Revenue Rose on Brand Strength
Premier Foods PLC said Wednesday that pretax profit and revenue rose in the first half of fiscal 2023, with consistently strong growth recorded across its brand portfolio.
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Tullow Oil 10-Month Production Meet Views; Narrows 2022 Guidance Range
Tullow Oil PLC said Wednesday that production for 2022 is in line with expectations, and narrowed the range of its full-year guidance.
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Hill & Smith PLC Upgrades 2022 Operating Profit Views on Robust Performance
Hill & Smith PLC said Wednesday that it expects full-year operating profit to be ahead of market expectations as revenue continued to be robust.
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Senior 10-Month Performance in Line With Views; Maintains Full-Year Outlook
Senior PLC said Wednesday that it performed in line with management's expectations in the 10-month period ended October, and maintained its full-year guidance.
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CLS Holdings Expects 2022 EPS to Rise, Says It Is Well-Positioned for Future
CLS Holdings PLC said Wednesday that it is on track to meet market views for 2022 earnings per share, and that it is well-positioned to weather challenging economic conditions.
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IDOX FY 2022 Revenue, Adjusted Ebitda Rose in Line With Views
IDOX PLC said Wednesday that it expects to report an increase in revenue and adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2022, in line with the board's expectations.
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Bridgepoint Backs 2022 Views Amid Resilient Performance
Bridgepoint Group PLC said Wednesday that it remains on track to achieve its full-year guidance despite the challenging macroeconomic backdrop.
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Beazley Raises Around GBP350 Mln via Discounted Placing
Beazley PLC said Wednesday that it has conditionally raised around 350 million pounds ($415.3 million) via a discounted placing, a subscription and a retail offer, missing a previously announced bookbuild target.
Market Talk:
British Land's 1H Slip Matches Peer's Decline
0830 GMT - British Land's first-half results show net asset value declined 4.4% to 695 pence a share, matching peer Land Securities' fall of 5% Tuesday and likely similarly disappointing bond bears, Jefferies says. The real-estate company's results show the same theme as its peer of capital values dislocated from rents, and values hinging on bonds after the U.K. government's Autumn Statement on Thursday, Jefferies analyst Mike Prew says in a research note. British Land's estimated rental value growth was 1.2%, particularly driven by a 17% growth in urban logistics--positive news for the likes of Segro and LondonMetric Property, the U.S. bank says. Jefferies retains its hold rating and 420.0-pence price target on British Land's stock. Shares are down 1.3% at 391.1 pence. (joseph.hoppe@wsj.com)
Experian Seen as Confident Ahead of 2H
0830 GMT - Experian's 1H performance has been in line with expectations and the retained 2022 guidance reflects management's confidence on its growth strategy, Robin Speakman says in a research note. "Full-year performance is likely to come out at the top-end of the range on the current trajectory with improvement coming through in the weaker regions and counter-cyclical service demand rolling," Speakman says. However, the consumer-credit company has faced a volatile foreign exchange in the period given the challenging macro economic backdrop, and these pressures are likely to continue, the analyst adds. Shore Capital has a buy rating on the stock and a target price of 2,851 pence. (michael.susin@wsj.com)
Rise in UK October CPI to 11.1% Puts BOE in a Tight Spot
0829 GMT - The rise in U.K. inflation to a four-decade high puts the Bank of England in a tight spot as it needs to raise rates to contain inflation while the economy is in a "parlous state," says BRI Wealth Management CEO Dan Boardman-Weston in a note. "The Government and Bank of England have a difficult balancing act ahead of them and hopefully they will be successful in reducing inflation without causing too much economic pain," he says. The latest data from the Office for National Statistics showed October annual CPI inflation rose to 11.1% from 10.1% in September, higher than the consensus in a WSJ poll for 10.9%. (miriam.mukuru@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
11-16-22 0429ET
