Sterling Stays Higher After BOE Inflation Expectations Survey

1022 GMT - Sterling stays higher on the day against the dollar and the euro after the Bank of England's latest quarterly survey of public attitudes to inflation showed inflation expectations remain elevated. The British public's median expectations for inflation over the coming year were 4.8% in November, compared to 4.9% in August, while expectations for the following year rose to 3.4% from 3.2% previously. Inflation expectations for five years' time increased to 3.3% in November from 3.1% in August. GBP/USD and EUR/GBP are both little changed after the data at 1.2253 and 0.8621 respectively. (renae.dyer@wsj.com)

Companies News: 

Associated British Foods Backs FY 2023 View Despite Cost Inflation

Associated British Foods PLC said Friday that it backed its full-year outlook, but that it was mindful of further significant input cost inflation.

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Berkeley Group 1H Profit Fell; Backs FY 2023 Guidance

Berkeley Group Holdings PLC said Friday that pretax profit and revenue fell for the first half of fiscal 2023, and backed its full-year expectations.

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Anglo American Sees 2022 Production Down 3%

Anglo American PLC said Friday that 2022 production was down by around 3% as the Quellaveco copper ramp-up and strong diamond production was offset by ore grades in Chile and lower production from Kumba and platinum group metals.

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Pendragon Says Hedin Mobility Has Abandoned Takeover Offer

Pendragon PLC said Friday that Hedin Mobility Group AB has decided not to make an offer for the company due to challenging market conditions and an uncertain economic outlook.

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Crestchic Agrees to GBP122 Mln Takeover by Aggreko

Crestchic PLC said Friday that it has agreed to a 122 million-pound ($149.3 million) takeover by privately-owned temporary power supplier Aggreko Ltd.

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Bonhill Gets GBP6.6 Mln Offer for UK, Asia Units; Cuts 2022 Guidance Further

Bonhill Group PLC said Friday that it has received a 6.6 million-pound ($8.1 million) offer for its U.K. and Asia businesses, but further cut its guidance for 2022.

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ProCook Group Sees FY 2023 Revenue of GBP60 Mln-GBP65 Mln Amid Softer Consumer Demand

ProCook Group PLC said Friday that it has seen weaker sales performance than expected in recent weeks amid softer consumer demand and it now expects full-year revenue for fiscal 2023 to be between 60 million pounds and 65 million pounds ($73.4 million-$79.5 million).

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Gulf Marine Services Tightens 2022 Ebitda Guidance; Vessel Utilization to Rise

Gulf Marine Services PLC on Friday tightened its 2022 Ebitda guidance to between $70 million and $72 million, up on year, and said vessel utilization is expected to rise.

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Gemfields Gets $66.8 Mln from December Ruby Auction

Gemfields Group Ltd. on Friday said that it secured auction revenue of $66.8 million for a ruby auction held from Nov. 21-Dec. 8.

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Taylor Maritime 1H Pretax Profit Hit by Investment Loss

Taylor Maritime Investments Ltd. on Friday reported a substantial drop in pretax profit and net asset value for the first half of its fiscal 2023 as it booked a loss on the value of its investments compared with a credit for the comparable period

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Nanoco Placed First in Trial Schedule Against Samsung; Shares Rise

Nanoco Group PLC shares rose Friday after the company said that it has been placed first in a trial schedule starting Jan. 6, in its case against Samsung Group for infringement of its intellectual property.

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Porvair Sees FY 2022 Revenue Up 18%, EPS Beating Forecasts; Shares Rise

Shares of Porvair PLC rose as much as 13% on Friday after the company said that it expects to report an 18% rise in revenue for fiscal 2022 and to beat market forecasts for adjusted earnings per share.

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Glantus CFO Grainne McKeown Steps Down; Diane Gray-Smith Takes on Interim Role

Glantus Holdings PLC said Friday that Chief Financial Officer Grainne McKeown has stepped down and left the company for personal reasons.

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Man Group Launches $125 Mln Share Buyback Program

Man Group PLC said Friday that it is launching a $125 million share buyback program, in line with its policy to distribute capital to shareholders while maintaining a prudent balance sheet.

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GreenRoc Mining Raises GBP315,000 to Develop Greenland Graphite Project

GreenRoc Mining PLC said Friday that it has raised 315,000 pounds ($385,402) via a discounted placing, with the proceeds to be used toward developing the Amitsoq graphite project.

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International Public Partnerships Buys New Zealand Portfolio for $128 Mln

International Public Partnerships Ltd. said Friday that it has agreed to acquire five infrastructure investments in New Zealand for around 200 million New Zealand dollars ($127.6 million) from Morrison & Co managed Public Infrastructure Partners.

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Thales's Transport-Systems Sale to Hitachi Likely Delayed Amid UK Antitrust Concerns

A sale of Thales SA's transportation-systems business to Japan's Hitachi Ltd. is likely to be delayed by months until the second half of next year amid antitrust concerns in the U.K, the French aerospace-and-defense group said Friday.

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Global Invacom Group Executive Chairman Tony Taylor Steps Down

Global Invacom Group Ltd. said Friday that Executive Chairman Tony Taylor is stepping down from the company after 16 years' service, and that Gordon Blaikie will become interim chief executive officer while the board looks for a replacement.

