UK Inflation Drop Doesn't End Rate-Rise Debate
20 Oktober 2021 - 9:50AM
Dow Jones News
UK Inflation Drop Doesn't End Rate-Rise Debate
0716 GMT - September's slight decline in U.K. inflation won't
settle the debate on when the Bank of England's Monetary Policy
Committee should raise interest rates, Pantheon Macroeconomics
says. "Hawks will be able to continue to warn of the dangers that
high inflation poses to inflation expectations, while the doves
will be able to point out that the above-target rate is primarily
due to rising prices for oil and some goods affected by global
supply chain problems," Pantheon's chief U.K. economist Samuel
Tombs says. Looking ahead, the recent surge in energy prices looks
set to drive up U.K. inflation to a peak of about 4.7% in April,
Pantheon forecasts. (maria.martinez@wsj.com)
Companies News:
Segro Third-Quarter Rental Income Rose
Segro PLC said Wednesday that the rental income it contracted
during the third quarter of 2021 rose 63%, and its vacancy rate
declined further on the back of strong demand for space.
---
Antofagasta Expects Copper Production to Fall in 2022
Antofagasta PLC on Wednesday forecast lower copper production
for 2022, reflecting a lack of rainfall and lower grades at its
Centinela Concentrates operation.
---
Avast 3Q Revenue, Adjusted Ebitda Rose; Reaffirms FY Outlook
Avast PLC said Wednesday that its adjusted Ebitda and revenue
for the third quarter of 2021 increased when compared with the
year-earlier period, and reiterated its full-year outlook.
---
Deliveroo 3Q Orders, Gross Transaction Value Rose; Raises
Full-Year Transaction Value Guidance
Deliveroo PLC said Wednesday that it saw a rise in orders and
gross transaction value in the third quarter of 2021, and raised
its guidance for gross transaction value for the year.
---
Burberry Appoints Versace's Jonathan Akeroyd as New CEO
Burberry Group PLC said Wednesday that it has appointed Jonathan
Akeroyd, currently Gianni Versace SpA's chief executive, as its new
CEO.
---
Real Good Food Sees Positive 1H Ebitda as Revenue Returns to
Pre-Pandemic Levels
Real Good Food PLC said Wednesday that it achieved profitability
at the Ebitda level in the first half of the fiscal year, as
revenue returned to pre-pandemic levels.
---
Anglo American Says De Beers' Rough-Diamond Sales Fell
Anglo American PLC said Wednesday that rough-diamond sales by
its majority-owned De Beers Group fell 6.1% in the eight sales
cycle of 2021 compared with the previous cycle, but said sales were
higher compared with the same cycle last year.
Market Talk:
Antofagasta Falls on Weak 2022 Copper Production Guidance
0716 GMT - Shares in Antofagasta fall 3.6% after the Chilean
copper miner reported third quarter production and provided
guidance for next year. The 2022 output forecast of 660,000-690,000
tons is weak, says Citi, which anticipated production of 750,000
tons. "We expect consensus estimates downgrades for the next year
on the back of today's release," the U.S. bank warns. On the
positive side, third quarter copper production was marginally ahead
of expectations and there are tailwinds for 2021 production and
costs. There is also room for Antofagasta to deliver a
better-than-expected cost performance this year, as unit cash costs
were 9% below guidance in the first nine months, Citi notes.
(jaime.llinares@wsj.com)
Burberry's Appointment of Versace's Jonathan Akeroyd as Its Next
CEO Seen as Solid Move
0715 GMT - The appointment of Jonathan Akeroyd as Burberry
Group's new CEO is a solid designation and will be a good
compliment to Chief Operating and Chief Financial Officer Julie
Brown, who has significant experience in cost control and finance,
Bernstein says. Akeroyd has earned significant experience at
Capri--where he currently heads Versace--and earlier at
Kering--where he served as chief executive of Alexander McQueen,
the U.S. brokerage says. "Mr. Akeroyd's experience seems relevant,
as Burberry's position in the market is somewhere in between the
high-end European luxury brands and the more commercially focused
American accessible luxury brands," Bernstein says.
(sabela.ojea@wsj.com; @sabelaojeaguix)
Antofagasta 2022 Guidance Could Lead to Consensus Downgrades
0707 GMT - The key highlight of Antofagasta's third quarter
update was production guidance for 2022 which, combined with
higher-than-expected capital expenditure, will likely lead to
consensus downgrades for 2022, RBC Capital Markets analyst Tyler
Broda says. The Chilean miner expects 2022 copper production to
fall to 660,000-690,000 metric tons, well below the Visible Alpha
consensus of 724,000 tons, reflecting grade decline in Centinela
and drought conditions at Los Pelambres. In addition, lower
realized copper prices in the third quarter should lead to earnings
downgrades for 2021, Broda says. Shares fall 4.6% to 1,408 pence.
(jaime.llinares@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 20, 2021 03:35 ET (07:35 GMT)
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