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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
Coats Group to Buy Footwear Solutions Provider for $237 Mln --
Deal Digest
ACQUIRER: Coats Group PLC.
---
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.
---
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)
---
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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