Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Standard Chartered China risk upped, share buyback promised
Standard Chartered LON:STAN has published full year results this morning, with operating income up 7%, net interest income up 6% and underlying pre tax profits of $1.1bn, up 74% on an constant currency basis. A RoTE of 10.1% has been reported and the bank is set to initiate a $1bn share buyback.
However, the line that has the potential to cause the most interest is in terms of exposure of Chinese real estate debt where an expected credit loss provision of $1.2bn has been included. That said, impairments in this category for FY23 were significantly lower than had been expected, which has the potential to offer some cheer.
- UK Stock Market News: Banks, Utilities, BT and Tesco
- UK Stock Market News: Standard Chartered, Poolbeg Pharma, UK Oil & Gas
- Sol Strategies to invest recovered FTX funds in Solana market
#2. Coca Cola revenues up with momentum set to be maintained
Coca Cola Europacific Partners [LON:CCEP] issued full year results today with revenues up 5.5% and profits ahead by 12%. The company notes a record dividend has been paid and with revenues expected to accelerate by a further 4% for the current FY at a time of falling inflation, a further 7% improvement in operating profit is seen for the year ahead.
#3. STM revenues ahead of expectations
The AIM listed cross border financial services provider STM Group LON:STM has this morning announced a trading update for the full year with revenues ahead of market expectations at £28m. However with the company in the process of being acquired by PSF Capital, the news here shouldn’t be having any material impact on the share price.
