Sterling Rises as UK PM Johnson Clings to Power

0708 GMT - Sterling rises as U.K. Prime Minister Boris Johnson fights for political survival after two senior ministers resigned in protest of his leadership. Health Secretary Sajid Javid and Chancellor of the Exchequer Rishi Sunak quit on Tuesday night following a string of scandals under Johnson's leadership. "Sterling has tended to ignore the indiscretions of Boris Johnson's government--largely because the Conservatives have a large majority," ING analysts write. However, the resignations will leave the prime minister "rocking," they say. It isn't clear whether new finance chief, Nadhim Zahawi, will represent a shift in economic policy, although he may be tempted to loosen fiscal policy earlier than expected, they say. GBP/USD rises 0.1% to 1.1957 and EUR/GBP falls 0.1% to 0.8592. (renae.dyer@wsj.com)

 
Companies News: 

Ten Entertainment's 1H Sales Growth Rose on Strong Demand

Ten Entertainment Group PLC said Wednesday that its total, first-half sales growth had increased compared to prepandemic levels, and it expects its full-year performance to beat its current expectations.

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Topps Tiles' 3Q Sales Rose, With Margins and Costs in Line With Views

Topps Tiles PLC said Wednesday that sales for the third quarter of its fiscal 2022 increased on year, and that sales, margins and operating costs remain in line with management views.

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AO World to Raise GBP40 Mln to Boost Balance Sheet, Liquidity

AO World PLC said Wednesday that it is seeking to raise 40 million pounds ($47.8 million) via a share placing and primary bid offer which will strengthen its balance sheet and increase liquidity to historic levels.

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Trainline Updates FY 2023 Views on Fast Passenger Volume Recovery

Trainline PLC said Wednesday that it has updated its guidance for fiscal 2023, as rail passenger volume across Europe recovery was faster than expected.

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Attraqt Group's 1Q Revenue Increased on Strong Bookings

Attraqt Group PLC said Wednesday that revenue increased in the first half of 2022, as it continued to benefit from a strong performance in relation to logo and enterprise bookings.

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Robert Walters's Nonexecutive Chairman Ron Mobed to Step Down on July 15

Robert Walters PLC said Wednesday that Ron Mobed will step down as the company's nonexecutive chairman on July 15.

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Numis 3Q Rev Rose Vs. 2Q; FY Performance Expected to Meet Market Views

Numis Corp. said Wednesday that revenue in the third quarter of fiscal 2022 rose from the second quarter, and this also reflected an improvement compared with the first half.

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ProCook FY22 Pretax Profit Fell on One-Off Costs; Early FY23 Sales Slipped

ProCook Group PLC said Wednesday that its fiscal 2022 reported pretax profit fell, though revenue rose on increased numbers of customers, while sales have dropped going into fiscal 2023.

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Assura Says 1Q Trading Strong on Back of Growing Portfolio

Assura PLC said Wednesday that its performance for the first quarter of fiscal 2023 was strong, as it continues to progress its acquisition and development pipelines.

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Surface Transforms Sees Return to Profitability in 2022 After 1H Revenue Rose

Surface Transforms PLC said Wednesday that revenue increased materially in the first half of the year and it expects a return to profitability for 2022 as a whole.

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Sirius Real Estate Meeting Early FY 2023 Views; Expects Rents to Rise

Sirius Real Estate Ltd. said Wednesday that it was meeting its expectations in early fiscal 2023, despite economic uncertainty and the inflationary environment across Europe, and it expects to further increase average rental rates over the rest of the fiscal year.

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Coats Group to Buy Footwear Solutions Provider for $237 Mln -- Deal Digest

ACQUIRER: Coats Group PLC.

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Robert Walters Expects 2022 Profit to Top Market Views on Record 2Q Fee Income

Robert Walters PLC said Wednesday that it achieved record net fee income for the second quarter, and that it expects full-year profit to exceed market expectations.

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Impact Healthcare Raises GBP22.3 Mln in Share Issue to Buy Care Homes

Impact Healthcare REIT PLC said Wednesday that it has raised total gross proceeds of around 22.3 million pounds ($26.7 million) through a placing and offer, in order to acquire a pipeline of identified care homes.

 
Market Talk: 

Global Supply Chain Pressures Seem to Be Moderating

0655 GMT - Citi's global supply chain pressure index showed an appreciable easing in June, posting its first meaningful decline since January. The good news is that the index retreat suggests that pressures in the global goods sectors, which have been a central driver of inflation, might be easing, Citi's economists say in a note. The bad news is that this looks to be occurring on the back of a slowing in global consumer's demand for goods, especially for discretionary goods, and thus might signal rising recession risks, Citi warns. "This is hardly an all clear signal for supply chains," Citi says, adding that there are many risks still in play, such as pandemic-related disruptions or economic challenges from the Russia-Ukraine war. (maria.martinez@wsj.com)

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Potential Resolution Between Kraft Heinz, Tesco Seen Unfavorable for Kraft

18:35 ET--Any potential resolution between Kraft Heinz and UK retailer Tesco is likely to be modestly unfavorable for the consumer-goods giant, Piper Sandler analysts Michael Lavery and Eamon Coughlin say in a research note. Kraft is pausing shipments of certain products after Tesco rejected price increases for items such as baked beans and ketchup, the analysts say. One potential resolution scenario is that Kraft may lose distribution of some items to Tesco in the UK if pricing terms can't be agreed upon. Another is that Kraft could amend its pricing with different promotional bundles or programs that would be more favorable to Tesco, though this would seem to mean lower prices and/or higher costs for the company, say the analysts. But any concession to Tesco would then need to be offered fairly and equitably to all other UK customers, say Lavery and Coughlin. (denny.jacob@wsj.com; @pennedbyden)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

July 06, 2022 03:29 ET (07:29 GMT)

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