UK Economy Contracts as Winter Recession Risks Grow

0710 GMT - U.K. quarterly output fell by 0.1%, which is almost entirely down to the addition of an extra bank holiday for the Queen's Jubilee in June, as well as the winding-down of public spending in Covid-19 testing and vaccines through the quarter, ING's developed markets economist James Smith says in a note. An artificial rebound in July should see monthly GDP rise by roughly 0.7% and overall third quarter GDP by around half a percent, according to ING. But by 4Q, the signs of recession are likely to be more apparent, Smith says. The risk of a recession are rising and much now depends on fiscal policy announcements in the autumn, Smith says. (maria.martinez@wsj.com)

 
Companies News: 

Haleon Says It Hasn't Been Notified About Litigation on Zantac Drug

Haleon PLC said Friday that it hasn't been notified about potential negative implications of U.S. lawsuits over discontinued heartburn drug Zantac.

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888 Holdings 1H Pretax Profit Fell Materially

888 Holdings PLC reported on Friday a significant decline in pretax profit for the first half of 2022 on lower contribution, increased legal and professional costs linked to the acquisition of William Hill, and expenses related to the disposal of the Bingo business.

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TBC Bank's 2Q Pretax Profit Fell on Higher Costs; Outlook Unchanged

TBC Bank Group PLC reported Friday a decline in pretax profit for the second quarter of 2022 on the back of higher operating expenses, and reiterated its medium-term targets for the whole year.

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Stelrad Group 1H Pretax Profit Fell on Turkish Subsidiary Costs; Declares Dividend

Stelrad Group PLC said Friday that pretax profit for the first half fell amid higher costs caused by its Turkish subsidiary new reporting standards, but revenue rose driven by increased margins.

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Global Invacom Group 1H Pretax Loss Widened; Starts Business Review

Global Invacom Group Ltd. said Friday that pretax loss for the first half of 2022 widened and revenue fell amid a shortage of semiconductors, and that it is reviewing its business given continuing challenges.

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

August 12, 2022 03:42 ET (07:42 GMT)

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