UK Public Borrowing Likely to Keep Undershooting Official Forecasts
October 21 2021 - 4:00AM
Dow Jones News
UK Public Borrowing Likely to Keep Undershooting Official
Forecasts
0727 GMT - U.K. public-sector net borrowing, excluding
public-sector banks, was GBP21.8 billion in September, down GBP7
billion from a year earlier, keeping the country on track to
undershoot borrowing estimates by the Office for Budget
Responsibility, says Martin Beck, senior economic advisor to the EY
ITEM Club. Stronger-than-expected tax receipts continued to account
for the bulk of the borrowing undershoot in the first half of the
year, though spending has also fallen back more quickly than
anticipated, reflecting a much stronger recovery in activity than
the OBR's cautious forecast, he says. EY ITEM Club expects
full-year borrowing to come in at just over GBP200 billion, well
below the OBR's forecast of GBP234 billion.
(lorena.ruibal@wsj.com)
Companies News:
Barclays Profit Rises on Investment Banking--Update
Barclays PLC said its net profit rose in the third quarter,
driven by a continued strong performance at its investment
bank.
---
Unilever 3Q Underlying Sales Rose, Backs Margin Guidance Despite
Cost Inflation
Unilever PLC said Thursday that third-quarter underlying sales
rose on good growth in its priority markets of the U.S., China and
India, development of online shopping channels and growth of
portfolio brands.
---
St. James's Place 3Q Net Inflows, Funds Under Management
Rose
St. James's Place PLC said Thursday that funds under management
and net inflows increased significantly in the third quarter of
2021.
---
Rentokil Initial 3Q Revenue Rose 0.5%, Backs 2021 Guidance
Rentokil Initial PLC on Thursday reported a 0.5% rise in third
quarter revenue at actual exchange rates and backed its full-year
guidance.
---
Anglo American Platinum Reports Flat 3Q Production; Reaffirms
2021 Guidance
Anglo American Platinum Ltd. on Thursday reported broadly flat
production for the third quarter and reiterated full-year
guidance.
---
Babcock International 1H Revenue Seen to Rise; FY Outlook
Unchanged
Babcock International Group PLC said Thursday that performance
for the first half of fiscal 2022 was in line with its expectations
and it backed its guidance for the full year.
---
Gateley (Holdings) Shareholders Sell GBP11.4 Mln Worth of
Shares
Gateley (Holdings) PLC said Thursday that 11.4 million pounds
($15.8 million) worth of shares have been sold on behalf of certain
directors and employees, as first announced late Wednesday.
---
Renishaw 1Q Pretax Profit Rose 39%
Renishaw PLC said Thursday that its profit and revenue increased
in the first quarter of the fiscal year and that it has a record
order book.
---
GB Group Says 1H Sales, Adjusted Operating Profit Grew
GB Group PLC said Thursday that revenue and adjusted operating
profit for the first half of fiscal 2022 increased, and that the
outlook for the second half is in line with the company's
expectations.
---
FirstGroup Sells Greyhound to FlixMobility for $172 Mln
FirstGroup PLC said Thursday it has sold its North American
subsidiary Greyhound Lines, Inc. to FlixMobility GmbH for a total
cash consideration of $172 million, effective immediately.
---
Driver Group Says FY 2021 Underlying Pretax Profit Is in Line
With Views
Driver Group PLC said Thursday that it expects to report an
underlying pretax profit for the fiscal 2021 in line with market
expectations.
---
Provident Financial 3Q Performance Improved, Mulls 2021
Dividend
Provident Financial PLC said Thursday that its third-quarter
performance improved significantly on more favorable macroeconomic
conditions and customer demand for credit, and if it persists it
will consider an ordinary dividend for 2021.
Market Talk:
Anglo American Update to Cause Downgrades on Iron-Ore, Coal
Pricing
0725 GMT - Shares in Anglo American fall 2.5% after the miner
released its third quarter update. Production was generally in line
or better than expectations, but the report is likely to lead to
consensus downgrades, Tyler Broda from RBC Capital Markets warns.
This is because realized pricing in metallurgical coal and iron ore
has caused far lower realizations than forecast, he says. "All
outstanding cargoes at quarter end get repriced, and with the sharp
fall in iron ore index pricing, as well as a collapse in lump and
grade premiums to September 30, the adjustments have reduced iron
ore revenue substantially with realisations down 38%-43% vs our
forecast." (jaime.llinares@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 21, 2021 03:45 ET (07:45 GMT)
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