UK Credit Data Point to Further Weakness in Housing Market
1138 GMT - U.K. November consumer lending data suggests increasing interest rates are hitting activity, particularly in the housing market, Capital Economics U.K. economist Ashley Webb says in a note. Mortgage approvals fell in November to 46,075, the lowest level since June 2020, driven by the spike in mortgage rates in October after the mini-budget crisis. However, higher interest rates didn't hit consumer credit--which more than doubled in November compared with the previous month--maybe because households turned to borrowing to offset the effects from the cost-of-living crisis, he says. "The cumulative downward effect from higher interest rates is only just starting to take hold and will grow in the coming months with further increases in interest rates on the horizon," Webb says. (xavier.fontdegloria@wsj.com)
Companies News:
Union Jack Oil FY 2022 Revenue Rose on Wressle Well Production
Union Jack Oil PLC on Wednesday said its 2022 revenue was boosted by its Wressle hydrocarbon development, which made $12 million in net revenue since production restarted at the site in August.
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HEIQ Expects to Miss 2022 Market Views; Buys Tarn-Pure Holdings
HEIQ PLC said Wednesday that it expects to miss consensus expectations for 2022 after market conditions worsened in the fourth quarter, and that it has acquired Tarn-Pure Holdings Ltd.
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Concurrent Technologies Sees 2022 Revenue Ahead of Views, Pretax Profit at Least in Line
Concurrent Technologies PLC said Wednesday that it expects to report revenue around 10% ahead of market expectations and pretax profit at least in line with market expectations for 2022.
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Vast Resources' Romanian Mine 4Q Production, Sales Rose Ahead of Forecasts
Vast Resources PLC said Wednesday that its fourth-quarter copper concentrate production and sales rose on quarter at its Baita Plai Polymetallic Mine in Romania, exceeding forecasts made in mid-December.
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Carr's Group Shares Suspended Due to Delayed FY 2022 Audited Results
Carr's Group PLC said Wednesday that its shares have been temporarily suspended as it has been unable to publish its audited fiscal 2022 results by the required deadline.
Market Talk:
Discounters Could Benefit From UK Grocery Inflation But Also Face Increasing Costs
1130 GMT - U.K. grocery sales in December showed that inflation is benefiting discounters Aldi and Lidl, which enjoyed on-year sales growth of 27% and 23.9% respectively, Interactive Investor's head of investment Victoria Scholar says in a note. The figures reported by Kantar indicate that a weakening consumer outlook could impact annual supermarket sales as shoppers trade down to cheaper alternatives, she says. However, it could also boost competition for the lowest prices among major supermarkets, she says. While the backdrop would play in favor of Aldi and Lidl, increased costs are likely to hurt the discounters' margins, Scholar says. (michael.susin@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
01-04-23 0901ET
