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Oil Shares Gain as Crude Prices Rise Ahead of OPEC+

12/02/2021 | 05:27am

Oil Shares Gain as Crude Prices Rise Ahead of OPEC Meet

1004 GMT - Oil stocks buck the trend of a falling market on the back of rising crude prices ahead of a meeting of OPEC and its allies. Oil is down about 15% from before the omicron coronavirus variant was announced as capitulation trades--speculators giving up on hopes of higher prices and selling--pressured options dealers into selling futures to hedge their exposure, BDSwiss says. "I think there's a good chance they could decide to pause their planned 400,000 barrel-a-day output increase in response to the Omicron virus," BDSwiss analyst Marshall Gittler says. Brent crude gains 2.1% to $70.31 a barrel. BP, Eni, Repsol, Royal Dutch Shell and TotalEnergies all rise. (philip.waller@wsj.com)

 
Companies News: 

Halfords to Raise Up to GBP64 Mln for Axle Group Acquisition

Halfords Group PLC said Wednesday that it intends to launch a share placing to raise up to around 64 million pounds ($85.1 million) to fund the acquisition of Axle Group Holdings Ltd, as well as maintain balance sheet flexibility.

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Aston Martin CFO Kenneth Gregor to Step Down for Personal Reasons

Aston Martin Lagonda Global Holdings PLC said Thursday that Chief Financial Officer Kenneth Gregor will step down from the role and as a director by the end of June for personal reasons.

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Serco Group Expects 2022 Revenue to Be Lower Than 2021; Backs 2021 Guidance

Serco Group PLC said Thursday that it expects revenue for 2022 to be around 6% lower than the 4.4 billion pounds ($5.84 billion) expected for 2021, and backed its guidance for 2021.

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Seeen PLC 3Q Revenue Rose 8%

Seeen PLC said Thursday that its revenue grew 8% in the third quarter of 2021, and that adjusted pretax profit remains in line with expectations.

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Ryanair November Traffic Fell on Month to 10.2 Mln

Ryanair Holdings PLC on Thursday reported lower guests for November compared with the previous month, although the load factor was higher.

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Wizz Air November Passenger Numbers Rose on Year

Wizz Air Holdings PLC said Thursday that it carried more passengers in November than in the same month a year earlier.

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Eckoh 1H Pretax Profit, Revenue Fell

Eckoh PLC said Thursday that pretax profit fell in the first half of fiscal 2022 as revenue declined, and it expects full-year profit to match fiscal 2021, assuming there are no further lockdowns in its markets.

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Tharisa FY 2021 Profit Doubled on Higher Prices, Production

Tharisa PLC on Thursday reported that its profit more than doubled in the year ended Sept. 30, reflecting higher prices and production.

 
Market talk: 

Pound Likely to Rise Vs Euro, Stay Flat Vs Dollar if BOE Lifts Rates

1008 GMT - The pound should rise against the euro but trade sideways versus the dollar in 2022 as the Bank of England is likely to start raising interest rates in December, Commerzbank says. The BOE will deliver only "very moderate" rate rises in coming quarters but EUR/GBP will fall as the BOE is still ahead of the European Central Bank in tightening policy, Commerzbank's You-Na Park-Heger says. "Against the USD, we expect more or less a sideways movement, as both central banks will exit their expansionary monetary policy, the BOE a tad earlier, but the Federal Reserve then at a higher pace." By December 2022, Commerzbank sees GBP/USD little changed at 1.33 and EUR/GBP falling to 0.81, from 0.8506 currently. (renae.dyer@wsj.com)

UK Economy Is Set to Grow Strongly Next Year But Not as Much as in 2021

0945 GMT - The U.K.'s economic growth in 2022 should be strong by recent historical standards provided that the Omicron variant doesn't result in renewed restrictions, Oxford Economics's chief U.K. economist Andrew Goodwin says. GDP growth will likely slow from the pandemic economic rebound in 2021, and the recovery will enter a tougher phase as policy support is being withdrawn, he says. However, both household consumption and corporate investment should support growth in 2022, as deductions encourage firms to spend some of their cash and consumers spend some of their excess savings, Goodwin says. Inflation fears should calm in the second half of the year as there is little evidence of underlying pressures building and commodity prices should fall back, he says. (xavier.fontdegloria@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

12-02-21 0527ET

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