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Sterling Could Fall if Post-Brexit Tensions Escalate

11/10/2021 | 04:17am EST

Sterling Could Fall if Post-Brexit Tensions Escalate

0858 GMT - A potential escalation of post-Brexit trade tensions over the Northern Ireland protocol could hit sterling, MUFG Bank says. The U.K. has threatened to suspend parts of the Brexit deal for Northern Ireland, which could prompt the EU to scrap the Trade and Cooperation Agreement, MUFG analyst Derek Halpenny says. That would be a "disaster" for the U.K. and Ireland economies, he says. "This is hardly the backdrop for any further GBP rebound and could well be a catalyst for renewed speculative selling that sees GBP underperformance persist." Brexit commissioner Maros Sefcovic will brief EU ambassadors and members of European Parliament on Wednesday about negotiations with the U.K. GBP/USD falls 0.2% to 1.3534 but EUR/GBP drops 0.1% to 0.8544. (renae.dyer@wsj.com)

 
Companies News: 

Aveva 1H Net Loss Widened, But Adjusted EBIT Rose 21%

Aveva Group PLC on Wednesday reported a widened loss for the first half of the fiscal year, but its adjusted earnings rose and growth is expected to continue in the second half.

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ITV Expects Record Full-Year Advertising Revenue After 3Q Growth

ITV PLC said Wednesday that it expects advertising revenue to be up on year in its crucial fourth quarter after growth in the first nine months of 2021, and it has struck a long-term commercial partnership deal with Virgin Media.

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Marks & Spencer Group Swung to 1H Pretax Profit; Raises FY Guidance

Marks & Spencer Group PLC on Wednesday reported a swing to pretax profit for the first half of fiscal 2022 and raised its full-year guidance while warning that labor-market and logistics issues will put pressure on costs.

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J.D. Wetherspoon 1Q Down from Pre-Pandemic Levels, Cautious on Near-Term Sales

J.D. Wetherspoon PLC said Wednesday that its sales declined during the first quarter and two weeks of the fiscal year compared with pre-pandemic levels.

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ASOS Aims to Grow Sales to GBP7 Bln in Three-to-Four Years

ASOS PLC said Wednesday that it is targeting growing sales to seven billion pounds ($9.49 billion) in the next three or four years.

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BowLeven Warns of Further Delays and High Costs at Etinde Project; Shares Fall

Shares in BowLeven PLC fell Wednesday after the company said that costs to develop its Etinde oil-and-gas project offshore Cameroon could be higher than expected.

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Town Center Securities Property Valuation Rose; Rent Returns to Normal

Town Centre Securities PLC said Wednesday that its property portfolio valuation has risen slightly, and that rent collection has returned to pre-coronavirus pandemic levels.

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Global Ports Holding 1H 2022 Revenue Rose as Cruises Restarted

Global Ports Holding PLC on Wednesday reported a rise in revenue for the first half of fiscal 2022 as cruise activity returned, and said it expects full occupancy by Dec. 31, 2022.

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ADVFN Swung to Pretax Profit for FY 2021 on Higher Revenue

ADVFN PLC on Wednesday reported a swing to a pretax profit for fiscal 2021 on higher revenue as the business was boosted by Covid-19 related lockdowns, a boom in cryptocurrency markets and the rise of a new generation of investors.

 
Market Talk: 

ITV's Excellent 3Q Results Exceed Expectations, Citi Says

0851 GMT - ITV has delivered a solid set of third quarter results, well ahead of consensus expectations, Citi says. The British broadcaster's beat was underpinned by strong advertising revenue, with third quarter total advertising revenue up 31.5% on-year, well ahead of the U.S. bank's expectation of 25%, but it was also supported by strength in its Studios division. Full-year total advertising revenue is now guided to be up 24% on-year, implying the fourth quarter will be up 12% at the mid-point, materially ahead of the consensus of it being flat on-year, Citi says. Citi retains its buy rating and 155 pence price target. Shares are up 10% at 120.5 pence. (joseph.hoppe@wsj.com)

Aveva 1H Results Offer Positive Headlines

0825 GMT - Shares in Aveva rise 1.2% after the U.K. engineering and industrial-software company reported results for the year ended Sept. 30. Adjusted EBIT of GBP125 million was in line with consensus of GBP124.9 million, Jefferies says. The company had already pre-announced headline revenue, so the focus was about the details, Jefferies says. Headlines were broadly positive, but the U.S. bank says operating cash flow of GBP14.4 million was lower than GBP23.7 million last year. Jefferies has a buy rating on Aveva stock with a 4,600-pence target price. (jaime.llinares@wsj.com)

Marks & Spencer's Swing to 1H Profit Leads to FY Upgrades, Says Shore Capital

0823 GMT - Marks & Spencer Group's results for the first half of fiscal 2022 were stronger than anticipated, leading to upgrades thanks to strong management action, Shore Capital says. The U.K. retailer's swing to a pretax profit for the period has inspired a rise of around 40% to Shore's pretax profit forecast, increasing to GBP490 million despite notable Brexit headwinds, the U.K. investment group says. "The progress at M&S is pretty much across the board, highlighting the virtue of a change in momentum, so it is not just earnings that are building, cash flows, liquidity and solvency ratios are also improving too," Shore says on the FTSE 100 listed company. Shares are up 16% at 225.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

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

(END) Dow Jones Newswires

11-10-21 0417ET

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