Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

June 15, 2023

A hawkish pause

Macro & Overnight

The Fed portrayed its decision not to raise rates for the first time in over a year as a “hawkish pause” or a skip, not the precursor to a rate reduction cycle.

Financial markets continue to resist taking the Fed’s extended rate narrative onboard.

In answer to questions, Chairman Powell conceded there was scope for a return of US banking problems.

UK Company News

WE Soda ended its brief flirtation with the London stock market yesterday and pulled its proposed IPO.  

Meanwhile, CAB Payments has today confirmed its intention to IPO.  

Informa issued a strong statement and raised guidance as business customers return to live events. 

ASOS updated that it remains focused on profitable sales and is committed to reducing inventory for the remainder of FY23. Expectations for 2023 are unchanged from previous guidance. 

GB Group results delivered revenue and adjusted operating profit in line with the trading update. It reported no material change in market conditions since February and is confident that GBG will deliver on its FY24 profit expectations.

JTC executed a £62m equity placing to help fund the acquisition of South Dakota Trust Company for up to $270m. 

Warpaint’s strong trading has continued in Q2 2023 and now expects the Group’s full-year 2023 performance to be significantly ahead of its prior expectations. 

Prognosticator 

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