UK's Trade Performance With US Weakens on Strong Dollar, Fuel Imports
August 16 2022 - 11:13AM
Dow Jones News
The FTSE 100 closed Tuesday up 0.44%, as GBP/USD weakness early
in the session helped drive an initial outperformance that steadily
unwound as the pound pushed higher. U.K. jobs data highlights
shrinking spending power for consumers, although investors seem to
care little as stocks push higher once again, IG Group senior
market analyst Joshua Mahony says in a research note. While
economic concerns have brought volatility in the commodity space,
the Russia-Ukraine war has helped drive demand for alternate energy
such as coal and gas, the online trading provider says. "While the
recessionary environment does raise questions for the year ahead,
the forward-looking nature of markets should mean that investors
look beyond any short-term weakening in favor of a 2024 recovery,"
Mr. Mahony says.
Companies News:
AstraZeneca's Lynparza Supplemental New Drug Application Granted
Priority Review by FDA
AstraZeneca PLC said Tuesday that its supplemental new drug
application, or sNDA, for its cancer treatment, Lynparza in
combination with abiraterone, has been granted a priority review by
the U.S. Food and Drug Administration.
---
Abrdn Sells GBP225M Shareholding in HDFC Asset Management
abrdn PLC said Tuesday that it has sold 12.8 million shares in
HDFC Asset Management Co. for 225 million pounds ($271.2 million),
with the proceeds to be used for general corporate purposes.
---
Sage Group to Buy Lockstep for Undisclosed Sum to Drive
Growth
Sage Group PLC said Tuesday that it has agreed to buy cloud
accounting technology provider Lockstep for an undisclosed amount
to accelerate the growth strategy.
---
Watches of Switzerland 1Q Revenue Rose Amid Luxury Demand; Backs
FY 2023 Views
Watches of Switzerland Group PLC said Tuesday that its
performance for the first quarter of fiscal 2023 was robust as
demand for luxury products continues to increase, and reiterated
its previous guidance.
---
Ted Baker Agrees to $254.3 Mln Takeover by Reebok Owner
Authentic Brands
Ted Baker PLC said Tuesday that it has agreed to a 211 million
pound ($254.3 million) final cash offer from Juicy Couture, Reebok
and David Beckham brand owner Authentic Brands Group LLC.
Market Talk:
UK Labor Market Expected to Remain Tight Despite Economic
Slowdown
0841 GMT - While the June labor market report showed little
change in the unemployment rate, wage data was stronger than
expected and labor-force participation still remains suppressed
relative to prepandemic levels, Goldman Sachs says in a note.
Tuesday's data is consistent with Goldman Sachs's view that the
U.K. labor market will remain tight and wage growth will continue
to be elevated despite the recent slowdown in GDP growth. Given the
tight labor market and strong inflationary pressures, the American
bank continues to expect the Bank of England to raise the deposit
rate by 50 basis points in September and 25 basis points in
November and December. (maria.martinez@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
August 16, 2022 11:58 ET (15:58 GMT)
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