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VTB Bank's UK Arm Placed Into Administration

The U.K. arm of Russia's VTB Bank has been placed in administration in London, its administrators said Friday in a statement, after being hit with sanctions on the onset of Russia's invasion of Ukraine.

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Autolus Therapeutics ADSs Tumble Premarket on Public Offering >AUTL

American depositary shares of Autolus Therapeutics PLC tumbled in premarket trading Friday after the clinical-stage biopharmaceutical company said it was raising $150 million in a dilutive public offering.

 
Market Talk: 

Berkeley Group Shares Confidently Outperform Peers

0947 GMT - Berkeley Group has outperformed its peer group in the year to date, with shares falling 20% compared with a wider decline of 41% for the house building sector, more than making up for last year's underperformance, Peel Hunt says. The house builder's outperformance came in large part in the last three months, which saw its shares rise 11% compared with a sector drop of 3%, Peel Hunt analysts say in a research note. "It is not the cheapest...but that longer-term quality pipeline is starting to show through again," the brokerage says. Peel Hunt retains its add rating and 3,760.0 pence price target on Berkeley's stock. Shares are up 0.2% at 3,805.0 pence. (joseph.hoppe@wsj.com)

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Berkeley Group Lowers Medium-term Guidance on Demand Weakness

0957 GMT - Berkeley Group's first-half results show the order book has increased, giving it reasonable visibility for the rest of fiscal 2023 and into fiscal 2024, but recent weakness in demand has led it to chop forward guidance, Davy Research says. The house builder's new guidance for fiscal 2024 and fiscal 2025 is for pretax profit to be GBP1.05 billion over the two years, down 16% from previous guidance--though this is in line with market consensus views, Davy analyst Colin Sheridan says in a research note. "The theme of significant demand destruction from the rest of the [house building] sector has started to come through, starting in September," the Irish research firm says. Davy retains its underperform rating on the stock. Shares are up 0.4% at 3,814.0 pence. (joseph.hoppe@wsj.com)

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Pound May be Little Moved by BOE Decision, Struggle to Rise in 2023

0957 GMT - The Bank of England's December 15 meeting may not move sterling much as a 50 basis points interest rate rise is priced in, while the currency will struggle to extend its recent recovery in 2023, ING says. GBP/USD is unlikely to sustain gains over 1.23 as the dollar looks set to strengthen as the Federal Reserve continues to fight inflation through the first quarter of 2023 despite the looming recession, ING analysts say in a note. EUR/GBP could return to the 0.87-0.88 region, they say. "A challenging investment environment-- central banks hiking into recessions--suggests sterling should underperform given its higher sensitivity to global equity markets." GBP/USD rises 0.1% to 1.2240 but EUR/GBP is flat at 0.8627. (renae.dyer@wsj.com)

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AB Foods Sticks to FY Outlook, But Flags Cost Rises

1020 GMT - Shares in Associated British Foods edge 0.3% lower after the food group and owner of fashion retailer Primark kept its full-year outlook unchanged, but said it still expected further significant input-cost inflation. ABF's trading update accompanying its annual general meeting reflects an unchanged outlook for the full year to September 2023, albeit noting a lower level of input cost volatility and "encouraging" trading at Primark, Citigroup says. "We view the statement as an incremental positive for the shares, whilst remaining mindful of the macro headwinds looming beyond the holiday season," Citi analyst Nick Coulter says in a note. (philip.waller@wsj.com)

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European Stocks Rise Ahead of Likely US Gains

1129 GMT - European stocks rise after upbeat Asia trading and ahead of an expected slightly higher U.S. open. The Stoxx Europe 600 and DAX both gain about 0.6%, the FTSE 100 edges 0.2% higher and the CAC 40 advances 0.3%. Brent crude increases 0.3% to $76.37 a barrel. IG futures data show the Dow opening at 33841, versus Thursday's close of 33781. "Stocks in Asia pushed higher again as attention shifts to Friday's U.S. producer price inflation data," IG analysts say in a note. "The Hang Seng, up nearly 6% for the week, led the way higher. Today's U.S. PPI is likely to set the tone going into the weekend, with economists expecting an acceleration in the pace of factory-gate inflation," they say. (philip.waller@wsj.com)

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Diageo's Growth Will Normalize in 2023, Jefferies Says

1130 GMT - Diageo PLC will be better able to absorb volatility than in the past thanks to its healthier portfolio and productivity mindset, says Jefferies analyst Edward Mundy in a note. "The portfolio is more growthy by geography, category, and price tier," he says. A two-year long pandemic-boosted upgrade cycle has given the Johnnie Walker whisky and Tanqueray gin owner a high base to top, though as dust starts to settle the U.S. bank sees growth in 2023 normalizing toward the group's medium-term framework. Jefferies has a buy rating on the stock and has cut its target price to GBP43 from GBP45, to reflect currency moves and gentle upward pressure on its weighted average cost of capital. Shares are down 0.3% at GBP37.65. (elena.vardon@wsj.com)

 

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(END) Dow Jones Newswires

December 09, 2022 07:31 ET (12:31 GMT)

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