Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Q3 numbers are out from BP [LON:BP] this morning. There’s a lot of data to wade through, but the underlying replacement cost profit figure that the industry focuses on swung to a $100m profit from a $6.7m loss in Q2. That was above expectations and provides some cheer in a market that continues to see demand impacted by ongoing COVID-19 restrictions globally.
HSBC [LON:HSBA] also published quarterly numbers today. News was released initially during the Asian session and shares have already surged higher as a result, adding over 5% in Hong Kong trade. Revenues and profits were both down from a year ago, but the bank noted credit losses during the period were lower than had been expected. The company also aired the prospect of resuming dividend payments with an update here expected early in the New Year.
Revolution Bars [LON:RBG] have published a note this morning stating that they plan to undertake a CVA in a subsidiary entity. This will reduce the size of the estate and improve profitability, although will at the same time presumably leave commercial landlords nursing losses. The move will see six of the company’s 50 venues closed and a further seven move to materially improved rental terms. In the grand scheme of things it’s a relatively small story, but arguably a precursor for what lies ahead this winter.
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