BOE Will Likely Need to Choose Between Sticky Inflation or
0705 GMT - The Bank of England is expected to accelerate its
interest-rate hiking cycle as financial markets have lost
confidence in the U.K.'s macro policy regime, Pantheon
Macroeconomics' chief U.K. economist Samuel Tombs says in a note.
Raising interest rates to near 6%--the level markets are currently
pricing in--would crush inflation but lead to a sharp increase in
mortgage defaults, he says. Hiking more slowly would weigh on
sterling and boost imported inflation, allowing it to stay above
target for longer, Tombs says. This option is one that the BOE is
likely to see as the lesser of two evils, though a recession is
unavoidable as many households and businesses will cut spending
immediately knowing that higher interest rates and further price
increases are in the pipeline, Tombs says.
SSE PLC Sees 1H Adjusted Earnings Per Share Rising; Backs
SSE PLC said Tuesday that it expects higher adjusted earnings
per share for the first half of the fiscal year, and backed its
United Utilities Sees Lower 1H Revenue Amid Inflation, Higher
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.
UK Regulator to Examine Acquisition of National Grid Stake by
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.
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.
Saga Swung to 1H Pretax Loss; Lowers Full-Year Profit
Saga PLC said Tuesday that it swung to a first-half pretax loss
despite higher revenue on a one-off impairment of assets, and that
it cut full-year expectations.
SSP to Report Around GBP2.17Bln in Sales for FY 2022 as
Passenger Numbers Recover
SSP Group PLC said Tuesday that it expects to report sales of
around 2.17 billion pounds ($2.32 billion) for fiscal 2022 as
passenger numbers continue to recover, and that it remains
confident in the continuing resilience of its business model.
Biffa Agrees to GBP1.3 Bln Offer by ECP, Lower than Previously
Biffa PLC said Tuesday that it has agreed to a 1.3 billion-pound
($1.39 billion) takeover by Bears Bidco Ltd., a new company formed
and controlled by ECP V, LLC, slightly lower than the price
indicated on June 7.
Card Factory Swung to 1H Pretax Profit as Customer Spending
Card Factory PLC reported on Tuesday a swing to pretax profit in
the first half of fiscal 2023, driven by a return to normal
customer spending after the lifting of coronavirus measures.
Domino's Pizza Group Appoints Elias Diaz Sese as Interim CEO
Domino's Pizza Group PLC said Tuesday that it has appointed
Elias Diaz Sese as interim chief executive officer, succeeding
Dominic Paul, who is leaving to join FTSE 100-listed
hotel-and-restaurant company Whitbread PLC.
Close Brothers FY 2022 Net Profit Fell on Higher Costs; Raises
Close Brothers Group PLC said Tuesday that profit for fiscal
2022 fell on higher expenses, but increased its dividend
AG Barr Warns of Economic Challenges Ahead Despite Good 1H
A.G. Barr PLC said Tuesday that it expects the current economic
environment to hurt consumers' purchasing behavior as it reported a
rise in pretax profit for the first half of fiscal 2023 on a rise
in revenue across all of its core brands.
First Property Funds Under Management Fell in Early Fiscal
First Property Group PLC said Tuesday that its total funds under
management have decreased in fiscal 2023 to date following the sale
of several properties.
Mortgage Advice Bureau 1H Pretax Profit Fell Amid Difficult
Mortgage Advice Bureau (Holdings) PLC said Tuesday that pretax
profit for the first half fell amid an increasingly difficult macro
S&U 1H Pretax Profit Rose; Raises Dividend
S&U PLC said Tuesday that pretax profit for the first half
of fiscal 2023 rose on increased revenue and it declared a dividend
SSE PLC's 1H Update Lacked Energy but Long-term Outlook
0701 GMT - SSE PLC's update ahead of its first-half results
looks slightly negative in the short-term, given the weak
renewables output and slight delays at the Keadby 2 project, RBC
Capital Markets says. However, the energy company's full-year
guidance of at least 120 pence in adjusted earnings per share has
been maintained and this should be the focus for longer-term
investors, RBC analysts say in a research note. "Clearly, despite
hedging, there remains significant uncertainty in the outlook given
volatile commodities, weather over winter and potential political
interventions into wholesale markets," the Canadian bank says,
though adding it sees increasing value in the stock. RBC retains
its sector perform rating and 1,825 pence price target on the
stock. Shares closed Monday at 1,671.0 pence.
Contact: London NewsPlus; firstname.lastname@example.org
(END) Dow Jones Newswires
September 27, 2022 03:37 ET (07:37 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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