Risk Sentiment Seen as More Important for Pound Than UK GDP Data
0826 GMT - Sterling is more likely to be driven by broad risk appetite than Friday's better-than-expected U.K. economic growth data, MUFG Bank says. "In reality the better June print doesn't change the overall backdrop and won't alter at all the Bank of England's outlook and hence its policy outlook," MUFG analyst Derek Halpenny says in a note. The U.K. economy contracted 0.6% on month in June, less than the 1.3% decline expected by economists in a WSJ survey. For 2Q, the economy contracted by 0.1% on quarter against expectations for a 0.2% drop. GBP/USD falls 0.2% to 1.2172 but EUR/GBP is flat at 0.8457. (firstname.lastname@example.org)
Haleon Says It Hasn't Been Notified About Litigation on Zantac Drug
Haleon PLC said Friday that it hasn't been notified about potential negative implications of U.S. lawsuits over discontinued heartburn drug Zantac.
888 Holdings 1H Pretax Profit Fell Materially
888 Holdings PLC reported on Friday a significant decline in pretax profit for the first half of 2022 on lower contribution, increased legal and professional costs linked to the acquisition of William Hill, and expenses related to the disposal of the Bingo business.
TBC Bank's 2Q Pretax Profit Fell on Higher Costs; Outlook Unchanged
TBC Bank Group PLC reported Friday a decline in pretax profit for the second quarter of 2022 on the back of higher operating expenses, and reiterated its medium-term targets for the whole year.
Stelrad Group 1H Pretax Profit Fell on Turkish Subsidiary Costs; Declares Dividend
Stelrad Group PLC said Friday that pretax profit for the first half fell amid higher costs caused by its Turkish subsidiary new reporting standards, but revenue rose driven by increased margins.
Global Invacom Group 1H Pretax Loss Widened; Starts Business Review
Global Invacom Group Ltd. said Friday that pretax loss for the first half of 2022 widened and revenue fell amid a shortage of semiconductors, and that it is reviewing its business given continuing challenges.
UK's Record Current Account Deficits Negative for Pound
0902 GMT - The U.K.'s trade data for June underlined that the nation is running record current account deficits, which has proved a persistent negative factor for sterling, MUFG Bank says. "The performance of the pound is currently very sensitive to broader risk appetite and during times of risk aversion, large current account deficits fuel GBP weakness," MUFG analyst Derek Halpenny says in a note. The U.K.'s total trade in goods deficit widened by GBP2.1 billion to GBP22.1 billion in June, Office for National Statistics data showed Friday. GBP/USD falls 0.2% to 1.2176, but EUR/GBP is flat at 0.8459. (email@example.com)
Flutter's 1H Performance Slightly Exceeds Forecasts
0827 GMT - Flutter has issued a very encouraging set of results for the first half, with performance coming in slightly better than forecast, a reiteration of full-year estimates and a positive contribution from the U.S. in the second quarter, Shore Capital says. The gambling group's second half has started in line and Shore's estimates will require a modest improvement for the period, Shore analyst Greg Johnson says in a research note. "Our preference has been for [peer] Entain over Flutter on both valuation and growth profile, though the relative first-half performances and current valuations suggest the difference is now modest," the U.K. investment group says. Shore retains its hold rating on the stock. Shares are up 9.8% at 10,300 pence. (firstname.lastname@example.org)
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(END) Dow Jones Newswires
August 12, 2022 05:32 ET (09:32 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.