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FTSE Opens Lower, Pound Rises as Inflation Hits Highest Level in a Decade

11/17/2021 | 03:42am EST

Pound Rises as Strong Inflation Strengthens Case for December Rate Increase

The pound rises to its strongest against the euro since February 2020 after data showed U.K. annual CPI inflation accelerated to 4.2% in October, from 3.1% in September and above the consensus forecast in a WSJ poll of 4.0%. The data points to persistent inflationary pressures and supports the case for the Bank of England to raise interest rates in December, says Sam Cooper, vice president of market risk solutions at Silicon Valley Bank. "Sterling has welcomed the release," he says, but notes "a degree of caution" after the BOE unexpectedly left rates unchanged in November. EUR/GBP is last down 0.3% at 0.8407, having hit a low of 0.8395, according to FactSet. GBP/USD is last at 1.3439, having briefly hit a one-week high of 1.3472.

 
Companies News: 

Sage Group FY 2021 Pretax Profit Fell; Raises Dividend

Sage Group PLC said Wednesday that fiscal 2021 pretax profit fell and that it has increased its dividend.

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Experian 1H Pretax Profit Rose; Sees FY Revenue Growth

Experian PLC on Wednesday reported a rise in pretax profit for the first half of fiscal 2022 and said that it expects to close the year with significant revenue growth.

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SSE 1H Profit Rose; FY Performance Seen at Least in Line With Views

SSE PLC on Wednesday reported higher profit for the first half of the financial year, and said full-year earnings would be at least in line with market consensus.

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British Land Swung to 1H Pretax Profit; Raises Dividend

British Land Co. on Wednesday reported a swing to pretax profit for the first half of fiscal 2022, boosted by the strong performance of its retail-park portfolio, and raised its dividend.

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SSE to Invest GBP12.5 Bln Through FY 2026, Sell Stakes in Network Businesses

SSE PLC said Wednesday that it will speed up investment on renewables through fiscal 2026, increasing earnings by up to 7% a year during that period, and that it will seek to sell minority stakes in its electricity network divisions.

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Spirax-Sarco Continues to Expect Record 2021 Revenue, Profit, Operating Margin

Spirax-Sarco Engineering PLC said Wednesday that it continues to expect record revenue, profit and operating margin for 2021.

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Informa Says Business Performance Continues to Improve; Backs 2021 Guidance

Informa PLC said Wednesday that performance has continued to improve over the year to date across all of its businesses, and the company backed its full-year guidance

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CMC Markets 1H Pretax Profit Fell

CMC Markets PLC on Wednesday reported a decline in pretax profit for the first half of fiscal 2022 due to higher expenses amid a subdued trading environment.

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Workspace Swung to a Pretax Profit in 1H as Activity Rebounded

Workspace Group PLC on Wednesday reported a swing to a pretax profit in the first half of fiscal 2022 as customer demand recovered strongly after the Covid-19 pandemic hit.

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Safestore to Beat FY 2021 Guidance After Strong 4Q Performance

Safestore Holdings PLC said Wednesday that it expects to have beaten guidance for fiscal 2021 as it benefited from strong momentum in fourth-quarter revenue.

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Inchcape Sets Profit Growth Targets for Medium Term

Inchcape PLC said Wednesday it has set medium-term profit growth targets for its distribution and vehicle lifecycle services.

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Tullow Oil Reiterates 2021 Output Guidance

Tullow Oil PLC said Wednesday that production is in line with expectations, and reaffirmed full-year guidance.

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McColl's Retail Cuts FY 2021 Earnings Guidance as Supply-Chain Strains Hit

McColl's Retail Group PLC said Wednesday that it expects significantly lower revenue than anticipated for fiscal 2021 as supply-chain problems worsened in the fourth quarter.

 
Market Talk: 

SSE to Sell Assets, Cut Dividend to Help Fund Investment Plan

0815 GMT - Shares in SSE fall 5.1% after announcing a GBP12.5 billion investment plan over five years to 2026, up 65% per year from the previous plan. To help fund it, the energy company intends to sell a 25% stake in both its transmission and distribution businesses, RBC Capital Markets says. In addition, the company's dividend will be rebased to 60 pence in fiscal 2024, with annual growth of at least 5%, RBC notes. "SSE has gone for the tried-and-tested route of asset disposals, and has confirmed market fears that this would come with a dividend cut."

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

11-17-21 0342ET

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