U.S. Weekly Jobless Claims Edge Slightly Lower
First-time claims for U.S. unemployment benefits edged slightly lower in the week ended November 12th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims dipped to 222,000, a decrease of 4,000 from the previous week’s revised level of 226,000.
Economists had expected jobless claims to come in unchanged compared to the 225,000 originally reported for the previous week.
Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 221,000, an increase of 2,000 from the previous week’s revised average of 219,000.
The report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also edged up by 13,000 to 1.507 million in the week ended November 5th.
The four-week moving average of continuing claims also rose to 1,481,500, an increase of 31,000 from the previous week’s revised average of 1,450,500.
Liontrust Asset Management H1 Adj. Pretax Profit Rises
Liontrust Asset Management PLC (LIO.L) reported adjusted profit before tax of 42.9 million pounds for the six months ended 30 September 2022 compared to 39.2 million pounds, prior year, an increase of 9%. Adjusted EPS was 53.87 pence compared to 51.82 pence.
Profit before tax from continuing operations declined to 14.1 million pounds from 31.1 million pounds, previous year. Earnings per share was 19.82 pence compared to 42.72 pence. Revenue increased to 116.78 million pounds from 114.89 million pounds.
The Board declared a first Interim dividend of 22.0 pence per share which will be payable on 13 January 2023 to shareholders who are on the register as at 9 December 2022, the shares going ex-dividend on 8 December 2022.
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Mockingbird Recalls 149K Strollers
Mockingbird has recalled about 149,000 single-to-double strollers due to fall hazard.
According to Consumer Product Safety Commission, the lower side of the stroller frame can crack, posing a fall risk to children in the stroller. The company said it has received 138 reports of cracks in the frame, including eight injuries involving cuts, scratches or bruising to children in the strollers.
The company has asked its customers to immediately stop using the recalled single-to-double strollers and contact Mockingbird to receive a free frame reinforcement kit, which includes two frame clamps that attach to the sides of the stroller to reinforce the frame.
The recall involves Mockingbird Single-to-Double Strollers, which are made of aluminum and are black or silver in color. The seats are black, and the canopies are available in black, light blue, dark blue, pink and light green. The recall includes only Mockingbird Single-to-Double Strollers with a lot number between 20091 and 22602, which can be found on the white product label located on the inner left side of the stroller frame near the top of the basket.
The product was sold at Target stores nationwide and online at hellomockingbird.com, babylist.com, goodbuygear.com and target.com from March 2020 to September 2022 for between $395 and $450.
Legal & General Group Backs FY22 Operating Profit View
Legal & General Group Plc (LGEN.L), a British financial and asset management firm, said on Friday that it has reaffirmed its guidance for the full-year, amidst its continuing positive performance.
For the fiscal 2022, the company still projects to deliver full-year operating profit growth in line with the 8 percent growth delivered in the first-half with an annual capital generation of 1.8 billion pounds.
The company also expects its Solvency coverage ratio as of November 11 to be 225-230%, reflecting higher interest rates and strong operational surplus generation.
For the first-half, the Group had posted an operating profit of 1.160 billion pounds.
European Economics Preview: UK GDP Data Due
Quarterly national accounts, industrial output and foreign trade figures are due from the UK on Friday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics is scheduled to release first quarterly GDP estimate for the third quarter. The economy is forecast to shrink 0.5 percent sequentially, reversing a 0.2 percent rise in the second quarter.
Also, industrial and construction output and foreign trade figures are due from the UK. Economists expect industrial output to fall 0.2 percent on month, following a 1.8 percent drop in August. The visible trade deficit is seen at GBP 18.75 billion versus -GBP 19.26 billion in August.
In the meantime, Destatis is scheduled to issue Germany’s final consumer prices for October. Inflation is expected to rise to 10.4 percent, as initially estimated, from 10.0 percent in September.
At 6.00 am ET, final consumer price figures are due from Portugal.
Oil Prices Rebound On Dollar Weakness
Oil prices edged higher on Friday, after having suffered heavy losses in the previous session on concerns about weakening demand in top consumer China.
Benchmark Brent crude futures rose half a percent to $90.18 a barrel, while WTI crude futures were up 0.9 percent at $82.33.
Brent prices tumbled 3.3 percent on Thursday and WTI crude contract lost 4.6 percent amid worries about mounting COVID-19 cases in China and fears of more aggressive rate hikes by the U.S. Federal Reserve to curb inflation.
Oil prices remain on track for a second weekly decline as markets contend with growing recession worries.
Brent is on track for a decline of nearly 6 percent while WTI is down 7 percent.
The dollar eased today, but headed for its largest weekly gain in a month in the wake of hawkish comments from more U.S. Federal Reserve officials.
St Louis Fed President James Bullard said the central bank needs to keep raising interest rates as its tightening has only ‘limited effects on observed inflation’.
Separately, Minneapolis Fed Bank President Neel Kashkari said the U.S. central bank should not stop rate hikes until it’s clear that inflation has peaked.
The EU is poised to start curbing Russian seaborne crude flows from early December, leading to an uncertain supply outlook heading into winter.
OPEC+, which began a new round of supply cuts in November, holds a policy meeting on Dec. 4 to consider production policy for early 2023.