Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Barclays
Barclays LON:BARC has published its Q3 results this morning, showing pre-tax profits of £4.9 billion for the year to date, down from £5.3 billion . However as was seen earlier in the week from peer RBS, the impact of late PPI claims has taken a toll. The bank was left to put £1.4 billion aside here over the last nine months, up from £400m for the same period last year.
Hastings Group
Insurers Hastings [LON:HSTG] have published a Q3 update today, too. Gross premiums are up by 2% but premium inflation is lagging that of claims. There has been a 5% increase in the number of policies written and share of the UK private car insurance market is up by 0.3% so this all looks meaningful enough, although any changes mandated by the FCA in terms of insurance pricing practices will need to be scrutinised when they arrive.
ITM Power
A note from small cap ITM LON:ITM, who have today announced the opening of a hydrogen fuelling station at the Shell services, Gatwick airport. The hydrogen is produced on-site from renewable energy and water, so there’s no need for deliveries. And unlike battery recharging, hydrogen fuelling can be completed in a matter of minutes. This is the company’s 8th such refuelling point in the country – there’s still a long way to go, but it’s a concept that seems worth noting.
