Pound Unable to Benefit From Rate Rises Due to Poor UK Outlook
2022年7月4日 - 05:56PM
Dow Jones News
Pound Unable to Benefit From Rate Rises Due to Poor UK
Outlook
0755 GMT - Sterling hasn't benefited much from the Bank of
England raising interest rates due to the poor U.K. economic growth
outlook, Rabobank says. This was demonstrated in May when the BOE's
25 basis-point rate rise failed to prevent the pound falling as the
market instead focused on the central bank's downward revision to
growth, Rabobank forex strategist Jane Foley says in a note. "There
is a risk that aggressive rate rises now could accentuate downside
growth risks in the medium-term and that this could further worry
GBP investors," she says. Rabobank expects GBP/USD to fall to 1.18
and EUR/GBP to rise to 0.87 in three months. GBP/USD rises 0.1% to
1.2119 and EUR/GBP falls 0.1% to 0.8609. (renae.dyer@wsj.com)
Companies News:
Palace Capital to Buy Back 2.3 Million Shares for Up to GBP7
Mln
Palace Capital PLC said Monday that it aims to buy back 2.3
million shares in the company for no more than 7 million pounds
($8.5 million).
---
Sareum Holdings Says GSK Completes Acquisition of Sierra
Oncology
Sareum Holdings PLC said on Monday that GSK PLC has completes
the acquisition of Sierra Oncology for US$1.9 billion in cash and
therefore will own Sareum's cancer treatment SRA737 license.
---
Bigblu's 1H Revenue, Adjusted Ebitda Grew; Trading in Line with
Views
Bigblu Broadband PLC said Monday that its performance for the
first half of fiscal 2022 was marked by a rise in revenue and
adjusted Ebitda, and that it has traded in line with views.
---
Spirax-Sarco Engineering in Exclusive Talks to Buy Vulcanic for
EUR261.7 Mln
Spirax-Sarco Engineering PLC said Monday that it is in exclusive
talks to buy Vulcanic Group from French private equity company
Qualium for 261.7 million euros ($272.8 million).
---
Palace Capital Says it Will Focus on ESG Strategy, Will Dispose
of Industrial Portfolio
Palace Capital PLC said Monday that it is changing its strategy
and will refocus to environmental, social, and governance-driven
operations.
---
H&T Group Buys Swiss Time Services for GBP4.3 Mln
H&T Group PLC said Monday that it has acquired the watch
servicing and repair center Swiss Time Services Ltd. for 4.3
million pounds ($5.2 million).
---
Ex-KPMG boss Mary O'Connor joins insurer Howden to run new
capital advisory business -- Financial News
Mary O'Connor was the first woman to lead a Big Four firm in the
UK
---
Grafton Group's CEO Gavin Slark to Leave by End 2022
Grafton Group PLC said Monday that its Chief Executive Gavin
Slark intends to step down on Dec. 31.
---
Porvair 1H Pretax Profit Rose, Sees Robust 2022
Porvair PLC said Monday that pretax profit and revenue for the
first six months rose, driven by growth across all its divisions as
it sees a strong 2022 performance.
---
Providence Resources Appoints Alan Curran as Interim CEO
Providence Resources PLC said on Monday that it has appointed
Alan Curran as Interim Chief Executive Officer with immediate
effect.
---
H&T Group Says 1H Lending Demand Gained Momentum
H&T Group PLC said Monday that demand for pledge lending in
the first half continued to gain momentum, and that its lending
volume was currently 40% above prepandemic levels.
---
Omega Diagnostics Agrees to CD4 Business Sale; Shares Rise
Shares of Omega Diagnostics Group PLC rose 13% on Monday after
the company said that it has agreed to the sale of its CD4
business, in line with the board's plan to focus on its
higher-growth Health & Nutrition division.
---
Strip Tinning Awarded Contract by BMW to Add $1.2 Mln to 2023
Revenue
Strip Tinning Holdings PLC said Monday that it has secured a new
five-year nomination with BMW Industries Ltd. for its glazing
division, which is expected to generate revenue for 2023 of around
$1.2 million.
Market Talk:
AO World's Shares Drop Over Financial Deterioration Fears
0805 GMT - AO World PLC's shares on Monday opened lower after
The Times reported, citing unnamed sources, that one of the
company's main credit insurers, Atradius, has cut cover for
suppliers on the deterioration of the group's finances. The online
electrical-goods retailer's cash burn pointed to a deterioration in
supplier payment terms, according to analysts at investment bank
Panmure Gordon, The Times reports. Furthermore, AO World would need
between GBP30 million and GBP50 million to keep the company on the
road, according to The Times. Shares are down 16% at 56.85 pence.
(sabela.ojea@wsj.com; @sabelaojeaguix)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
July 04, 2022 04:41 ET (08:41 GMT)
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