FTSE 100 Seen Extending Losses on US Recession Fears
FTSE 100 Seen Opening Lower on US Recession Fears
0648 GMT – The FTSE 100 is seen opening lower after declines on Wall Street overnight after Federal Reserve Chairman Jerome Powell said a U.S. recession is possible in a testimony before Congress on Wednesday. The London stocks index is expected to start trading down 23 points, according to IG. Responding to a question about the risk the Fed’s plans to raise interest rates this year could lead to a recession, Powell said that was “certainly a possibility.” Swissquote Bank analyst Ipek Ozkardeskaya writes: “More worryingly, Powell mentioned another risk: the risk of the Fed not managing to restore price stability and allowing inflation to get entrenched in the economy.” Powell will continue his testimony at 1400 GMT. (email@example.com)
Next Fifteen 1Q Revenue Rose, Ahead of Management Views
Next Fifteen Communications Group PLC said Thursday that revenue for its first quarter rose, helped by the strength of the U.S. dollar.
Boohoo Group Appoints Shaun McCabe as CFO
Boohoo Group PLC said Thursday that it has appointed Shaun McCabe as chief financial officer, replacing Neil Catto with effect later this year.
Naked Wines Swung to FY 2022 Profit on Lower Advertising Costs
Naked Wines PLC said Thursday that it swung to a fiscal 2022 pretax profit on reduced advertising costs, and that revenue rose.
Grainger Agrees to Buy Build-To-Rent Project for GBP128 Mln
Grainger PLC said Thursday that it has agreed to acquire a build-to-rent investment in Bristol, England, for 128 million pounds ($157.0 million).
Polymetal Struggles to Sell Russian Gold and Silver
Polymetal International PLC said Thursday that challenges and delays in establishing new sales channels are resulting in lower cash flow.
Stelrad to Buy DL Radiators for EUR28.3 Mln to Extend Radiators Range
Stelrad Group PLC said Thursday that it will buy Italian heat emitter manufacturer DL Radiators SRL for 28.3 million euros ($29.9 million) from De Longhi Industrial SA to extend its range of radiators.
Glanbia to Repurchase EUR50 Mln of Shares in Buyback
Glanbia PLC said Thursday that it will start a 50 million-euro ($52.8 million) share buyback program to reduce its share capital.
Copper Extends Losses Amid Risk-Off Mood
0227 GMT – Copper is lower in early Asian trading, extending the previous session’s losses amid a risk-off mood due to recession fears, ING’s commodities strategy head Warren Patterson says in a note. “Metals markets were unable to escape the broader risk-off move across markets,” he says. That said, “while the macro picture is a concern for metals, micro developments for some metals continue to point towards a tight market,” which could limit losses, Patterson says. The three-month LME copper contract falls 2.0% to $8,600.00 a ton, taking one-month declines to 10%. (firstname.lastname@example.org)
Low-Nicotine Cigarettes Seen as Potentially Boosting Sales
1458 ET – The FDA’s plan to eliminate nearly all nicotine in cigarettes to reduce smoking is likely to take several years until it is fully implemented, RBC’s Nik Modi tells WSJ, adding that he expects tobacco stocks to see little impact in the process. “There are many legal barriers they have to go through,” he says. Modi also suspects that current smokers could end up buying more cigarettes. “They are smoking for the nicotine.” Tobacco stocks fall, with Altria losing 9% after WSJ reported that the FDA is preparing to order Juul e-cigarretes off the US market. (email@example.com; @ptrevisani)
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(END) Dow Jones Newswires
June 23, 2022 03:08 ET (07:08 GMT)
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