The FTSE 100 finished the session 0.75% higher on Wednesday at 7,568.40 points, boosted by below-forecast U.K. inflation data pausing the sell-off in global markets prompted by a disappointing CPI reading from the U.S. "The past 24 hours have been full of surprises, and this morning's U.K. inflation data certainly caught markets on the hop," IG analyst Chris Beauchamp writes in a market comment. "Rapid deceleration in price growth has hit the pound hard, as it seems a BOE rate cut has become a much more likely event in the first half of the year," he adds.

COMPANIES NEWS:

Severn Trent Backs Outlook After In-Line Performance

Severn Trent backed its outlook for fiscal 2024 after performing in line with expectations in the year to date.

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Bloomsbury Publishing Expects Profit, Revenue Significantly Ahead of Market Views

Bloomsbury Publishing said it expects to report revenue and profit materially ahead of its previously upgraded expectations after booking a strong performance at the end of the year.

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United Utilities Flags GBP25 Mln Hit From Bad Weather

United Utilities said it will lose out on 25 million pounds ($31.5 million) in a performance payment from the U.K. water regulator due to heavy rainfall and storms, but backed its guidance for the year.

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Vodafone Appoints E&'s Hatem Dowidar as Nonexecutive Director

Vodafone Group said that Emirates Telecommunications Group Company's Chief Executive Hatem Dowidar has now been appointed to the board as a nonexecutive director as part of its agreement announced in May.

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Dunelm Group Pretax Profit Rises on Resilient Sales Performance

Dunelm Group said pretax profit rose in the first half of its fiscal year, driven by an increase in both sales volume and value, and lifted its interim dividend payout.

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Vopak's Shares Rise on Buyback Plan, Swing to Profit

Vopak shares rose after the company launched a new 300 million euros ($321.3 million) share buyback program as it reported a swing to net profit for 2023 on strong organic growth.

MARKET TALK:

BAE Clear To Buy Ball's Space Unit

0726 ET - BAE Systems says it secured regulatory approval for its $5.5B purchase of U.S.-based Ball Aerospace. Executives from both companies say there were no significant barriers or concessions required to win backing from antitrust and foreign ownership overseers in the U.S., where oversight of defense deals has toughened in recent years. The deal expands BAE's footprint in satellites and space mission systems, adding around 5,200 staff. (doug.cameron@wsj.com)

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Bank of England Likely to Wait for More Data Before Cuts Begin

1128 GMT - While U.K. inflation data came in below Bank of England forecasts, there are still enough domestic price pressures to suggest it will wait before easing interest rates, Investec economist Philip Shaw says in a note. The 4.0% reading for headline inflation in January undershot the Bank of England's 4.1% prediction, while the BOE penciled in 6.7% for services, above the 6.5% result. However, labor-market conditions remain tight, according to data released Tuesday, which also showed unemployment on a falling trend, Shaw cautions. "We judge that it is more likely that the [BOE's monetary-policy] committee will wait for signs that pay growth is subsiding toward more sustainable levels and for more clarity on employment and jobless trends," he says. (edward.frankl@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

02-14-24 1217ET