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Pound Falls as Investors Mull Potential Fed, BOE Policy Changes

09/29/2021 | 01:53am EST

Pound Falls Vs Dollar as Investors Consider Potential Fed, BOE Policy Changes

0727 GMT - Sterling falls versus the dollar on the prospect of the Federal Reserve starting to withdraw stimulus and on concerns that the Bank of England could raise interest rates to stem inflation despite weak economic growth. BOE Governor Andrew Bailey on Monday signalled that interest rates could rise before Christmas, which helped fuel speculation of a "toxic mix" of supply-constrained weak growth coupled with high inflation forcing the BOE into monetary tightening that hits confidence and weakens sterling, MUFG Bank analyst Derek Halpenny says. This "crisis of confidence scenario" is more akin to emerging markets foreign exchange than G10 forex, he says. GBP/USD falls 0.3% to an eight-and-a-half-month low of 1.3504, according to FactSet. EUR/GBP trades flat at 0.8631. (renae.dyer@wsj.com)

 
Companies News: 

UK Takeover Panel to Start Wm. Morrison Auction Procedure on Saturday

The U.K. Takeover Panel said Wednesday that it will start an auction procedure for grocer Wm. Morrison Supermarkets PLC on Saturday, given that neither of its bidders have declared their offers final, and in order to resolve the current competitive situation.

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Abrdn PLC Sells HDFC AMC Shares On Bombay Exchange for GBP268M

Abrdn PLC said Wednesday that it has sold 10.7 million shares of HDFC Asset Management Co. on the Bombay Stock Exchange for 268 million pounds ($362.8 million) net.

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Next Swung to a 1H Pretax Profit; Raises FY Guidance

Next PLC on Wednesday reported a swing to a pretax profit for the first half of fiscal 2022, and increased its full-year pretax profit and full price sales guidance amid stronger online sales.

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SSE Enters Japanese Offshore-Wind Market; Forecasts 1H Adj EPS Drop

SSE PLC said Wednesday that it has signed a deal to enter the Japanese offshore-wind market, and forecast lower adjusted earnings per share for the first half of the fiscal year.

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AstraZeneca to Buy Remaining Stake in Caelum Biosciences for $150 Mln

AstraZeneca PLC said on Wednesday that it will acquire the remaining equity in Caelum Biosciences Inc. for $150 million upon completion.

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Quiz Shares Drop on Significantly Lower FY 2021 Sales

Shares in Quiz PLC dropped on Wednesday after the company reported a significant decline in revenue for fiscal 2021 on lower sales, despite also noting that its sales from April to August rose significantly, approaching pre-Covid-19 levels.

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UK Watchdog Clears Auction Technology's Acquisition of Live Auctioneers

The U.K. Competition and Markets Authority said Wednesday that it won't refer Auction Technology Group PLC's acquisition of Live Auctioneers, LLC for a further review.

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Comptoir Posts 1H Loss, Says All Sites Are Profitable Since Reopening

Comptoir Group PLC on Wednesday reported a loss for the first half of the year, but said that all its sites are making a positive contribution at the profit level since reopening.

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Network International Holdings Sees 2022 Year-On-Year Revenue Growth at 27%-29%

Network International Holdings PLC said Wednesday that it expects year-on-year revenue growth for 2022 to be in the 27% to 29% range--excluding any contributions from DPO Group in 2021--and for its underlying Ebitda margin to be broadly flat year-on-year.

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CML Microsystems on Track to Meet FY 2022 Market Views

CML Microsystems PLC said Wednesday that it is on track to achieve market expectations for the year to March 31, 2022.

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SSP Group Sees 2H 2021 Revenue Around 37% of 2019's Levels

SSP Group PLC said Wednesday that it expects revenue for the second half of fiscal 2021 to be around 37% of 2019's levels, and that in the latest week revenue was around 57% of 2019's levels.

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Air Partner 1H 2022 Pretax Profit Fell

Air Partner PLC said on Wednesday that pretax profit for the first half of fiscal 2022 fell as revenue decreased, and that it expects performance for the year to be materially above market expectations.

 
Market Talk: 

Bond Selloff Likely to Deepen Towards Year-End

0732 GMT - Bond markets in the U.S., U.K. and Europe have been under heavy selling pressure, which is likely to continue as inflation concerns and interest rate rise expectations intensify, says RBC Capital Markets. "Inflation expectations are rising, specifically in the U.K. and EUR market, but now also again in the USD market," analysts at the bank say. This led markets to initially price in a bond taper and now more and more expectations that interest rates will rise. "We think most of these arguments can carry the market further going into year-end," they say, adding that their target for the 10-year Treasury yield stands at 1.75%. It trades last at 1.510%, according to Tradeweb. (lorena.ruibal@wsj.com)

Next Online Platform Potential Seen as Sales Boost -- Market Talk

0708 GMT - Next, whose results for the first half of fiscal 2021 were ahead of RBC Capital Markets expectations, could continue seeing its sales increase further by developing its online Total Platform business for other brands, the Canadian bank says. The FTSE 100 listed fashion retailer is seeing product return rates returning to normal, boosted by a particularly strong performance of its branded Label offer, RBC notes. "We think Next is relatively well positioned in the sector and has potential to recapture its status as a strong online and cash-returns story. Longer term, Next should benefit from a further shift of sales online and from growth in its brands and international sales channels," RBC says. RBC has a target price of 9,500 pence a share. Shares are up 3% at 8,324.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

09-29-21 0353ET

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