Tight UK labor market bolsters case for another 50bp interest rate hike

Tight UK labor market bolsters case for another 50bp interest rate hike

07:50 GMT – A further drop in the jobless rate and accelerating wage growth will increase pressure on the Bank of England to opt for another 50 basis point interest rate hike when it meets September 22 meeting, said Ruth Gregory, senior economist at Capital Economics in the UK. said in a note. There are indeed signs of slowing labor demand that will translate into slower wage growth, but wage growth in July continued to pick up, she said. “With the labor market still exceptionally tight, we remain comfortable with our forecast that the Bank of England will raise interest rates to a high of 3.00% or more by the end of this year. year, instead of the analyst consensus of 2.50%,” Grégory said. ([email protected])

 
Companies News: 

Ocado Group warns of declining FY2022 sales as inflation hits consumers

Ocado Group PLC said on Tuesday that revenue rose in the third quarter of fiscal 2022, but it expects sales to decline for the full year as inflation affects the spending capacity of businesses. consumers.

Aveva close to GBP 30/share buyout by Schneider Electric, Sky Reports says

Aveva Group PLC is close to accepting a £30 ($35.05) takeover by French energy management and automation group Schneider Electric SE, Sky News reports, citing unnamed sources.

Fresnillo completes the construction of the connection to the Juanicipio network; sees operations begin at the end of October

Fresnillo PLC said Tuesday that all construction activities related to the final connection to the Juanicipio power grid in Mexico have been completed and that it expects to begin operations by the end of October.

Abrdn sells £262m stake in HDFC Life

Abrdn PLC announced on Tuesday that it has sold 43 million shares of HDFC Life Insurance Co. for 262 million pounds ($306.1 million), with the proceeds to be used to further strengthen its capital resources, support investments and continue to repay the excess capital.

Team17’s first-half pretax profit tumbled due to higher costs; Turnover up

Team17 Group PLC said on Tuesday its first-half pretax profit fell 20% due to higher administrative costs and sales, although revenue and adjusted profit rose.

Reduced Trustpilot’s first half pre-tax loss, increased revenue thanks to good exchange rates

Trustpilot AS said on Tuesday that its first-half pre-tax loss narrowed and revenue increased thanks to favorable exchange rates.

JTC 1H’s pre-tax profit fell as costs rose

JTC PLC said on Tuesday that pre-tax profit for the first half of 2022 fell as costs rose as it worked to complete the integration of seven acquisitions made last year.

Pre-tax profit of the 1H real estate franchise, increased turnover; Supports 2022 outlook

Property Franchise Group PLC said on Tuesday that its first-half profit and pre-tax income rose on the back of contributions from acquisitions, and that it was confident for the year as a whole.

Kape Technologies to raise up to $200 million to fund acquisitions

Kape Technologies PLC said on Tuesday it plans to raise up to $200 million through a share offering and will use the money for acquisitions.

Mattioli Woods’ pre-tax profit for fiscal 2022 increased and increases dividend

Mattioli Woods PLC said on Tuesday that pre-tax profit for the 2022 financial year had increased, supported by recent acquisition contributions, and that it had increased its dividend payout as it continued to operate in line with opinions.

Fevertree’s first-half operating profit fell due to rising costs

Fevertree Drinks PLC on Tuesday reported a significant drop in operating profit for the first half of 2022 after seeing higher energy and freight costs.

 
Market Talk: 

Ocado’s downgraded outlook for FY2022 adds to negative sentiment

07:51 GMT – Ocado Group has downgraded its outlook for fiscal year 2022, missing market expectations, RBC Capital Markets analysts Sherri Malek and Wassachon Udomsilpa say in a research note. The online grocer and retail technology specialist’s third-quarter revenue also fell short of the Canadian bank’s forecast, analysts said. While the consensus continues to underestimate Ocado’s investments in its Solutions segments, the company should only see a modest margin recovery in fiscal 2023, they add. The shares are down 13% at 692.20 pence. ([email protected]; @sabelaojeaguix)

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

September 13, 2022 04:09 ET (08:09 GMT)

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Stephen V. Lee