Sterling Could Underperform as Recession Worries Hit Sentiment
December 07 2022 - 3:04AM
Dow Jones News
Sterling Could Underperform as Recession Worries Hit
Sentiment
0832 GMT - Sterling could underperform as financial markets seem
to be settling back into macroeconomic-led trading with fears of a
2023 global recession dampening risk sentiment, ING says. Equity
markets could come under renewed pressure if the Federal Reserve
stays "hawkish" by signaling further interest-rate rises despite a
recession, ING analyst Chris Turner says in a note. "Typically,
this is a negative environment for sterling, where the UK's large
current account deficit is penalized," he says. "GBP/USD has turned
from a strong resistance level at 1.23 and our bias into next week
would be for a return to the 1.19 area." GBP/USD trades flat at
1.2135. (renae.dyer@wsj.com)
Companies News:
Mitchells & Butlers Swung to FY 2022 Pretax Profit, Sees
Encouraging Year Ahead
Mitchells & Butlers PLC said Wednesday that pretax profit
for fiscal 2022 rose, supported by a sales recovery to prepandemic
levels, and that its performance in the new fiscal year has been
positive.
---
Naked Wines Swung to 1H Pretax Loss on Inventory Provisioning;
CFO Appointed
Naked Wines PLC said Wednesday that it swung to a pretax loss
for the first half of fiscal 2023 after it booked material
inventory provisioning, and that it has appointed James Crawford as
chief financial officer and executive director.
---
Quiz Upbeat on FY 2023 as 1H Earnings Boosted by Strong
Demand
Quiz PLC said Wednesday that it remains confident of meeting
market expectations for the full fiscal year despite inflationary
pressure, after revenue and earnings rose strongly in the first
half.
---
Topps Tiles Gets Request to Remove Chairman From Shareholder MS
Galleon
Topps Tiles PLC said Wednesday that it has received a notice
from 29.9% shareholder MS Galleon GmbH requesting that it put
forward a resolution to remove nonexecutive Chairman Darren
Shapland at the annual general meeting in January.
---
Games Workshop Sees 1H Pretax Profit Fall, Appoints NonExecutive
Chair
Games Workshop Group PLC said Wednesday that performance for the
first half of fiscal 2023 has been in line with expectations, with
pretax profit expected to fall despite increasing revenue.
---
Redde Northgate 1H Pretax Profit Rose on Robust Demand, Fleet
Growth
Redde Northgate PLC said Wednesday that pretax profit for the
first half of fiscal 2023 rose, supported by fleet growth and new
contract wins, and that it expects its full-year performance to
exceed market views.
---
Moonpig 1H Pretax Profit Hit by Higher Costs, Cuts FY 2023
Revenue Guidance
Moonpig Group PLC said Wednesday that its pretax profit for
first half of fiscal 2023 fell on higher costs, and cut its
full-year revenue guidance after experiencing more challenging
trading conditions since October.
---
musicMagpie Sees FY 2022 in Line
musicMagpie PLC said Wednesday that financial performance for
fiscal 2022 was in line with management's expectations.
---
Sovereign Metals to Demerge Malawi Graphite Projects
Sovereign Metals Ltd. said Wednesday that it will demerge a
number of graphite projects in Malawi into a wholly-owned
subsidiary to unlock their value.
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
December 07, 2022 03:49 ET (08:49 GMT)
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