Pound Likely to Shrug Off Any Negative Brexit Headlines For
Brexit could hurt U.K. economic growth and inflation in the
longer term but it's not currently a "major burdening factor" for
sterling, Commerzbank says. "The effects on the economy are likely
to be felt in the longer term, but other factors are likely to be
decisive for monetary policy decisions in the short to medium
term," Commerzbank currency analyst You-Na Park-Heger says. Brexit
developments are still worth monitoring as they could contribute to
longer-lasting supply bottlenecks that potentially hit growth and
inflation, she says. However, Brexit isn't a "negative factor" for
sterling at present, she says. That means sterling's reaction to
any negative Brexit headlines will be limited, she says.
AJ Bell FY 2021 Assets Under Administration Rose, Increases
AJ Bell PLC said Thursday that total assets under administration
for fiscal 2021 rose, that it increased the dividend payout and has
announced a new chief financial officer.
Digitalbox Sees 2021 Earnings Significantly Above Market Views;
Shares in Digitalbox PLC rose Thursday after it said it expects
2021 revenue and earnings before interest, taxes, depreciation and
amortization to be significantly ahead of market consensus.
ULS Technology 1H Pretax Loss Widened; Revenue Rose
ULS Technology PLC on Thursday said pretax loss for the first
half of fiscal 2022 widened significantly, though revenue increased
on higher demand.
SRT Marine Systems 1H Loss Widened; Expects Strong FY 2022
SRT Marine Systems PLC said Thursday that its loss widened in
the first half of fiscal 2022 after booking higher costs, but that
it expects a considerably improved full-year outcome.
Thames Water 1H Net Loss Widened Despite 10% Ebitda Rise
Thames Water Utilities Ltd. on Thursday reported a widened loss
for the first half of fiscal 2022, driven by a noncash loss on
financial instruments and a one-off deferred tax charge.
Induction Healthcare 1H 2022 Pretax Loss Widened; FY 2022
Revenue in Line With Views
Induction Healthcare Group PLC said Thursday that its pretax
loss widened for the first half of fiscal 2022 after booking higher
costs, and that revenue for the year was in line with market
Belvoir 10-Month Performance Beat Management Views; Full-Year
Profit to Rise
Belvoir Group PLC said Thursday that its performance in the
first ten months of the year was ahead of its expectations, and it
predicts its full-year profit to rise.
Bigblu Shares Rise on Higher Earnings, Revenue Expectations for
Shares in Bigblu Broadband PLC rose Thursday after it said it
expects to report higher adjusted earnings and revenue from
continuing operations for fiscal 2021, and that it is confident
about further progress in fiscal 2022.
Rambler Metals Agrees to $5 Mln Equity Raise to Complete Funding
for Ming Mine
Rambler Metals & Mining PLC said Thursday that it has agreed
to a revised financing package for the re-development of its Ming
copper-gold mine in Canada.
Digitalbox Sees 2021 Earnings Significantly Above Market Views;
Shares Rise -- Update
Shares in Digitalbox PLC rose Thursday after the company said it
expects 2021 revenue and earnings before interest, taxes,
depreciation and amortization to be significantly ahead of market
Sistema 3Q Profit Fell Despite 22% Revenue Growth
Sistema JSFC said Thursday that its profits declined in the
Toople Raises GBP380,000 in Placing; Proposes Capital
Toople PLC said Thursday that it has raised around 380,000
pounds ($504,564) in a share placing, to be used for working
capital purposes, and proposed a capital reorganization.
Inland Homes Refinances Lines of Credit for Site Development
Inland Homes PLC said Thursday that it has refinanced its lines
of credit for its Cheshunt Lakeside development, reducing funding
costs to develop the Hertfordshire site.
ITV CFO Chris Kennedy Takes On Additional COO Role
ITV PLC said Thursday that group Chief Financial Officer Chris
Kennedy has also taken on the role of chief operating officer with
Abrdn to Buy Interactive Investor for GBP1.49 Bln
Abrdn PLC said Thursday that it has agreed to acquire U.K.
investment platform interactive investor Ltd. for 1.49 billion
pounds ($1.98 billion).
Capita Says Co-operative Bank Has Terminated Mortgage-Services
Capita PLC said Thursday that the Co-operative Bank PLC has
decided to terminate its mortgage-services contract with the
company, as the bank is re-integrating its mortgage-servicing
operation back into its business in 2022.
Hammerson Sees FY 2021 Adjusted Earnings of No Less Than GBP60
Hammerson PLC said Thursday that it now expects fiscal 2021
adjusted earnings of no less than 60 million pounds ($79.7
million), assuming no further Covid-19-related disruption.
UK Energy Bills Could Rise by 50%, RBC Capital Markets Says
1044 GMT - U.K. customer bills may go up by around 50% from the
current levels of GBP1,277 per annum, reflecting the trailing
impact of higher commodity prices into the price cap and the
mutualization of costs associated with bankruptcies, RBC Capital
Markets says. And this is hardly likely to go by unnoticed by
politicians, and could result in further unwanted interventions,
the bank warns. Zog Energy this week became the 25th U.K. energy
supplier to go bust since August. "If we include Bulb and its 1.7
million customers we now have around 3.7 million customer that have
been impacted by the current crisis," RBC says.
Fashion's Supply Squeeze Could Mean Higher Prices Long Ahead
1018 GMT - Supply problems pose a threat to fashion's likely
rapid recovery beyond pre-pandemic profit levels next year, and
could entail long-lasting price increases for consumers, McKinsey
says in its State of Fashion 2022 report alongside trade
publication the Business of Fashion. A vast majority of fashion
executives polled by the report's authors expect supply-chain
disruption to drag margins next year, with material shortages,
transportation bottlenecks and higher shipping expenses increasing
costs across the industry. The resultant supply-demand imbalance
will entail price increases that could endure into the longer term,
the report says.
Pound Likely to Rise Vs Euro, Stay Flat Vs Dollar if BOE Lifts
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.
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.
UK Economy Is Set to Grow Strongly Next Year But Not as Much as
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
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at firstname.lastname@example.org
(END) Dow Jones Newswires
December 02, 2021 06:56 ET (11:56 GMT)
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