FTSE Rises, Pound Remains Fragile Even if Data Improve
July 23 2021 - 4:10AM
Dow Jones News
Pound Remains Fragile Even if UK Data Improve
The pound remains fragile even if U.K. data confirm the economic
recovery is progressing after volatile lockdown months, Commerzbank
says. Sterling won't benefit from the recovery as long as monetary
policy remains loose, Commerzbank's Esther Reichelt says. "The
remaining uncertainties (coronavirus, Brexit) are simply too great
for us to see room for a significantly GBP-positive tightening of
monetary policy in the coming months." Official data on Friday
showed U.K. retail sales rose 9.7% on year in June, versus the 9.0%
increase forecast by a WSJ survey of economists. At 0830 GMT, U.K.
manufacturing and services purchasing managers' index surveys for
July will be released. GBP/USD falls 0.1% to 1.3748 and EUR/GBP
rises 0.2% to 0.8562.
Companies News:
Ted Baker to Move to Cheaper Headquarters Next Year
Ted Baker PLC said Friday that it has chosen to move its new
global headquarters to the London neighborhood of Fitzrovia, which
will allow the company to make good savings on rent.
---
Secure Trust Bank Sells Mortgage Loan Portfolio for GBP54.6
Mln
Secure Trust Bank PLC said Friday that it has agreed to sell a
portfolio of mortgage loans to Jacqali Designated Activity Co., a
financing vehicle.
---
Alliance Trust Swung to 1H Pretax Profit; Plans to Review
Dividend
Alliance Trust PLC said Friday that it swung to a pretax profit
for the first half of 2021 as the value of its assets rose, and
said it is launching a review of the level and funding of its
dividend payments.
---
Fusion Antibodies Gets First GBP150,000 Research Milestone
Payment
Fusion Antibodies PLC said Friday that it has achieved its first
research milestone payment of 150,000 pounds ($206,520) as part of
a collaboration with an undisclosed major client.
---
Gateley Buys Tozer Gallagher for Up to GBP825,000 -- Deal
Digest
ACQUIRER: Gateley (Holdings) PLC, a U.K. legal and professional
services group.
---
U.K.'s CMA Won't Further Probe Lanxess-Emerald Kalama Deal
The U.K.'s Competition and Markets Authority said Friday it
won't further probe the proposed acquisition by German chemicals
company Lanxess AG of Emerald Kalama Chemical.
---
Sealand Capital Signs New Distribution Contracts in East
Asia
Sealand Capital Galaxy Ltd. said Friday that it has entered into
exclusive, three-year product-specific distribution contracts with
Heath London, The Gruff Stuff and Carter Beauty by Melissa Carter
in Hong Kong, Macau and mainland China.
---
Harworth Sees First Half Developing Nicely
Harworth Group PLC said on Friday that it expects EPRA [European
Public Real Estate Association] Net Disposal Value as at June 30 to
be materially ahead of current consensus for 2021, and that it
remains well-capitalized and is managing cashflows sustainably.
---
MJ Hudson Buys Fund Administration Business for Up to GBP2.8 Mln
-- Deal Digest
ACQUIRER: MJ Hudson Group PLC, an asset-management consulting
firm.
---
Myanmar Strategic Holdings 1H Loss Widened
Myanmar Strategic Holdings Ltd. on Friday reported a widened
pretax loss for the first half of fiscal 2021 despite a jump in
revenue as higher costs more than offset the rise.
---
Prime People FY 2021 Pretax Loss Narrowed; Suspends Final
Dividend
Prime People PLC said on Friday that its pretax loss for fiscal
2021 narrowed on lower costs, but that it isn't declaring a final
dividend for the year.
Market Talk:
Ted Baker Is a Step Closer to Becoming a More Lucrative
Business
0737 GMT - U.K. luxury-clothing brand Ted Baker's relocation of
its headquarters to another site in London is a positive step,
according to Liberum. "The move of Ted Baker's head office not only
delivers additional cost savings but underpins the improved
commerciality of the group under this management team," the
brokerage says. The move reflects the company's continuing
cost-control effort and represents a further step toward making Ted
Baker a leaner, more cash-generative business, Liberum says. The
brokerage has a buy rating on the stock. Shares are up 0.7% at
138.6 pence.
---
UK Retail Sales Are Likely to Fall Back in Coming Months
0722 GMT - U.K. retail sales will probably fall back in coming
months after rising in June, Pantheon Macroeconomics says. "The
temporary boost to food spending from the Euro 2020 [soccer
tournament] will fade, while higher confidence does not appear to
be translating to higher levels of economic activity, due to the
recent rise in Covid-19 cases," Pantheon economist Samuel Tombs
says. Higher inflation, a decline in the value of Universal Credit
payments--a living-cost benefit--at the end of September, and a
fall in employment in 4Q after the job retention scheme ends will
also weigh on confidence and real disposable incomes, he says. U.K.
retail sales rose 9.7% on year and 0.5% on month in June, official
data show Friday.
Contact: London NewsPlus, Dow Jones Newswires;
+44-20-7842-931
(END) Dow Jones Newswires
July 23, 2021 03:55 ET (07:55 GMT)
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