Sterling Unlikely to Stay Above $1.10 For Long, ING Says
October 07 2022 - 4:32AM
Dow Jones News
Sterling Unlikely to Stay Above $1.10 For Long, ING Says
0801 GMT - Current levels in sterling above $1.10 look
"unsustainable" given fragility in the bond market and the U.K.'s
deteriorated fiscal and current account position, ING currency
analyst Francesco Pesole says in a note. "A return to sub-1.10
levels in cable [GBP/USD] is a question of when rather than if, in
our view," he says. Solid U.S. jobs data, due at 1230 GMT, may
favor "a more rapid descent" in the pound. The consensus forecast
in a WSJ poll is for U.S. non-farm payrolls to increase by 275,000
in September, after a 315,000 rise the previous months. GBP/USD is
last up 0.2% at 1.1182. (jessica.fleetham@wsj.com)
Companies News:
SolGold Agrees to Merger With Cornerstone Capital Resources;
Shares Rise
Shares in SolGold PLC rose Friday after the company said it has
agreed to buy the entire issued share capital of Cornerstone
Capital Resources Inc. in a unanimously recommended friendly
merger, valuing Cornerstone at around 96.7 million pounds ($107.9
million).
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J.D. Wetherspoon Swung to Pretax Profit in FY 2022 as Pandemic
Restrictions Eased
J.D. Wetherspoon PLC reported a swing to pretax profit in fiscal
2022, driven by easier comparatives after the ease of Covid-19
restrictions, and said that its outlook is cautiously
optimistic.
---
Castings Sees Strong Demand in 1H; Expects to Meet Market
Views
Castings PLC said Friday that underlying demand in the first
half of fiscal 2023 remained strong, and that it is confident it
will continue to meet market views.
---
PureTech Health in Takeover Discussions With Nektar
Therapeutics
PureTech Health PLC said Friday that it is in takeover
discussions with Nektar Therapeutics, speaking in response to press
speculation.
---
Steppe Cement 3Q Revenue Rose on Higher Sales Volumes,
Prices
Steppe Cement Ltd. said Friday that revenue for the third
quarter rose along with the volume of cement sales and prices.
---
Marshalls Nine-Month Revenue Fell at Landscape Products
Division
Marshalls PLC said Friday that in the nine months to Sept. 30,
revenue at its landscape products division fell 6% amid tough
trading conditions, but that group revenue rose as demand at its
building products division remained strong.
---
Impax Asset Management Group FY 2022 Assets Under Management
Fell
Impax Asset Management Group PLC said Friday that assets under
management at the end of fiscal 2022 were lower than a year
earlier, but that it recorded positive net inflows during the
fourth quarter.
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 07, 2022 04:17 ET (08:17 GMT)
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