UK Inflation Data Points to Further BOE Interest-Rate Rises
0755 GMT - The latest U.K. inflation numbers "sit uncomfortably alongside the message sent from the Bank of England in its last meeting when it argued that only modestly higher interest rates would be necessary to bring inflation back towards its 2% target," Mike Bell, global market strategist at J.P. Morgan Asset Management, says. Headline U.K. inflation came in at 11.1%, a new four-decade high, in October, while core inflation was 6.5%. What has been underestimated consistently has been the inflationary pressures stemming from the tight labor market, Bell says in a note. "Until it is clear weaker activity is starting to weigh on wage demands, we believe the Bank of England will have to keep hiking," Bell says, expecting UK rates peaking at 4.5%. (email@example.com)Companies News:
Experian 1H Pretax Profit Fell Amid Higher Costs; Backs FY 2023 Views
Experian PLC on Wednesday reported a fall in pretax profit for the first half of fiscal 2022 and reiterated its full-year guidance despite expecting the economic backdrop to be tougher over the year.
Deliveroo to End Operations in Australia
Deliveroo PLC said Wednesday that it has decided to stop operations in Australia as it doesn't hold a broad base of strong local positions, but said this won't change full-year guidance.
British Land Swung to 1H Pretax Loss on Interest Rate Hikes; Raises Dividend
British Land Co. said Wednesday that it swung to a pretax loss in the first half of fiscal 2023 as portfolio valuations fell on rising interest rates, though revenue rose and it increased its dividend.
Sage Group FY 2022 Profit Fell as Costs Rose
Sage Group PLC said Wednesday that fiscal 2022 pretax profit fell as costs increased due to a change in recurring and nonrecurring items, including higher net gains in the prior year from disposals.
SSE Swung to 1H Pretax Loss After Booking Higher Costs; Backs Guidance
SSE PLC said Wednesday that it swung to a pretax loss for the first half of fiscal 2023 after booking higher costs, and backed its guidance for the year.
CMC Markets 1H Pretax Profit Rose on Higher Market Activity
CMC Markets PLC said Wednesday that pretax profit for the first half of fiscal 2023 rose slightly as market activity accelerated, and that the group's expansion plans remain on track.
McBride Performing in Line Year to Date Despite Challenging Market
McBride PLC said Wednesday that it has performed in line with expectations in the year to date, despite uncertainty in the political and macroeconomic environment.
Mediclinic International 1H Boosted by More Inpatients, Day Cases
Mediclinic International PLC on Wednesday reported a 4.4% rise in pretax profit for the first half of fiscal 2023 on revenue that was boosted by more inpatient and day case admissions, but offset by lower average revenue per case compared with the pandemic-affected comparable period.
Premier Foods 1H Pretax Profit, Revenue Rose on Brand Strength
Premier Foods PLC said Wednesday that pretax profit and revenue rose in the first half of fiscal 2023, with consistently strong growth recorded across its brand portfolio.
Tullow Oil 10-Month Production Meet Views; Narrows 2022 Guidance Range
Tullow Oil PLC said Wednesday that production for 2022 is in line with expectations, and narrowed the range of its full-year guidance.
Hill & Smith PLC Upgrades 2022 Operating Profit Views on Robust Performance
Hill & Smith PLC said Wednesday that it expects full-year operating profit to be ahead of market expectations as revenue continued to be robust.
Senior 10-Month Performance in Line With Views; Maintains Full-Year Outlook
Senior PLC said Wednesday that it performed in line with management's expectations in the 10-month period ended October, and maintained its full-year guidance.
CLS Holdings Expects 2022 EPS to Rise, Says It Is Well-Positioned for Future
CLS Holdings PLC said Wednesday that it is on track to meet market views for 2022 earnings per share, and that it is well-positioned to weather challenging economic conditions.
IDOX FY 2022 Revenue, Adjusted Ebitda Rose in Line With Views
IDOX PLC said Wednesday that it expects to report an increase in revenue and adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2022, in line with the board's expectations.
Bridgepoint Backs 2022 Views Amid Resilient Performance
Bridgepoint Group PLC said Wednesday that it remains on track to achieve its full-year guidance despite the challenging macroeconomic backdrop.
Beazley Raises Around GBP350 Mln via Discounted Placing
Beazley PLC said Wednesday that it has conditionally raised around 350 million pounds ($415.3 million) via a discounted placing, a subscription and a retail offer, missing a previously announced bookbuild target.Market Talk:
Hard to Find Signs of Optimism in UK Inflation Data
0750 GMT - There were hopeful predictions that U.K. inflation could at least be peaking, but "you have to look very hard indeed for signs of optimism in today's numbers," Ed Monk, associate director for personal investing at Fidelity International, says in a note. Annual inflation rose to 11.1% in October from 10.1% in September, hitting the highest rate since February 1982, according to official data. "Inflation has once again exceeded the worst expectations and it will be little comfort to households that price rises would have been even worse than the 11.1% recorded in October had it not been for the government's giant intervention on energy prices," Monk says. (firstname.lastname@example.org)
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