Sterling Seen as Vulnerable After BOE Statement

0714 GMT - Sterling looks vulnerable after the Bank of England said it would assess the impact of new fiscal policy at its next meeting instead of delivering an emergency interest rate rise as some market participants expected, ING says. GBP/USD hit a record low of 1.0349 on Monday following U.K. Treasury chief Kwasi Kwarteng's mini-budget statement on Friday, prompting the BOE to signal it could take action at its next scheduled meeting in November. "But six-to-nine weeks is a long time in FX markets," ING analyst Chris Turner says in a note. "We had felt that the BOE would prefer to avoid getting sucked into defending the pound with rate hikes." GBP/USD is last up 0.9% at 1.0788; EUR/GBP falls 0.4% to 0.8947. (renae.dyer@wsj.com)

 
Companies News: 

SSE PLC Sees 1H Adjusted Earnings Per Share Rising; Backs Guidance

SSE PLC said Tuesday that it expects higher adjusted earnings per share for the first half of the fiscal year, and backed its full-year guidance.

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United Utilities Sees Lower 1H Revenue Amid Inflation, Higher Power Prices

United Utilities Group PLC said Tuesday that revenue for both the first half and the full fiscal year ending March 31 are expected to be lower on year amid the inflationary environment and higher power prices.

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UK Regulator to Examine Acquisition of National Grid Stake by Consortium

The U.K. competition regulator said Tuesday that it is considering whether the acquisition of a 60% shareholding in National Grid PLC by Macquarie Infrastructure and Real Assets (Europe) Ltd. and British Columbia Investment Management Corp. could lessen competition.

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Weir Group Backs 2022 Views, Targets Operating-Margin Growth

Weir Group PLC said Tuesday that is taking initiatives to increase operating margins beyond 2023, and backed its guidance for the full year.

 

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

(END) Dow Jones Newswires

September 27, 2022 03:30 ET (07:30 GMT)

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