Market Prognosis

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

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August 21, 2023

Jackson Hole Week

Macro & Overnight

This week’s main macro event is the Summer gathering of central bankers at Jackson Hole.

At this event in Wyoming last year, Jay Powell took the opportunity to turn up the policy hawkishness, laying up a tough Q3 for risk assets.

This year Powell is likely to push the message higher for longer. The BoE and ECB will be there to follow the Fed’s lead.

China failed to provide the expected rate stimulus overnight, prompting expectations that a fiscal package is being prepared to assist the ailing residential property sector.

UK Company News

Idox has acquired Emapsite.com, a UK-based geospatial data provider, for a total cash consideration of up to £15.75m. 

Indivior agreed to settle the class action claim in the Suboxone Antitrust Litigation multi-district litigation. It expects to pay $30m for this class. It continues to explore the possibility of a settlement of the claims of the direct purchaser class. It has reserves of $188m for both classes. 

Thungela reported H1 results with revenue down 45% and operating profit down 69%. It says that the long-term coal market remains structurally attractive, and Thungela is building its export marketing capabilities as the offtake agreement with Anglo-American ends in mid-2024. 

Trufin has conditionally agreed to sell its stake in Vertus Capital for £3.2m. 

Prognosticator 

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