Sterling Parity Versus Dollar Looks Almost Certain
0737 GMT - Sterling dives as investors react very negatively to
Friday's announcement of sweeping tax cuts and a cap on energy
price rises. Parity against the dollar is now "seen as almost
certain," Swissquote analyst Ipek Ozkardeskaya says in a note.
"What the market is hearing is: who will finance this spending?,"
she says. GBP/USD falls 0.8% to 1.0734, having dropped as low as
1.0349 overnight, according to FactSet. "The only hope here is to
see at least a sugar rush in the British economy to help investors
digest information, but the next couple of years will probably be
harsh for the U.K.," Ozkardeskaya says.
(jessic.fleetham@wsj.com)
Companies News:
Unilever CEO Alan Jope to Retire at End of 2023
Unilever PLC said Monday that Chief Executive Officer Alan Jope
has decided to retire from the company at the end of 2023 after
five years in the role.
---
Anglo American Begins Copper Operations at Peru Site; Revises
Production Guidance
Anglo American PLC said Monday that it has started commercial
copper operations at its Quellaveco project in Peru, and narrowed
2022 guidance for copper from Chile.
---
GSK PLC Names Julie Brown as New CFO; Iain Mackay to Retire in
May
GSK PLC said Monday that it has appointed Julie Brown as its new
chief financial officer, replacing Iain Mackay, from May 2023.
---
Pendragon Gets 29 Pence/Share Takeover Offer From Hedin
Mobility
Pendragon PLC said Monday that it has received a
29-pence-a-share takeover offer from Hedin Mobility Group AB.
---
Babcock International Five-Month Performance in Line With
Views
Babcock International Group PLC said Monday that its performance
for the first five months of fiscal 2023 was within the board's
expectations, and that the market backdrop remains dynamic.
---
Sainsbury's Talks with LXI REIT Over Sale of 18 Stores
Collapse
J Sainsbury PLC said Monday that it is no longer in discussions
with LXI REIT PLC over the sale and leaseback of a portfolio of 18
supermarket stores, due to LXI's market volatility concerns.
---
Next Fifteen Swung to 1H Pretax Loss as Costs Increased
Next Fifteen Communications Group PLC said Monday that it swung
to a first-half pretax loss as costs increased.
---
Christie Group 1H Pretax Profit Rose on Strong Demand; Increases
Dividend
Christie Group PLC said Monday that its first-half pretax profit
and revenue rose amid strong demand, and raised its dividend.
---
RPS Agrees to New $690.1 Mln Takeover by Tetra Tech; Withdraws
WSP Recommendation
RPS Group PLC said Monday that it has agreed to a 636
million-pound ($690.1 million) offer from Tetra Tech Inc. and has
withdrawn its recommendation for the previously agreed WSP Global
Inc. takeover.
---
Likewise 1H Pretax Profit Fell as Costs Increased
Likewise Group PLC said Monday that pretax profit for the first
half fell as costs increased.
---
Emmerson to Place $6.0 Mln in Shares, Extends Investment for
Khemisset Potash Project
Emmerson PLC said Monday that it has agreed with Global
Sustainable Minerals Pte and Gold Quay Capital Pte to extend its
loan notes commitment period and that it will place shares for
further funding of its Khemisset potash project development.
---
Finsbury Food FY 2022 Pretax Profit Fell on Higher Costs;
Revenue Up on Pandemic Recovery
Finsbury Food Group PLC said Monday that fiscal 2022 pretax
profit fell after booking higher costs, and that although there
wasn't any certainty yet regarding the real effect of the
inflationary environment the company remained confident in its
strategy.
---
MusicMagpie Shares Plunge on Lowered 2022 Profit Views Amid
Worsening Economic Outlook
Shares in MusicMagpie PLC plunged 40% on Monday after it said in
a performance update that it now expects profit for the year to be
below expectations due to the worsening economic outlook and
increasing cost-of-living pressures in the U.K.
