FTSE 100 closes down 0.2% as investors watch Fed speech


The FTSE 100 closed down 0.2% on Monday amid a broad decline in global markets as investors await a speech from Federal Reserve Chairman Jerome Powell later this week that could contain hints of further further interest rate hikes. “Investors now believe a recession in Europe and the UK is inevitable, and now expect the Fed to make more hawkish noise about the likelihood of further rate hikes in Q4 2022 and beyond. beyond that,” said IG Group PLC’s chief market analyst. said Chris Beauchamp. Haleon topped a short list of winners, closing up 2.8%, while among the biggest losers was Scottish Mortgage Investment Trust, down 4.6%, followed by IAG, which fell 4.5%.

Companies News: 

Dev Clever agrees to three-year, $30 million funding deal

Dev Clever Holdings PLC announced on Monday that it has agreed to a $30 million unsecured financing agreement that significantly strengthens its balance sheet and enables the company to pursue its growth plan.

Base Resources shares climb after FY2022 Ebitda, sales rose on better prices

The shares of Base Resources Ltd. rose on Monday after it said its EBITDA and sales for fiscal 2022 rose on improved mineral sands prices as well as cost management.

Dev Clever FY 2021 Pre-tax loss doubled on higher costs

Dev Clever Holdings PLC reported a more than doubled pre-tax loss for the 2021 financial year on Monday as it booked higher costs, and said that despite the cash flow impact of terminating a contract, the board is confident that it can secure enough financing to sustain the business.

Increase in Maréchale Capital’s pre-tax profit for the 2022 financial year on investment gains; Stocks rise

Shares of Maréchale Capital PLC jumped on Monday after the company said pre-tax profit for the financial year 2022 rose mainly on the back of investment gains.

Wizz Air CFO Jourik Hooghe resigns; Ian Malin named successor

Wizz Air Holdings PLC said Monday that chief financial officer Jourik Hooghe will step down to pursue other opportunities, and Ian Malin will join the company on October 1 to take over.

Smoove’s pre-tax loss for FY 2022 widened due to higher costs; Launch a £5m buyout program

Smoove PLC on Monday announced an expanded pre-tax loss for the financial year 2022 after booking higher costs, and said it intended to launch a share buyback program of up to 5 million pounds (5 .9 million dollars).

Aptamer Group to Report Increase in FY2022 Revenue Driven by Strong Operational Performance

Aptamer Group PLC said on Monday that revenue increased for the 2022 financial year on the back of strong operational performance, and that was in line with market expectations.

Vodafone Group completes terms of sale of Vodafone Hungary for $1.78 billion

Vodafone Group PLC announced on Monday that it has reached terms to sell 100% of Vodafone Magyarorszag Tavkozlesi Zrt, or Vodafone Hungary, for an enterprise value of 715 billion Hungarian forints ($1.78 billion).

Cineworld confirms that it is considering a possible voluntary filing of Chapter 11 in the United States

Cineworld Group PLC confirmed on Monday that it is considering filing a possible voluntary Chapter 11 application in the United States as well as related proceedings in other regions.

Market Talk: 

Budget airline prices will slowly recover as inflation hits consumer spending

14:08 GMT – Prices for low-cost airline tickets are likely to continue to rise, but the impact of inflation on customers will mean they are expected to recover slowly, UBS analyst Jarrod Castle said in a statement. note. With consumers expected to spend significantly more on energy bills during the winter – and low-income households expected to be hardest hit, potentially taking up more than 30% of disposable income – budget airlines will not be able to not raise prices too quickly without postponing them, says Castle. While price increases are expected to slow, Ryanair is seen as having the most favorable pricing environment in Q3 on average with fares up around 88%, with easyJet up 52% ​​and Wizz Air up 15%, showing some improvement. “While we still expect volumes to recover, this recovery will likely come at the expense of prices,” the analyst said. ([email protected])

Diamond miner faculty prices, demand pressure

14:03 GMT – Diamond miners are facing pressure from falling prices and demand, says Liberum Capital, downgrading Petra Diamonds and Gem Diamonds to stop them buying. A combination of virtually unchanged supplies from Russian diamond mining group Alrosa, despite Ukraine-related sanctions, as well as pressure from emerging demand, are now driving prices down, according to Liberum. “At the midpoint, trade flows into and out of India remain unchanged, while synthetic supply growth is again picking up sharply,” Liberum analysts said in a note. “Demand is resilient in the US for now, but weakening in China and Europe. All of this, combined with runaway inflation, is compressing cash flow. We are downgrading Petra Diamonds and Gem Diamonds to maintain them. ” ([email protected])

