Widening UK external deficit leaves sterling vulnerable

Widening UK external deficit leaves sterling vulnerable

0901 GMT – The pound sterling will remain highly sensitive to global investors’ risk appetite as the UK’s external deficit worsens, according to MUFG Bank. The pound tends to perform poorly during periods of risk aversion and Thursday’s data which showed the UK had a record current account deficit in the first quarter suggests the currency’s underperformance could continue. continue as financial market conditions will remain challenging in the coming months, said MUFG analyst Derek Halpenny. in a research note. “The overall external position is deteriorating, making the UK more vulnerable at times when risk aversion becomes high and capital flows may decline as investors pull back from funding.” GBP/USD fell 0.5% to 1.2112 and EUR/GBP rose 0.3% to 0.8634. ([email protected])

 
Companies News: 

Mondi completes sale of personal care components ahead of schedule

Mondi PLC announced Friday that it has completed the sale of its Personal Care Components business to Nitto Denko Corp. for 615 million euros ($644.8 million) ahead of schedule.

Aston Martin Lagonda regularly monitors financing options; Online business

Aston Martin Lagonda Global Holdings PLC said late Thursday it was regularly monitoring funding options and any funding, if granted, would be used to support and accelerate the company’s growth.

Itaconix First Half Revenue Hits Record High; Ready to respond to market views over the full year

By Sabela Ojea

MJ Gleeson hits target with sale of 2,000 homes in fiscal 2022

MJ Gleeson PLC said on Friday it doubled its home sales for the year ended June 30 after closing the sale of 2,000 homes.

Lamprell shareholder considers takeover bid

Lamprell PLC shareholder Sami Al Angari said on Friday he was considering an offer to acquire the rest of the struggling UAE-based company.

Kazatomprom CEO Mazhit Sharipov resigns for personal reasons

NAC Kazatomprom JSC said on Friday that general manager Mazhit Sharipov will step down on Monday for personal reasons.

Braemar Shipping says performance ahead of expectations

Braemar Shipping Services PLC said on Friday that its performance for the year ending February 2023 continued to be strong and above management’s expectations.

S4 Capital agrees to buy marketing agency XX Artists

S4 Capital PLC announced on Friday that it has reached an agreement to buy US social media marketing agency XX Artists to combine it with Media.Monks.

Ukrproduct suspends actions as war delays audit and hurts 2022 performance

Ukrproduct Group Ltd. said on Friday that it had suspended trading in its shares because it could not complete its 2021 audit due to the war in Ukraine, and performance for the current year had been affected by the conflict.

CVS Group says UK watchdog has completed investigation into vet deal and is buying OCVC

CVS Group PLC said on Friday that the UK Competition and Markets Authority had completed its investigation into CVS’s acquisition last year of Quality Pet Care Limited, which does business as The Vet, and added that it had acquired OCVC Limited and was currently operating in line with expectations.

2021 BlueRock Diamonds Loss Reduced, Fundraising Talks Continue

BlueRock Diamonds PLC announced a reduced loss for 2021 on Friday and said it remained in talks to secure additional financing.

Block Energy to Accelerate Drilling in 2022, 2023 — Energy Commentary

Block Energy PLC announced a reduced loss for 2021 on Friday and promised to ramp up drilling in 2022 and 2023 to increase oil production and target gas fields. Here’s what the Georgia-centric oil and gas company had to say:

Pennpetro Energy Trading Suspended Due to Late 2021 Accounts

Pennpetro Energy PLC said on Friday trading in its shares had been temporarily suspended as the UK-based company was unable to publish its 2021 accounts by the June 30 deadline.

Lamprell shares suspended due to delay in publishing 2021 accounts

Lamprell PLC said on Friday that its shares had been suspended pending the publication of its 2021 results.

 
Market Talk: 

S4 Capital’s XX Artists Deal Could Signal Other Deals

0921 GMT – S4 Capital’s deal for XX Artists to combine with Media.Monks’ deal highlights the upside risk of further unannounced mergers, Jefferies analysts say in a research note. The digital advertising and marketing services company’s conditional deal significantly improves its social media marketing capabilities and customer base and XX Artists has very attractive growth prospects with structural tailwinds, analysts said. XX Artists creates and executes social content and influencer strategies for clients including Google, YouTube, Logitech and Ancestry.com. Jefferies has a buy rating on the stock with a price target of 570 pence. The shares are trading up 1.6% at 232.80 pence. ([email protected])

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

July 01, 2022 06:01 ET (10:01 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

Shirlene J. Manley