UK Gilt Yields Rise After Fitch Downgrades UK Outlook to
Negative
0803 GMT - U.K. gilt yields rise after Fitch Ratings cut its
outlook on the U.K. to negative from stable late Wednesday,
following on from S&P's recent decision to reduce the country's
outlook to negative. Fitch said the reduction in the outlook
reflected the "large and unfunded fiscal package announced as part
of the new government's growth plan," which could "lead to a
significant increase in fiscal deficits over the medium term."
Fitch affirmed the U.K. credit rating at AA-. The yield on the
10-year gilt rises more than 6 basis points to 4.088%, according to
Tradeweb. (jessica.fleetham@wsj.com)
Companies News:
Diageo Backs Medium-Term Guidance Amid Challenging Operating
Backdrop
Diageo PLC said Thursday that it has had a good start to fiscal
2023 and that it remains well-positioned to deliver its medium-term
guidance despite expecting the operating environment to remain
challenging.
---
RS Group 1H Revenue Rose; Expects Full Year to Slightly Beat
Market Views
RS Group PLC said Thursday that like-for-like revenue for the
first half of fiscal 2023 rose 16%, with strong growth across all
three regions, and that it expects to slightly beat full-year
market expectations for profit and revenue.
---
Imperial Brands Launches Buyback of Up to GBP1 Bln; FY 2022
Performance in Line With Views
Imperial Brands PLC said Thursday that it is launching a
share-buyback program of up to one billion pounds ($1.13 billion),
and that its performance for the year ended Sept. 30 was in line
with expectations.
---
Halma Buys Germany's WEETECH for EUR57.5 Mln
Halma PLC said Thursday that it has acquired the German
safety-critical electrical testing technology company WEETECH
Holding GmbH.
---
Shell PLC Sees Rise in 3Q Marketing Results; Fall in Integrated
Gas Trading
Shell PLC said Thursday that it expects integrated gas trading
and optimization results to fall on quarter, but for market results
to rise.
---
Motorpoint 1H Revenue Rose But Pretax Profit Slipped on Higher
Investment
Motorpoint Group PLC said Thursday that its revenue for the
first half of fiscal 2023 rose significantly, helped by vehicle mix
and price inflation, though pretax profit is expected to slip on
increased investment.
---
Chemring 11-Month Performance on Track; FY 2022 in Line With
Views
Chemring Group PLC said Thursday that its performance in the 11
months to Sept. 30 was on track despite a challenging macroeconomic
environment, and that its result for fiscal 2022 was expected to be
in line with expectations.
---
CMC Markets' 1H Net Trading Revenue Rose; On Track to Achieve
Three-Year Growth Plans
CMC Markets PLC said Thursday that leveraged net trading revenue
for the first half of fiscal 2023 rose 27%, and that it is on track
to deliver its three-year growth plans.
---
AIQ Nonexecutive Chairman Steps Down; New Chairman Appointed
AIQ Ltd. said Thursday that Nonexecutive Chairman Graham Duncan
is stepping down to pursue other interests and that Aditya Chathli
has been appointed as chairman.
---
Eckoh Sees FY 2023 Profit, Revenue Increase Boosted By US
activity
Eckoh PLC said Thursday that it expects significant revenue and
profit growth in fiscal 2023 as it benefits from a robust order
book boosted by renewed activity in U.S.
---
Volution FY 2022 Profit, Revenue Rose on Regional Growth; FY
2023 Started Well
Volution Group PLC said Thursday that pretax profit and revenue
rose significantly in fiscal 2022, driven by growth in the U.K.,
continental Europe and Australia, and that fiscal 2023 has started
well.
---
BATM Advanced Communications CEO to Step Down; Successor
Appointed
BATM Advanced Communications Ltd. said Thursday that Chief
Executive Officer Zvi Marom has decided to step down and that Chief
Financial Officer Moti Nagar will be promoted to CEO.
---
N. Brown Expects 2H Product Revenue Decline; Shares Fall
Shares of N. Brown Group PLC fell Thursday after it said that it
expects product revenue in the second half of fiscal 2023 to
decline at a rate similar to the second quarter's, and that
first-half pretax profit fell on lower product revenue due to
softer market conditions.
---
Seeing Machines to Collaborate With Magna International; Shares
Rise
Seeing Machines Ltd. shares rose Thursday after it said it has
agreed to collaborate with Magna International Inc., with the
latter providing an investment of up to $65 million through an
exclusivity arrangement and convertible note.
---
Tern Raises GBP1.6 Mln via Discounted Subscription
Tern PLC said Thursday that it has raised 1.6 million pounds
($1.8 million) via a discounted retail offer and subscription.
---
Shell PLC Sees Fall in 3Q Integrated Gas Trading, Rise in
Marketing Results -- Update
Shell PLC said Thursday that it expects integrated gas trading
and optimization results to fall on quarter, along with refining
margins, but for market results to rise.
---
Image Scan Says FY 2022 Revenue, Profit, to Be Below Views;
Shares Fall
Shares in Image Scan Holdings PLC fell Thursday after the
company said revenue and profit for the year ended Sept. 30 will be
below market expectations.
---
Mila Resources to Raise GBP696,000 for Australian Gold
Exploration
Shares in Mila Resources PLC rose Thursday after the company
said it had conditionally raised around 696,000 pounds ($788,360)
via a share placing, and that it will use the proceeds to continue
its gold exploration activity in Australia.
---
Mobile Streams to Raise GBP1.2 Mln to Fund Further NFT Deals
Mobile Streams PLC said Thursday that it is seeking to raise 1.2
million pounds ($1.4 million) via a share placing to fund further
non-fungible token contracts, including several expected to be
signed this month.
Market Talk:
European Economies Face a Period of Slower Growth, Higher
Inflation
0726 GMT - The assumption that European inflation would be
transitory--most forecasters' central case at the start of the
year--is looking increasingly like a mistake, HSBC says in a note.
Eurozone and U.K. inflation rates are in the double digits and
there is more pass-through from wholesale energy prices to come,
despite governments intervening more forcefully, according to
HSBC's economists. Weaker exchange rates, rising input prices and
real wage resistance--workers resisting cuts to real-term pay by
demanding pay raises--could all add to core inflationary pressure,
too, HSBC says. More monetary tightening and a real-terms income
squeeze means Europe's major economies will enter recession, HSBC
says. "A challenging period lies ahead where slow growth rates may
coexist with higher inflation rates," the bank says.
(maria.martinez@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 06, 2022 04:22 ET (08:22 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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