Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. HSBC profits boosted by high interest rates
Q3 numbers are out from HSBC LON:HSBA this morning, with pre-tax profits racing ahead from $4.5bn to $7.7bn, reflecting the benefits of higher interest rates and bolstered further by an overstatement of impartment in the comparative relating to an asset disposal although slightly below the forecast $81.bn. Net interest income for the year is tipped to be in the region of $35bn – around 30% higher YoY – whilst expected credit losses are forecast to be broadly unchanged YoY and include $0.5bn relating to commercial real estate in China.
- UK Stock Market News: IAG, Pearson, Rightmove
- UK Stock Market News: Jet2, BAE, HSBC
- Companies Reporting: HSBC, Alibaba, Lloyds
#2. Pearson profit upgrade announced
There’s a nine month trading update out from Pearson LON:PSON this morning which includes a profit upgrade of £20m and underlying revenue growth of 5%. Plans to achieve operating cost efficiencies remain on track and group revenue growth for the full year is tipped to come in at the upper end of previously guided expectations.
#3. Frasers mulls closer ties with SHEIN
Frasers LON:FRAS has published a note this morning advising that it has disposed of the IP of Missguided to SHEIN as part of a wider approach to brand management. However arguably more critical is the comment that this paves the way for further collaboration with SHEIN across the brand portfolio – a company which certainly isn’t short of critics.
