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. (

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.


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(END) Dow Jones Newswires

October 05, 2022 03:29 ET (07:29 GMT)

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