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Gold Loses Glitter As Fed Jitters Persist

Currys Plc Slips To Loss In H1; Cuts FY23 Profit View – Quick Facts

Electrical and telecommunications retailer Currys PLC (CURY.L) on Thursday reported that its first-half loss before tax was 548 million pounds, mainly due to non-cash goodwill impairment of 511 million pounds, while last year’s profit before tax was 48 million pounds.

Loss per share were 50.8 pence, compared to profit of 3.7 pence a year ago.

Group adjusted loss before tax was 17 million pounds, compared to profit of 45 million pounds a year earlier, due to lower International profits. Adjusted loss per share was 1.3 pence, while last year’s profit per share was 2.5 pence.

Revenue declined 7 percent to 4.47 billion pounds from last year’s 4.79 billion pounds. Revenue dropped 6 percent at constant currency, and 8 percent on like-for-like basis. Year-on-3-year revenue declined 6 percent on a reported basis.

Further, the company said its Board has declared an Interim dividend of 1.00p per ordinary share for the half year, same as last year. The dividend will be paid on January 27 to shareholders registered at the close of business on December 30, 2022.

Looking ahead for fiscal 2023, the company now expects adjusted profit before tax to be between 100 million pounds and 125 million pounds, with cash generation in the second half.

The company previously expected profit of 125 million pounds to 145 million pounds on like-for-like basis.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Pre-market Movers: IXHL, MNPR, DSGN, SNES, LCFY…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 06.50 A.M. ET).

In the Green

Incannex Healthcare Limited (IXHL) is up over 36% at $4.23
Monopar Therapeutics Inc. (MNPR) is up over 31% at $3.27
SenesTech, Inc. (SNES) is up over 27% at $3.30
Hello Group Inc. (MOMO) is up over 16% at $6.12
Tuniu Corporation (TOUR) is up over 14% at $2.01
Bilibili Inc. (BILI) is up over 10% at $24.05
KWESST Micro Systems Inc. Common Stock (KWE) is up over 9% at $3.47
HUYA Inc. (HUYA) is up over 7% at $2.75
RLX Technology Inc. (RLX) is up over 7% at $2.72
KE Holdings Inc. (BEKE) is up over 6% at $17.06

In the Red

Design Therapeutics, Inc. (DSGN) is down over 28% at $9.10
Locafy Limited (LCFY) is down over 24% at $4.74
Summit Therapeutics Inc. (SMMT) is down over 12% at $2.70
Cutera, Inc. (CUTR) is down over 10% at $44.68
Primavera Capital Acquisition Corporation (PV) is down over 6% at $9.24

Nirav Modi loses bid to appeal against extradition

Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, on Thursday suffered another setback in his legal battle against his extradition as the high court in London denied him permission to appeal against his extradition order in the UK Supreme Court.

In a judgment order pronounced at the Royal Courts of Justice in London, Lord Justice Jeremy Stuart-Smith and Justice Robert Jay ruled that “the Appellant’s (Nirav Modi) application for permission to appeal to the Supreme Court is refused”.

Last month, the 51-year-old diamantaire had lost an appeal on mental health grounds when the same two-judge High Court bench ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to India to face charges in the estimated $2 billion Punjab National Bank (PNB) loan scam case.

Modi, meanwhile, remains behind bars at Wandsworth Prison in London since his arrest on an extradition warrant in March 2019.

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Nirav Modi loses bid to appeal against extradition

Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, on Thursday suffered another setback in his legal battle against his extradition as the high court in London denied him permission to appeal against his extradition order in the UK Supreme Court.

In a judgment order pronounced at the Royal Courts of Justice in London, Lord Justice Jeremy Stuart-Smith and Justice Robert Jay ruled that “the Appellant’s (Nirav Modi) application for permission to appeal to the Supreme Court is refused”.

Last month, the 51-year-old diamantaire had lost an appeal on mental health grounds when the same two-judge High Court bench ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to India to face charges in the estimated $2 billion Punjab National Bank (PNB) loan scam case.

Modi, meanwhile, remains behind bars at Wandsworth Prison in London since his arrest on an extradition warrant in March 2019.

Gold Loses Glitter As Fed Jitters Persist

Prices of the yellow metal plunged as the Fed unveiled a hawkish stance in the FOMC review on Wednesday. Markets, which were factoring a softer Fed post the easing in the consumer price inflation readings were in for a shock as the Fed warned that interest rates would peak at a higher level than anticipated earlier. In the summary of economic projections released by the Fed, the peak federal funds rate is pegged at 5.1 percent versus 4.6 percent projected in September and 3.8 percent projected in June 2022.

The Fed and Bank of England have both raised rates by 50 basis points. The European Central Bank is also expected to follow suit with a 50-basis-points hike, later in the day.

The Fed’s hawkishness lifted the Dollar and dragged the dollar-denominated gold prices. The Dollar Index, which measures the strength of the Dollar against a basket of 6 currencies surged 0.53 percent to 104.32, versus 103.77 a day earlier.

Gold Futures for February Settlement have plunged 1.65 percent to $1,788.70. Prices oscillated between $1,783.90 and $1,819.70.

Spot Gold also shed 1.6 percent to trade at $1,778.24 per troy ounce. The day’s range has been between $1,774.11 and $1,808.74.