BOE Looks to Emphasize Backstop Nature of Gilt Purchases
October 05 2022 - 3:44AM
Dow Jones News
BOE Looks to Emphasize Backstop Nature of Gilt Purchases
0645 GMT - The fact that the Bank of England didn't buy gilts on
Tuesday is "underlining this is a backstop facility only," Citi's
rates strategists write in a note. "The rise in long-end [gilt]
yields looks fair and not disorderly, and not a reason for the BoE
to step in, but of course it will stand ready," the strategists
write, referring to the fact that long-dated gilt yields bucked the
wider rates rally on Tuesday, with a re-steepeing of the 10-30-year
gilt curve. In response to a face-past meltdown in the gilt market
and consequent surge in borrowing costs after the government's mini
budget, the BOE announced that it would be long-dated gilts until
Oct. 14. (emese.bartha@wsj.com)
Companies News:
Tesco 1H Pretax Profit Fell on Increased Costs; Backs FY 2023
Guidance
Tesco PLC said Wednesday that its pretax profit fell in the
first half of fiscal 2023 on increased costs, and it backed its
guidance for the full year despite post-coronavirus market
normalization and customer cost-of-living increases.
---
Vertu Motors Launches GBP3 Mln Share Buyback
Vertu Motors PLC said Wednesday that it has agreed a further 3
million pounds ($3.4 million) share buyback.
---
Assura Portfolio Performed Well in 1H; Annualized Rent Rose
Assura PLC said Wednesday that it has performed well in
developing its portfolio in the first half of fiscal 2023, with its
annualized rent toll rising on year.
---
Hyve Group Says China Uncertainty to Continue; Expects Revenue
Rise for FY 2022
Hyve Group PLC said Wednesday that it expects the uncertainty
around running events in China to continue in fiscal 2023 due to
the Covid-19 pandemic, and that it expects to report a rise in
revenue for fiscal 2022.
---
PCF Group Suspends New Lending, Accelerates Business Review
PCF Group PLC said Wednesday that it will suspend any new PCF
Bank lending activities until further notice, effective
immediately, and accelerate a review process of its operational
structure.
---
LondonMetric Property Says 1H Occupancy Remained High
LondonMetric Property PLC said Wednesday that occupancy has
remained high in the first half of fiscal 2022 and it is operating
with a low earnings from operational activities cost ratio.
---
Vertu Motors 1H Pretax Profit Fell on Higher Costs; FY 2023
Profits Seen Ahead of Views
Vertu Motors PLC said Wednesday that pretax profit fell in the
first half of fiscal 2023 after booking higher costs, and that the
board anticipates full-year profits to be ahead of market
expectations.
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 05, 2022 03:29 ET (07:29 GMT)
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