FTSE to Extend Gains on Powell Rate Outlook
London Stocks Seen Opening Slightly Higher
0747 GMT - The FTSE 100 index is expected to open up 13 points,
according to IG, having closed on Wednesday at 7573.05, after U.S.
Federal Reserve Chairman Jerome Powell signaled that the pace of
rate increases could slow in December, prompting strong gains in
U.S. equities. "This is not the pivot that many have been expecting
all year, since the process of hiking rates goes on, but it looks
to be enough to give stocks and commodities the opening they were
looking for, at least in the short term," IG analysts write. Powell
cautioned, however, that the labor market needed to cool more for
the Fed to be confident on inflation declining, leaving traders
focusing on Friday's monthly U.S. jobs data.
Likewise Sales Rose on Year in October, November; Backs
Likewise Group PLC said Thursday that sales rose 28% on year in
October and November on a like-for-like basis, and that it is on
course to meet medium-term objectives.
AJ Bell FY 2022 Pretax Profit Rose; Increases Dividend
AJ Bell PLC on Thursday posted a rise in its pretax profit for
fiscal 2022 and said it was increasing its dividend.
Hotel Chocolat Swung to FY 2022 Pretax Loss; Chairman, CFO to
Hotel Chocolat Group PLC on Thursday reported a swing to a
pretax loss for fiscal 2022 on higher exceptional costs, though
revenue rose, and said that its chairman and chief financial
officer will step down in 2023.
Creightons Swung to 1H Pretax Loss
Creightons PLC on Thursday reported a pretax loss and slightly
lower revenue for the first half of fiscal 2023 and said it
wouldn't propose an interim dividend, citing volatile economic
conditions and the need for caution on the use of cash
Deepmatter to Seek Shareholder Approval to Delist on AIM, Raise
Deepmatter Group PLC said Thursday that it is seeking
shareholder approval to cancel trading of its shares on London's
junior AIM and for a 1 million pound ($1.2 million) share
subscription, as previously flagged.
Rio Tinto's Iron-Ore Cost Estimate Suggests Inflation Pressures
0107 GMT - Rio Tinto's 2023 Pilbara iron-ore unit cost guidance
at US$21.00-US$22.50/metric ton appears to suggest cost inflation
pressures are moderating, Citi analyst Ephrem Ravi says in a note.
Rio Tinto's 2022 cost guidance for that business is
US$19.50-US$21.00/ton. "Cost inflation in iron ore... seems to be
peaking out for now with energy cost reversal, productivity
benefits and higher grade mines kicking in," Ravi says.
Rio Tinto's Aluminum Business Seen Well Placed Amid Industry
0041 GMT - Rio Tinto's aluminum business should benefit from a
steepening cost curve due to rising carbon and power costs,
especially if the company can use the Elysis inert anode technology
it's developing with Alcoa to further reduce its carbon footprint,
Jefferies analysts say in a note. The carbon intensity of Rio
Tinto's aluminum business is already less than half the industry
average, they say. The analysts say they added Rio Tinto to their
top-picks list this week "as we believe the benefit of a gradual
recovery in Chinese demand is not reflected in Rio's share price."
Their target on Rio Tinto's Australian shares is A$132.00.
Contact: London NewsPlus; firstname.lastname@example.org
(END) Dow Jones Newswires
December 01, 2022 03:14 ET (08:14 GMT)
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