London Stocks Seen Opening Lower as UK Budget Concerns Linger

0646 GMT - The FTSE 100 index is expected to open around 49 points lower, according to IG, having closed on Tuesday at 6984.59, tracking sharp falls in Asian and U.S. markets while concerns remain about the impact of last week's debt-funded U.K. budget. The prospect of further interest-rate rises as a result of the U.K. spending proposals hang over U.K. equity markets, while the IMF stepped in to criticise the plans as inappropriate and likely to stoke inequality. Meanwhile, expectations that the U.S. Federal Reserve won't move from its aggressive stance and worries about a global recession prompted a slide in Asian stocks, says in a note Susannah Streeter, markets analyst at Hargreaves Lansdown. (

Companies News: 

Burberry Names Daniel Lee as New Chief Creative Officer Starting October

Burberry Group PLC said that Chief Creative Officer Riccardo Tisci will step down at the end of September, to be replaced by Daniel Lee.


Spirax-Sarco to Buy U.S.-Based Durex International

Spirax-Sarco Engineering PLC said Wednesday that it has entered into a definitive agreement to buy Durex International Corp., a U.S.-based specialist in custom electric thermal products.


Avingtrans FY 2022 Pretax Profit, Revenue Rose on Organic Growth in Two Segments

Avingtrans PLC said Wednesday that its pretax profit and revenue rose in fiscal 2022, thanks to organic growth in two divisions, and that the war in Ukraine and its effect on global inflation pose the biggest uncertainties.


DX 1H Pretax Profit Rose; Announces Capital Allocation Policy

DX (Group) PLC said Wednesday that pretax profit for the first half of fiscal 2022 rose after it booked progress at DX Freight and strong central cost control.


Amigo Says It Is Meeting Expectations; Plans to Hold GBP40 Mln Capital Raising

Amigo Holdings PLC said Wednesday that it is performing in line with expectations, and that it plans to hold a capital raising of around 40 million pounds ($42.9 million), including a business-program-mandated share issue.


Boohoo Group Downgrades FY 2023 Views on Lower Sales, Inflationary Pressures

Boohoo Group PLC reported on Wednesday a swing to pretax loss for the first half of fiscal 2023 and downgraded its guidance for the full-year driven by the impact of inflationary pressures and lower-than-expected sales.


Gama Aviation Sees Lower 2H Margins; 1H Pretax Loss Narrowed

Gama Aviation PLC said Wednesday that it expects margins in the second half to be hurt by inflationary cost pressures and supply-chain challenges as it reported a narrowed first-half pretax loss on higher revenue.


DP Poland 1H Pretax Loss Widened as Higher Costs Outweighed Revenue Jump

DP Poland PLC said Wednesday that its pretax loss widened despite a rise in revenue, due to increased direct costs from inflationary pressures.


Everyman Media 1H Pretax Loss Narrowed After Admissions Growth

Everyman Media Group PLC said Wednesday that its pretax loss for the first half of 2022 narrowed following healthy admissions growth and robust spending per customer.


XP Factory 1H Pretax Loss Widened Amid Higher Costs

XP Factory PLC said Wednesday that its pretax loss for the first half of 2022 widened as costs increased, but that revenue jumped due to the strong performance of its Escape Hunt and Boom Battle Bar brands.

Market Talk: 

UK Gilts, Sterling Reactions Mimic Emerging-Market Behavior

0652 GMT - U.K. gilt markets and sterling are currently reacting in a way that is normally preserved for emerging market economies, Arne Lohmann Rasmussen, chief analyst at Danske Bank, says in a note. A recent rise in gilt yields has accelerated significantly since Prime Minister Liz Truss's government presented its new mini budget on Friday. "The market is now speculating that the Bank of England may hike policy rates by 100bp at its next rate meeting, or even deliver an emergency rate hike," Rasmussen says. The 10-year U.K. gilt yield closed at 4.514% on Tuesday, way above the 2.915% close on the first day of September, according to Tradeweb. Sterling falls 0.6% against the dollar to $1.0664. (

UK 'Mini Budget' Likely to Add to Inflationary Pressures

0632 GMT - The new Chancellor's first fiscal event--a "mini budget"--are likely to limit the slowdown in the coming quarters, but they will probably exacerbate inflationary pressures in the medium term, Paul Hollingsworth, chief European economist at BNP Paribas Markets 360, says in a note. As a result, the policies are likely to prompt the Bank of England's Monetary Policy Council to tighten the policy stance more aggressively, he says, having a stronger conviction in a 75 basis-point BOE interest-rate rise in November. BNP Paribas Markets 360 also sees a much higher terminal rate as likely, he adds. (


Contact: London NewsPlus;

(END) Dow Jones Newswires

September 28, 2022 03:14 ET (07:14 GMT)

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