---
Vast Resources to Raise GBP656,000 in Discounted Placing, Shares
Fall
Shares in Vast Resources PLC fell Monday after it said that it
will raise 656,000 pounds ($711,760) via a discounted share
placing, and that it will use the funds to support company
operations over the next weeks after an exporting delay.
---
Tavistock Investments FY 2022 Pretax Profit Rose Significantly;
Shares Jump
Shares in Tavistock Investments PLC rose Monday after the
company said that its fiscal 2022 pretax profit increased
significantly on the disposal of its wealth division.
---
CPPGroup Swung to 1H Profit; Suspends Dividends Amid Strategy
Review
CPPGroup PLC said Monday that it swung to a pretax profit for
the first half after booking strength in its Indian and Turkish
operations, and that it is suspending dividend payments pending the
completion of a strategy review.
---
Frenkel Topping 1H Pretax Profit Fell On Higher Costs, Assets
Under Management Rose
Frenkel Topping Group PLC said Monday that pretax profit for the
first half of 2022 fell slightly, but in line with the board
expectations, as the company booked higher finance costs, while
assets under management remained resilient despite the challenging
backdrop.
---
Gemfields 1H Net Profit More Than Doubled as Normal Auction
Schedule Resumed
Gemfields Group Ltd. said Monday that it expects to report a net
profit of $56.7 million for the first half compared with $23.8
million a year earlier as it returned to its normal auction
schedule.
---
SpaceandPeople 1H Pretax Loss Widened on Higher Costs
SpaceandPeople PLC said Monday that its first-half pretax loss
widened after booking higher costs, and that it anticipates that
higher energy costs and inflation will have an effect on
discretionary spending in the run up to Christmas.
---
Eckoh's Five-Month Performance in Line With Views
Eckoh PLC said Monday that its performance in the first five
months of fiscal 2023 was in line with market expectations.
---
Concurrent Technologies Shares Drop After 1H Profit Fall,
Dividend Suspension
Shares in Concurrent Technologies PLC fell 22% on Monday after
the company said that pretax profit and revenue fell in the first
half of 2022, and that it was suspending the interim dividend amid
component supply issues.
---
Xpediator Shares Fall on Lower 1H Pretax Profit Despite Higher
Revenue
Xpediator PLC shares fell Monday after it said first-half pretax
profit fell despite an increase in revenue, and didn't declare a
dividend.
Market Talk:
Unilever CEO's Planned Retirement Is Unexpected, Raises
Concerns
0715 GMT - Unilever's CEO Alan Jope retirement announcement
wasn't expected and seemed premature given that it was published 15
months before the event, RBC Capital Markets analysts James
Edwardes Jones and Emma Letheren say in a research note. "Our
immediate concern is that this leaves 15 months until his
retirement with a CEO who might be seen to have lost credibility
with employees and other stakeholders--this at a time when Unilever
will be implementing and bedding down a fundamental reorganization,
not to mention dealing with a challenging macro-economic
environment," they say. In a positive note, Unilever will have time
for a proper transition in case of hiring a successor from outside
the company, the analysts say. (michael.susin@wsj.com)
Sterling Slides to Record Low Versus Dollar on Fiscal Policy
Concerns
0705 GMT - Sterling slides, hitting a record low against the
dollar and two-year low versus the euro overnight, amid worries
over the U.K. government's new fiscal policy that includes sweeping
tax cuts and an energy price cap. GBP/USD falls 1.4% to 1.0667,
having dropped as low as 1.0349 overnight, according to FactSet.
EUR/GBP rises 1.0% to 0.9042 after rising to 0.9267 overnight.
"Financial markets continue to voice their displeasure over the
latest fiscal policy," Monex Europe forex analyst Simon Harvey
writes. The weaker the pound gets, the more expensive the
government's liabilities become, either through the price of its
imported energy bill or higher financing costs due to more
expensive U.K. government bond yields, he
says.(renae.dyer@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
September 26, 2022 03:57 ET (07:57 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.