Oil Shares Gain as Crude Prices Rise Ahead of OPEC+
December 02 2021 - 5:42AM
Dow Jones News
Oil Shares Gain as Crude Prices Rise Ahead of OPEC Meet
1004 GMT - Oil stocks buck the trend of a falling market on the
back of rising crude prices ahead of a meeting of OPEC and its
allies. Oil is down about 15% from before the omicron coronavirus
variant was announced as capitulation trades--speculators giving up
on hopes of higher prices and selling--pressured options dealers
into selling futures to hedge their exposure, BDSwiss says. "I
think there's a good chance they could decide to pause their
planned 400,000 barrel-a-day output increase in response to the
Omicron virus," BDSwiss analyst Marshall Gittler says. Brent crude
gains 2.1% to $70.31 a barrel. BP, Eni, Repsol, Royal Dutch Shell
and TotalEnergies all rise. (philip.waller@wsj.com)
Companies News:
Halfords to Raise Up to GBP64 Mln for Axle Group Acquisition
Halfords Group PLC said Wednesday that it intends to launch a
share placing to raise up to around 64 million pounds ($85.1
million) to fund the acquisition of Axle Group Holdings Ltd, as
well as maintain balance sheet flexibility.
---
Aston Martin CFO Kenneth Gregor to Step Down for Personal
Reasons
Aston Martin Lagonda Global Holdings PLC said Thursday that
Chief Financial Officer Kenneth Gregor will step down from the role
and as a director by the end of June for personal reasons.
---
Serco Group Expects 2022 Revenue to Be Lower Than 2021; Backs
2021 Guidance
Serco Group PLC said Thursday that it expects revenue for 2022
to be around 6% lower than the 4.4 billion pounds ($5.84 billion)
expected for 2021, and backed its guidance for 2021.
---
Seeen PLC 3Q Revenue Rose 8%
Seeen PLC said Thursday that its revenue grew 8% in the third
quarter of 2021, and that adjusted pretax profit remains in line
with expectations.
---
Ryanair November Traffic Fell on Month to 10.2 Mln
Ryanair Holdings PLC on Thursday reported lower guests for
November compared with the previous month, although the load factor
was higher.
---
Wizz Air November Passenger Numbers Rose on Year
Wizz Air Holdings PLC said Thursday that it carried more
passengers in November than in the same month a year earlier.
---
Eckoh 1H Pretax Profit, Revenue Fell
Eckoh PLC said Thursday that pretax profit fell in the first
half of fiscal 2022 as revenue declined, and it expects full-year
profit to match fiscal 2021, assuming there are no further
lockdowns in its markets.
---
Tharisa FY 2021 Profit Doubled on Higher Prices, Production
Tharisa PLC on Thursday reported that its profit more than
doubled in the year ended Sept. 30, reflecting higher prices and
production.
Market talk:
Pound Likely to Rise Vs Euro, Stay Flat Vs Dollar if BOE Lifts
Rates
1008 GMT - The pound should rise against the euro but trade
sideways versus the dollar in 2022 as the Bank of England is likely
to start raising interest rates in December, Commerzbank says. The
BOE will deliver only "very moderate" rate rises in coming quarters
but EUR/GBP will fall as the BOE is still ahead of the European
Central Bank in tightening policy, Commerzbank's You-Na Park-Heger
says. "Against the USD, we expect more or less a sideways movement,
as both central banks will exit their expansionary monetary policy,
the BOE a tad earlier, but the Federal Reserve then at a higher
pace." By December 2022, Commerzbank sees GBP/USD little changed at
1.33 and EUR/GBP falling to 0.81, from 0.8506 currently.
(renae.dyer@wsj.com)
UK Economy Is Set to Grow Strongly Next Year But Not as Much as
in 2021
0945 GMT - The U.K.'s economic growth in 2022 should be strong
by recent historical standards provided that the Omicron variant
doesn't result in renewed restrictions, Oxford Economics's chief
U.K. economist Andrew Goodwin says. GDP growth will likely slow
from the pandemic economic rebound in 2021, and the recovery will
enter a tougher phase as policy support is being withdrawn, he
says. However, both household consumption and corporate investment
should support growth in 2022, as deductions encourage firms to
spend some of their cash and consumers spend some of their excess
savings, Goodwin says. Inflation fears should calm in the second
half of the year as there is little evidence of underlying
pressures building and commodity prices should fall back, he says.
(xavier.fontdegloria@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
December 02, 2021 05:27 ET (10:27 GMT)
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