A strong month for the UK labor market after the unemployment rate fell to 4.5% helps allay some of the inflation and interest rate concerns facing investors today.
Data from the Office for National Statistics comes amid hopes that the Bank of England may raise interest rates in December in response to rising price pressure.
Global markets fell overnight with the FTSE 100 index lower 50 points after Brent crude topped $84 a barrel for the first time in three years.
stimulate acquisition target
Ladbrokes sports betting giant Anten had nothing to say today on its interest in acquiring DraftKings as it highlighted its own standalone growth prospects in an update showing its 23rd consecutive quarter of online growth.
The cash-and-share offer from the US fantasy sports operator was introduced in mid-September, but Anten’s FTSE 100-listed shares have declined sharply since then.
Today’s third quarter update revealed a 10% increase in online net gaming revenue, despite comparisons with a strong performance last year. Its brands also include Coral & Party Casino and FoxBingo.
In retail assets covering the UK, Ireland, Italy and Belgium, revenue was up 1% as UK trading volumes continue their recovery towards pre-Covid levels. Overall, net gaming revenue was up 6% at the constant currency rate.
Anten said its BetMGM joint venture in the US continues to deliver strong growth with 23% market share in sports betting and iGaming for the three months starting August.
Anten’s new chief executive Jett Nygaard-Anderson reminded investors that the company’s total addressable market has the potential to more than triple to more than $160 billion.
She said: “This will be driven by the significant opportunity in the US, where we are now challenged for the number one market position, our growth plans in other new and existing markets, and our strategy to enter new areas of interactive entertainment. “
EasyJet insisted today that the recovery is “ongoing” even though it has predicted losses of more than £1.1 billion for the year from September.
It insisted it was not concerned about rival BA’s plans to start a short-haul hub at Gatwick.
CEO Johan Lundgren said: “We’ve proven that we can compete against any airline. We’ll have to wait and see what they do. It’s not something we’ll lose our sleep over.” “
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Marley postpones IPO
It’s been a surprising year for stock market flotation, with Oxford Nanopore, the latest high-profile new entrant in London.
However, there are indications today that the listing boom is in jeopardy after roofing tiles company Marley postponed its initial public offering (IPO) due to prevailing market conditions.
It said it has received considerable institutional investor interest, but that going ahead with the IPO “is not in the best interest of the group and its stakeholders in this period of market volatility”.
Marley, which was founded in Kent in the 1920s and makes products from five factories, announced its intention to float last month, when market sources estimated the move would value the business at around £600 million. It is possible.
It is working with Jefferies, Peele Hunt and Panmure Gordon on the plan.
earnings are terrifying
The FTSE 100 index is set to follow US and Asian markets, as sentiment was shaken in oil prices at fresh multi-year highs.
Investors fear that rising energy costs mean third-quarter earnings season, which begins this week, will cut down on profit forecasts for the year ahead.
Oanda’s market analyst Jeffrey Haley said: “With equity valuations so high, thanks to the world’s central banks, any change in the post-pandemic growth story could have a negative impact.”
Interest rates near zero are still favoring equities, but Haley said the herd-like nature of the markets means volatility during earnings season could lead investors to exit.
The results season begins tomorrow with data from JPMorgan Chase, followed by numbers from Bank of America, Morgan Stanley and Citigroup the next day.
Overnight, the S&P 500 retreated 0.7% and the Nasdaq 0.6%, while trading in Asia was below similar levels.
Hailey said: “European markets are unlikely to take solace from Asia’s performance today, especially with a soft underbelly in Europe and the UK when it comes to energy prices.”
Brent crude was trading above $84 a barrel yesterday for the first time in three years and was below this level today. West Texas crude oil futures are up slightly at $80.72 a barrel.
The FTSE 100 is expected to open 50 points lower yesterday on a strong performance from mining and financial stocks, which rose from the same level yesterday. The FTSE 250 index, which is heavily influenced by the fate of the UK economy, lost 0.2%.