FTSE 100 Seen Extending Losses as Budget Concerns Linger
28 Septiembre 2022 - 2:29AM
Noticias Dow Jones
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.
(jessica.fleetham@wsj.com)
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.
(emese.bartha@wsj.com)
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. (emese.bartha@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
September 28, 2022 03:14 ET (07:14 GMT)
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