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OFFON

Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

Barclays shines but miners are hit by Evergrande’s woes

10/21/2021 | 04:51am EST

Renewed uncertainty over Chinese real estate giant Evergrande is leading investors to remain cautious. The FTSE 100 is down 0.3%.

After suspending trading for more than two weeks, the property behemoth reopened much lower after it announced that it abandoned its project to sell a $2.6 billion stake in a subsidiary. Investors are worrying about systemic effects on the global economy, should Evergrande collapse.

The session also brings a new batch of corporate results, including Barclays and SAP. The British bank saw its net profit quadruple in the first nine months of the year compared to 2020, buoyed by a "record" performance in the third quarter thanks to the reopening economy.

The group's net profit climbed to 5.3 billion pounds for the first nine months of the year, but sales remained flat year-on-year at 16.8 billion pounds, due to a decline in interest rate income and an increase in commissions and other fees. In the third quarter alone, the group's net profit more than doubled to £1.4 billion.

Meanwhile, worries about Evergrande hit miner Anglo American, which dropped 1.9% despite good quarterly results.  Unilever rose 0.9% after beating its sales guidance.

 

Things to read:

ECB pushes banks to boost their post-Brexit operations (Financial Times)

China Evergrande Calls Off Plans to Sell Key Unit for $2.6 Billion (WSJ)


© MarketScreener.com 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC -7.40% 2635 Delayed Quote.8.68%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.02% 0.6294 Delayed Quote.1.58%
BARCLAYS PLC -6.95% 181.92 Delayed Quote.23.85%
BRITISH POUND / EURO (GBP/EUR) 0.02% 1.1781 Delayed Quote.6.14%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.21% 0.692061 Delayed Quote.9.48%
CHINA EVERGRANDE GROUP -10.39% 2.5 End-of-day quote.-83.22%
EURO / BRITISH POUND (EUR/GBP) 0.02% 0.8485 Delayed Quote.-5.75%
FTSE 100 -3.64% 7044.03 Delayed Quote.9.03%
INDIAN RUPEE / EURO (INR/EUR) 0.24% 0.011796 Delayed Quote.6.90%
TIMES CHINA HOLDINGS LIMITED -6.57% 4.69 End-of-day quote.-56.49%
US DOLLAR / EURO (USD/EUR) 0.08% 0.884408 Delayed Quote.8.97%