Sterling's Recent Outperformance Set to End
07 Dicembre 2022 - 1:33PM
Dow Jones News
Sterling's Recent Outperformance Set to End
1118 GMT - Sterling's recent outperformance is likely coming to
an end as markets seem to be turning more risk averse while the
U.K. economy faces a hit from high mortgage rates and worker
strikes, MUFG Bank says. Halifax data Wednesday showed U.K. house
prices fell 2.3% on month in November as mortgage rates remain
elevated and there could be "more pain to come" as interest-rate
increases feed through the market, MUFG analyst Derek Halpenny says
in a note. The economic disruption from strikes could also
undermine sentiment, he says. "We are not convinced market
participants have priced appropriately the disruptions that are
coming and if these strikes materialise as scheduled, the hit to
confidence and growth could be notable," he says.
(renae.dyer@wsj.com)
Companies News:
Mitchells & Butlers Swung to FY 2022 Pretax Profit, Sees
Encouraging Year Ahead
Mitchells & Butlers PLC said Wednesday that pretax profit
for fiscal 2022 rose, supported by a sales recovery to prepandemic
levels, and that its performance in the new fiscal year has been
positive.
---
Naked Wines Swung to 1H Pretax Loss on Inventory Provisioning;
CFO Appointed
Naked Wines PLC said Wednesday that it swung to a pretax loss
for the first half of fiscal 2023 after it booked material
inventory provisioning, and that it has appointed James Crawford as
chief financial officer and executive director.
---
Quiz Upbeat on FY 2023 as 1H Earnings Boosted by Strong
Demand
Quiz PLC said Wednesday that it remains confident of meeting
market expectations for the full fiscal year despite inflationary
pressure, after revenue and earnings rose strongly in the first
half.
---
Topps Tiles Gets Request to Remove Chairman From Shareholder MS
Galleon
Topps Tiles PLC said Wednesday that it has received a notice
from 29.9% shareholder MS Galleon GmbH requesting that it put
forward a resolution to remove nonexecutive Chairman Darren
Shapland at the annual general meeting in January.
---
Games Workshop Sees 1H Pretax Profit Fall, Appoints NonExecutive
Chair
Games Workshop Group PLC said Wednesday that performance for the
first half of fiscal 2023 has been in line with expectations, with
pretax profit expected to fall despite increasing revenue.
---
Redde Northgate 1H Pretax Profit Rose on Robust Demand, Fleet
Growth
Redde Northgate PLC said Wednesday that pretax profit for the
first half of fiscal 2023 rose, supported by fleet growth and new
contract wins, and that it expects its full-year performance to
exceed market views.
---
Moonpig 1H Pretax Profit Hit by Higher Costs, Cuts FY 2023
Revenue Guidance
Moonpig Group PLC said Wednesday that its pretax profit for
first half of fiscal 2023 fell on higher costs, and cut its
full-year revenue guidance after experiencing more challenging
trading conditions since October.
---
musicMagpie Sees FY 2022 in Line
musicMagpie PLC said Wednesday that financial performance for
fiscal 2022 was in line with management's expectations.
---
Sovereign Metals to Demerge Malawi Graphite Projects
Sovereign Metals Ltd. said Wednesday that it will demerge a
number of graphite projects in Malawi into a wholly-owned
subsidiary to unlock their value.
Market Talk:
UK Builders Fall as Housing Market Slowdown Continues -- Market
Talk
1117 GMT - U.K. house builders fall after industry data showed
the British housing market continuing to slow last month. The
average house price dropped 2.3% in November versus a 0.4% fall in
October, and the annual growth rate slowed to 4.7% from 8.2%
beforehand, according to the Halifax House Price Index. "When
thinking about the future for house prices, it's important to
remember the context of the last few years, when we witnessed some
of the biggest house-price increases the market has ever seen. The
market may now be going through a normalization process," director
of Halifax Mortgages, Kim Kinnaird, writes. Persimmon is the
sector's biggest top-flight faller, down 1%, while rivals also
drop. (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
December 07, 2022 07:18 ET (12:18 GMT)
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