FTSE 100 Seen Opening Higher as U.S. Inflation Data Eyed

FTSE 100 Seen Opening Higher as US Inflation Data Eyed

0635 GMT - The FTSE 100 is expected to open higher after falling in the previous session as the focus turns to U.S. inflation data for clues on the Federal Reserve's interest-rate path. IG futures data show the London index of blue-chip stocks opening 17 points higher after closing 14 points lower Tuesday. "With the Federal Reserve having raised rates again last week by 25 basis points, today's April consumer price index numbers are the next key benchmark feeding into whether the next meeting will see the Federal Reserve hit the pause button and keep rates unchanged after several meetings of consecutive hikes," CMC Markets analyst Michael Hewson writes. The inflation data are due at 1230 GMT. ([e-mail])

 
Companies News: 

Harbour Energy Backs 2023 Guidance After Strong Start to Year

Harbour Energy on Wednesday reiterated its production, cost and capital expenditure guidance for 2023 following a strong start to the year.

---

Compass Group Raises FY 2023 Guidance After 1H Profit Rose; Announces GBP750M Buyback

Compass Group PLC said Wednesday that it is upgrading its guidance for fiscal 2023 after first-half pretax profit rose and that it plans an up to 750 million pounds ($946.6 million) share buyback program.

---

Smiths Group Appoints Steve Williams Chair; George Buckley to Retire

Smiths Group said Wednesday that Steve Williams will be appointed chair of the board and that George Buckley will retire from the board at the conclusion of the annual general meeting in November.

---

Capita Says Cyberattack Could Cost It Up to GBP20 Mln

Capita PLC said Wednesday that some data was taken from less than 0.1% of its servers in a cyberattack on March 31, which it expects to incur exceptional costs of 15 million to 20 million pounds ($18.9 million-$25.2 million).

---

Spirax-Sarco January-April Sales Growth in Line; Sees Double-Digit Sales Growth in 2023

Spirax-Sarco Engineering said Wednesday that organic sales growth in the four months to the end of April was in line with expectations, and that it expects double-digit sales growth in 2023.

---

Polymetal 1Q Revenue Rose; Plans to Redomicile to Kazakhstan

Polymetal International PLC said Wednesday that first-quarter revenue rose despite a fall in production and that it was proposing to redomicile to the Astana International Financial Centre in Kazakhstan.

 
Market Talk: 

BOE Likely to Raise Rates by 25Bps, to Keep Door Open for More

0627 GMT - The Bank of England is expected to raise the key interest rate by 25 basis points on Thursday, leaving the door open for further increases, if it becomes necessary, Peder Beck-Friis, portfolio manager at Pimco, says in a note. "We expect the BOE to keep its options open, highlighting data dependency, and signaling that more hikes may be required if inflation remains sticky," he says. The outlook thereafter will depend on incoming data, but given the strength in recent data, a peak rate of 4.75%-5% looks reasonable, in line with market pricing, he says. The BOE's bank rate is currently 4.25%. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

05-10-23 0254ET