FTSE 100 Rises as Traders Bet on US Rate Cuts

0751 GMT - The FTSE 100 rises 0.2% to 7857 points as investors bet on the Federal Reserve cutting interest rates later this year following further signs of easing price pressures. Data on Thursday showed U.S. producer prices dropped 0.5% month-on-month in March. While the consensus forecast remains that the Fed will deliver one more rate rise of 25 basis points in May, there are no more increases expected thereafter, Interactive Investor analyst Richard Hunter writes. "Indeed, some are projecting that interest rate cuts could follow before the end of the year, depending on the severity of the recession which is expected to follow, although this is not currently the Fed's base case." (renae.dyer@wsj.com) 


 
Companies News:

National Grid Sees FY 2023 Performance in Line, Underlying EPS Growth in Middle of 6%-8% Range

National Grid PLC said Friday that performance for fiscal 2023 has been in line with its expectations and that it continues to expect underlying earnings per share growth for the year in the middle of the 6%-8% growth range.

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AO World Sees FY 2023 Profits at Top End of Guidance

AO World PLC said Friday that it now expects fiscal 2023 profits to come in at the top end of its guidance as the potential adverse effects from trading risks, macroeconomic uncertainty and a tough consumer environment haven't materialized to the extent it had warned of in late February.

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Superdry Withdraws FY 2023 Profit Guidance; Considers Equity Capital Raise

Superdry PLC on Friday withdrew its profit guidance for fiscal 2023, citing the challenging environment and after experiencing slower-than-expected retail sales, and said it is considering an equity issue to strengthen its balance sheet.

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Premier Miton Group Assets Under Management Slipped in 2Q

Premier Miton Group PLC on Friday said its assets under management fell slightly in the second quarter of fiscal 2023 compared with the first quarter, but were higher than the six months prior as the banking shock toward the end of the period dented risk appetite.

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Dr. Martens Expects FY 23 Revenue Rise, Earnings Fall; CFO to Step Down

Dr. Martens PLC said Friday that it expects revenue to rise but earnings to fall in fiscal 2023, and that its chief financial officer will step down.

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888 Holdings 2022 Adjusted Earnings Rose Following William Hill Combination

888 Holdings PLC said Friday that pretax profit fell for 2022, but that adjusted earnings rose following its combination with William Hill.

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Hays Sees 2H Operating Profit Modestly Above 1H

Hays PLC on Friday said it expects operating profit for the second half of the year to be modestly higher than the first half as it posted a 5% rise in net fees on a like-for-like basis for the third quarter of fiscal 2023.

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Mirriad Advertising Terminates Sale Process

Mirriad Advertising PLC said Friday that it has decided to terminate its sale process as it believes there is no prospect that an offer will be forthcoming by early April.

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Carclo Sees FY 2023 Profit Decline After End of Manufacturing Contract

Carclo PLC said Friday that it expects to report that profit for fiscal 2023 fell after it faced various challenges including the ending of a manufacturing contract.

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YouGov Appoints Steve Hatch as CEO

YouGov PLC said Friday that it has appointed Steve Hatch as its next chief executive and that he will join the company on Aug. 1.

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Van Elle Sees FY 2023 Pretax Profit in Line, Revenue Rise

Van Elle Holdings PLC said Friday that it expects fiscal 2023 pretax profit to be in line with market expectations and revenue to rise 20%, but is preparing for weaker market conditions going into the new fiscal year.

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Superdry Withdraws FY 2023 Profit Guidance; Considers Equity Capital Raise -- Update

Superdry PLC on Friday withdrew its profit guidance for fiscal 2023, citing the challenging environment and after experiencing slower-than-expected retail sales, and said it is considering an equity issue to strengthen its balance sheet. 


 
Market Talk:

National Grid Surprises With Lower Revenue, Earnings Warning

0729 GMT - National Grid's trading statement surprised by saying that, due to full expensing of capex through to 2026, the lower cash tax will lead to lower revenue and a reduction in earnings, Citi's Jenny Ping and Rory Graham-Watson say in a research note. In theory, the earnings reduction for the U.K. electricity-transmission network operator should be value neutral given the pass through nature of tax in U.K. regulation, they say. "However, the market looks at NG on earning multiples and given its recent strong share price performance, we would not be surprised to see some share price weakness on the back of today's announcement." Citi has a neutral rating on the stock with a target price of 952 pence. Shares trade down 1.1% at 1,131.50 pence. (kyle.morris@dowjones.com)

Hays's Outlook Is Consistent as 3Q Net Fees Show Resilience

0719 GMT - Hays's full-year profit steer is consistent with consensus, says RBC Capital Markets in a note after the U.K. recruitment company said it expects second-half operating profit to be modestly above the first half's and posted a 5% like-for-like fee growth for its third quarter. "Net fees remain resilient as tightening monetary policy in developed markets has not yet caused a material slackening in hitherto tight labour markets," say analysts Karl Green and Andrew Brooke. They see favorable risk reward in the group compared to peers despite macro sentiment being febrile. The Canadian bank rates the stock outperform. Shares open 0.7% higher at 114.8 pence. (elena.vardon@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

04-14-23 0407ET