Gold Dips On US Rate Hike Fears

Rotork Q1 Revenues Up 18% On OCC Basis

Rotork plc (ROR.L) reported that its revenues for the first quarter grew 18% year-on-year on an organic constant currency or OCC basis. Sales benefited from both volume and selling price increases, with all divisions and regions ahead year-on-year and with particularly strong growth in the Americas.

Order intake in the period was ahead a mid-teen percentage year-on-year on an OCC basis, with all divisions making encouraging progress.

The company now expects 2023 adjusted operating profit to be slightly ahead of its earlier expectations.

Rotork will publish 2023 half-year results on Tuesday 8 August 2023.

Renishaw 9-month Profit Falls Despite Revenue Growth

U.K.-based Renishaw plc (RSW), a provider of manufacturing technologies, analytical instruments and medical devices, on Friday said that for the nine months ended 31 March 2023, revenue growth was achieved despite lower demand from the semiconductor and electronics sectors.

Profit before tax dropped to 117.3 million pounds, from 120.2 million pounds in the prior-year period. Adjusted profit before tax declined 10 percent to 111.8 million pounds, from 124 million pounds in the corresponding period of the previous year.

Total revenue increased 6 percent to 522 million pounds, from 492.4 million pounds in the nine months ended March 31, 2022.

The company anticipates the revenue for the full year to be between 680 million pounds and 700 million pounds, and adjusted profit before tax to be between 135 million pounds and 150 million pounds.

The preliminary results for the year ending 30 June 2023 are scheduled to be released on 14 September.

Shares of Renishaw closed Thursday’s trading at 3,680 pence, up 100 pence or 2.79 percent from the previous close.

UK Deputy Prime Minister Dominic Raab Quits Over Bullying Report

UK Deputy Prime Minister Dominic Raab has stepped down over a report investigating bullying allegations against him.

Raab, who also held the posts of Justice Secretary and Lord Chancellor, had promised to resign if the inquiry found evidence of bullying.

In his letter of resignation, sent to Prime Minister Rishi Sunak, Raab said the investigation by senior lawyer Adam Tolley KC dismissed all but two of the claims against him.

He criticized what he called its flawed findings, saying it sets a “dangerous precedent for the conduct of good government.”

“In setting the threshold for bullying so low, this inquiry has set a dangerous precedent. It will encourage spurious complaints against Ministers, and have a chilling effect on those driving change on behalf of your government – and ultimately the British people,” says the letter that Raab posted on Twitter.

In his opinion, ministers must be able to exercise direct oversight with respect to senior officials over critical negotiations. “Otherwise the democratic and constitutional principle of ministerial responsibility will be lost.”

Raab was investigated on eight formal complaints lodged by several civil servants about his behavior while acting as Foreign Secretary, Brexit Secretary and Justice Secretary.

Prime Minister Sunak has not reacted to the news of the resignation of his close ally from the Cabinet.

Charter Communications, Inc. Bottom Line Falls In Q1, misses estimates

Charter Communications, Inc. (CHTR) announced a profit for first quarter that decreased from last year and missed the Street estimates.

The company’s bottom line came in at $1.02 billion, or $6.65 per share. This compares with $1.20 billion, or $6.90 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $7.50 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.4% to $13.65 billion from $13.20 billion last year.

Charter Communications, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $1.02 Bln. vs. $1.20 Bln. last year.
-EPS (Q1): $6.65 vs. $6.90 last year.
-Analyst Estimates: $7.50
-Revenue (Q1): $13.65 Bln vs. $13.20 Bln last year.

Sensient Technologies Q1 Profit Tops Estimates; Revenue Up 3.8%

Sensient Technologies (SXT) reported first quarter net earnings of $33.65 million, down 9.2% from last year. Earnings per share was $0.80 compared to $0.88. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.78, for the quarter. Analysts’ estimates typically exclude special items.

First quarter consolidated revenue were $369.0 million compared to $355.5 million, a year ago. Analysts on average had estimated $370.07 million in revenue.

Sensient said the company is reconfirming its expectation for 2023 GAAP earnings per share to be flat to low-single digit growth compared to 2022 reported GAAP earnings per share of $3.34. The company continues to expect 2023 earnings per share to be flat to low-single digit growth on a local currency basis compared to 2022 adjusted earnings per share. Sensient continues to expect 2023 revenue to grow at a mid-single digit rate on a local currency basis.

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Gold Dips On US Rate Hike Fears

Gold prices traded lower on Friday as strong labor market and inflation data released overnight revived rate hike fears.

Spot gold slipped 0.2 percent to $1,983.51 per ounce while U.S. gold futures were down 0.4 percent at $1,991.75.

The dollar index rose to a one-week high after the Bank of Japan kept rates ultra-low and announced a broad review of its longstanding monetary easing measures.

In its first meeting under new Governor Kazuo Ueda, the central bank scrapped its guidance on future interest rate levels., which previously said that rates would stay at “current or lower levels.”

Meanwhile, U.S. GDP grew 1.1 percent in the first three months of 2023 after expanding by 2.6 percent in the fourth quarter of 2022, the government said in its advance estimate on Thursday.

The quarterly inflation number within the GDP report came in higher than expected and jobless claims unexpectedly declined in the week ended April 22, underpinning rate hike expectations for next week’s FOMC meeting.

Investors await a report on U.S. personal income and spending later in the day, which includes a reading on inflation said to be preferred by the Federal Reserve.

Markets currently price in a 25-bps rate hike by the Fed next week and then a pause.

The European Bank has to decide between a 25-bps hike and 50-bps hike. The Bank of England is also forecast to deliver a rate rise in May.