Strike against Felixistowe Port Force ship hijackings in UK

0957 ET – An eight-day strike by dockworkers at Felixstowe, the UK’s largest port, forces shipping lines to divert dozens of ships to other European ports to avoid being stranded there for a week . The strike, which began on Monday for higher wages, involves nearly 2,000 union members and operators said they were diverting ships from Le Havre in France, Antwerp in Belgium to other UK ports like the London Gateway and Southampton. Felixstowe handles around 3.7 million containers a year, almost half of all UK container trade. ([email protected])

Cineworld on the verge of collapse after the pandemic

1324 GMT – Cineworld is considering various options including voluntary bankruptcy in the US as it teeters on the brink of collapse, Interactive Investor says in a research note. The pandemic has hit the cinema operator hard with cinemas closed for months during the lockdown and consumer preferences shifting to streaming, says Victoria Scholar, chief investment officer at Interactive Investor. “Additionally, Cineworld has faced its own issues with its £700m damages bill for abandoning its takeover of Cineplex, bringing the cinema chain into trouble with unmanageable debt,” the platform says. of investment. The shares are down 23% at 3.15 pence. ([email protected])

ConvaTec shares look fairer after earnings rally

13:23 GMT – ConvaTec Group shares look better valued after an earnings-related rally, Peel Hunt said, downgrading the medical products company to add buying and its price target at 250p from 285p. ConvaTec has had a strong first half and the spread between its shares and those of its peers has narrowed, countering broader market weakness so far this year, Peel said. The repeated orientations of the group have further encouraged the markets, adds the brokerage house. Still, the share price is up 9% following the results and a gradual downward/flat trend in margins since July 2020, in line with inflation, means the company may struggle to outperform. the full-year margin forecast significantly, Peel analyst Miles Dixon said in a note. . Shares fell 1.9% to 234p. ([email protected])

Cineworld wins after confirming bankruptcy chatter

09.38 GMT – Cineworld shares rise 3% after confirming media speculation that it is considering filing for US Chapter 11 bankruptcy. The cinema operator said it expected any deposit to give it access to short-term cash and support a debt-reduction deal, even if it would significantly dilute existing equity. The company said it plans to maintain operations as usual until and after any filings and ultimately continue operations for the long term. “Filing for bankruptcy in the US to allow for financial restructuring probably gives Cineworld more flexibility than if the business went into receivership under UK rules,” writes Russ Mold, chief investment officer of AJ Bell. “However, shareholders don’t need a movie trailer to tell them that more pain could befall them.” ([email protected])

NatWest is poised for growth thanks to better debt ratios

09:36 GMT – NatWest is one of Britain’s most rate-sensitive banks and is on track to deliver a return on tangible equity of 16% in 2024, Jefferies analysts said in a research note. Pre-provision earnings are expected to rise 14% for 2022 and 11% in 2023 and 2024 on higher net interest income, driven by higher Bank of England rates, analysts add. However, the bank is also expected to cut costs by 2% in 2022, lower than management’s forecast of 3%, analysts said. Jefferies raises the share price target to 424.0 pence from 359.0 pence. ([email protected])

RBC advises selling GBP/CHF as inflation hurts UK economy

09:33 GMT – RBC Capital Markets expects the pound to suffer from high inflation hitting the economy and advises selling GBP/CHF, targeting 1.1100 with a stop at 1.1450, says strategist Adam Cole in a note. The pound “saw no benefit” from last week’s “sharp UK rate hike” – when high inflation pointed to more interest rate hikes – he says. Friday is expected to see “another huge rise” in the UK’s energy price cap, raising concerns over the cost of living, while Tuesday’s PMI data is expected to show a weakening economy. RBC favors selling sterling against the Swiss franc, which shouldn’t be impacted too much by Friday’s speech by US Federal Reserve Chairman Jerome Powell. GBP/CHF falls to a two-year low at 1.1301, according to FactSet. RBC opened the trade at 1.1337. ([email protected])

AstraZeneca among the most affected by health care reform in the United States

(MORE TO BE FOLLOWED) Dow Jones Newswires

August 22, 2022 12:14 p.m. ET (4:14 p.m. GMT)

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