FTSE 100 Edges Lower Before Likely U.S. Rate Rise

FTSE 100 Edges Lower Before Likely US Rate Rise

0848 GMT - The FTSE 100 index falls 0.4% to 7532.78 in cautious trade before a likely U.S. interest-rate rise after the market closes. The Federal Reserve is widely expected to raise rates by a larger-than-usual 50 basis points in a decision at 1800 GMT, with focus on comments on the speed and magnitude of future increases. "Should [Fed Chairman Jerome] Powell provide hints in the press conference that 75 bps moves are now a possibility, that will likely drive weakness in stocks," IG analysts say in a note. Retailers drop, with Kingfisher and JD Sports down around 4%. Miners and property stocks also fall. Flutter Entertainment rises 5.4% after a first-quarter update, while higher oil prices boost oil stocks. ([e-mail])

 
Companies News: 

Direct Line's 1Q Gross Written Premiums Fell on Higher Inflation

Direct Line Insurance Group PLC said Wednesday that gross written premiums for the first quarter fell on higher inflation, but reiterated its 2022 guidance.

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Smiths News 1H 2022 Pretax Profit Fell on Higher Costs

Smiths News PLC said Wednesday that pretax profit for the first half of fiscal 2022 fell after booking higher costs, and that its underlying performance for the year to date was in line with market expectations.

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Aston Martin Lagonda CEO Tobias Moers to Leave, Replaced by Amedeo Felisa

Aston Martin Lagonda Global Holdings PLC said Wednesday that Chief Executive Officer Tobias Moers will step down from his role with immediate effect, and be replaced by former Ferrari CEO Amedeo Felisa.

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Aston Martin Lagonda 1Q Loss Widened; Maintains 2022 Guidance

Aston Martin Lagonda Global Holdings PLC said Wednesday that its pretax loss for the first quarter widened, and maintained its guidance for the full year.

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Cineworld Approaches Former Regal Shareholders to Discuss Payment Reschedule

Cineworld Group PLC said Wednesday that it has approached former dissenting shareholders of Regal Entertainment Group to discuss a further rescheduling of its payment obligations, under a previously made agreement.

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JD Wetherspoon Returned to 3Q Profit as Covid-19 Restrictions Eased

J.D. Wetherspoon PLC said Wednesday that it returned to profit in the third quarter following the easing of Covid-19 restrictions and that it expects to break even this year.

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Boohoo FY 2022 Profit Fell on Higher Costs; Expects Headwinds to Continue

Boohoo Group PLC said Wednesday that pretax profit for fiscal 2022 fell after booking higher costs, and that it expects the trends which hurt its performance in the second half to continue into the first half of fiscal 2023.

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Oilex Stabilizes Gas Production, Sales From India Site; Completes GBP2.5M Fundraise

Oilex Ltd. said Wednesday that gas production and sales have been stabilized from one well at its Cambay field in India and that it has completed a 2.5 million-pound ($3.1 million) fundraise, with the proceeds to be used at the site.

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Johnson Service Group's 1Q Revenue Was Up 3%; To Reinstate Dividends

Johnson Service Group PLC said Wednesday that like-for-like revenue for the first quarter rose 3%, and that it intends to restart dividend payments later in the year as workwear volumes continue to improve.

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Minoan Group Shares Fall on Heavily Discounted Share Issues

Shares of Minoan Group PLC fell as much as 18% in early trade Wednesday after the company said late Tuesday that it had issued shares at a heavy discount.

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Joules Group Shares Fall After Profit Warning, Plan for CEO to Step Down

Joules Group PLC shares fell Wednesday after it said it is cautious about its near-term guidance as profit recently missed board expectations due to reduced demand, and that its chief executive will step down.

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Luceco 1Q Revenue Decreased, Sees 2022 Results Slipping on Tough Comparables; Shares Fall

Shares in Luceco PLC dropped Wednesday after the company said revenue for the first quarter fell and that it expects results for 2022 to be lower on year due to the market normalizing after a strong prior year.

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Kodal Minerals to Raise GBP3 Mln for Lithium Project in Mali

Kodal Minerals PLC said Wednesday that it will raise 3 million pounds ($3.75 million) via an oversubscribed discounted placing and a subscription.

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OSB Group's 1Q Underlying Net Loans Rose on Strong Demand

OSB Group PLC said Wednesday that underlying net loans rose in the first quarter as it benefited from a continued robust financial and operational performance.

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Wynnstay Group Sees FY 2022 Beating Market Views on High Fertilizer Prices

Wynnstay Group PLC said Wednesday that it now expects pretax profit for fiscal 2022 to exceed market expectations and for revenue to significantly rise, as fertilizer commodity prices remain abnormally high amid the Ukraine war.

 
Market Talk: 

The Bank of England Could Soften Its Tone as It Increases Rates

0904 GMT - The Bank of England is expected to increase interest rates by 25 basis points in Wednesday's meeting, but the decision will likely come together with a more dovish tone amid increasing downside risks on the economic outlook, PGIM Fixed Income's chief European economist Katharine Neiss says in a note. However, there is little that the bank can do about heightened uncertainty due to the war in Ukraine or the prospect of further sanctions, she says. "The U.K. has been hit by a series of negative supply shocks: Brexit, the pandemic, and now a trade shock due to higher energy prices," Neiss says. "No setting of a bank rate can undo these shocks," she says. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

05-04-22 0527ET