Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

FTSE 100 Seen Lower as U.S. Tech Earnings Disappoint

10/26/2022 | 03:10am EST

FTSE 100 Expected to Open Lower as Traders Digest Earnings

0639 GMT - The FTSE 100 is seen falling at the start of the session as investors react to corporate earnings. Spreadbetting firm IG sees the London index of blue-chip stocks opening down 17 points. "U.S. and European futures are trading lower as traders are digesting the earnings from mega techs, which largely disappointed many investors," AvaTrade analyst Naeem Aslam writes. "Both Alphabet and Microsoft's stocks suffered brutal losses in after hours on the back of their earnings, and the message was highly synchronized: cuts in headcounts and growth is shrinking." Investors are also weighing results from FTSE 100-listed stocks including banks Barclays and Standard Chartered, miner Fresnillo, consumer goods group Reckitt Benckiser and ad giant WPP. (renae.dyer@wsj.com)

 
Companies News: 

WPP 3Q Revenue Rose; Updates 2022 Guidance

WPP PLC said Wednesday that its third-quarter revenue rose on year and it updated its guidance for the year.

---

Barclays 3Q Pretax Profit, Total Income Rose Ahead of Market Views

Barclays PLC said Wednesday that its third-quarter pretax profit and total income rose ahead of market views, and that it achieved income growth in all three of its businesses.

---

LSEG's Planned Acquisition of Quantile Officially Cleared by UK Regulator

The U.K. Competition and Markets Authority said Wednesday that it has cleared the London Stock Exchange Group PLC's planned 274 million-pound ($314.3 million) acquisition of Quantile Group Ltd., following an in-depth review of the deal.

---

Reckitt Benckiser 3Q Revenue Rose on Currency Effects; Expects Inflation in High Teens

Reckitt Benckiser Group PLC said Wednesday that third-quarter revenue rose as it benefitted from foreign-exchange tailwinds of 8.5%, and that continues to expect inflation on its cost of goods sold to remain in the high teens for the year.

---

Bloomsbury Publishing 1H Pretax Profit Rose on Strategy Execution, Digital Revenue

Bloomsbury Publishing PLC on Wednesday reported a rise in first-half pretax profit thanks to its strategy of publishing for the consumer and academic markets and its digital revenue growth.

---

FirstGroup Expects Around $85 Mln From First Transit Earnout Consideration

FirstGroup PLC said Wednesday that it expects the earnout consideration related to the disposal of First Transit by EQT Infrastructure V to be around $85 million.

---

Elementis Revenue Grew in 3Q; Backs Full-Year Guidance

Elementis PLC said in an update Wednesday that underlying revenue grew in the third quarter driven by sales growth at its personal-care and coatings units, as it backed its full-year outlook.

---

Ecora Resources 3Q Portfolio Contributions Rose Significantly

Ecora Resources PLC said Wednesday that contributions from its portfolio rose significantly on year in the third quarter, and commodity prices have begun to rise at the start of the fourth.

 
Market Talk: 

Barclays 3Q Mixed Results Unlikely to Prompt Major Earnings Upgrades

0639 GMT - Barclays has delivered messy third-quarter results, with underlying revenue beating market views but missing on costs, Citi says. The FTSE 100 bank's results were complicated by the treatment of rescission losses and associated hedges, Citi analysts say in a research note. Barclays' revenue outperformed expectations in all of its divisions while the cost miss is mainly related to foreign exchange translation, the U.S. bank says. The U.K. bank reiterated its 2022 net interest margin guidance but 2022's underlying cost guidance rose, mainly on FX translation, and Citi says it expects only minor upgrades to earnings per share forecasts in 2023 and beyond. Citi retains its buy rating on Barclay's stock and 260 pence price target. Shares closed Tuesday at 150.22 pence. (joseph.hoppe@wsj.com)

WPP's 3Q Looks Solid But Organic Growth Seems Lackluster

0637 GMT - WPP's third-quarter update was solid but organic growth looks lackluster when compared to peers at 3.8%, Citi analysts say in a research note. The London-based advertising group's more cautious outlook on margin--guiding to a 30 basis point-50 basis point margin uplift in 2022 against 50 basis points previously--is a slight disappointment and the full-year guidance upgrade to 6.5%-7.0% is consistent with an acceleration in sequential growth into the 4Q, they say. WPP is still cheap, and revenue resilience should be the main focus, but the margin reset will take the shine off a strong performance, they add. Citi has a buy rating on the stock with a price target of 1,500 pence. (kyle.morris@dowjones.com)

Standard Chartered Significantly Outperforms Market Views

0625 GMT - Standard Chartered's third-quarter pretax profit of $1.39 billion is around 32% ahead of market consensus on stronger revenue, and in line with costs, Jefferies says. The London-based lender's revenue strength was driven primarily by areas like cash management and financial markets, while rates contributed an additional 23 basis points on quarter to the net interest margin, Jefferies analysts Joseph Dickerson and Aqil Taiyeb say in a research note. The full-year 2022 guidance of revenue rising 13% on-year implies a further 6% upside to consensus estimates pre-provisions, the U.S. bank says. Jefferies retains its buy rating on Standard's stock and 991.0 pence price target. Shares closed Tuesday at 554.4 pence. (joseph.hoppe@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

10-26-22 0309ET

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 0.13% 188.64 Delayed Quote.19.00%
BLOOMSBURY PUBLISHING PLC 0.68% 444 Delayed Quote.-1.22%
ECORA RESOURCES PLC 1.23% 147.8 Delayed Quote.-1.86%
ELEMENTIS PLC 1.50% 128.2 Delayed Quote.6.48%
FIRSTGROUP PLC -1.08% 110.4 Delayed Quote.9.31%
FRESNILLO PLC 0.94% 816.8 Delayed Quote.-9.43%
FTSE 100 1.04% 7901.8 Delayed Quote.6.04%
LONDON STOCK EXCHANGE PLC 1.78% 7644 Delayed Quote.7.12%
RECKITT BENCKISER GROUP PLC 3.20% 5806 Delayed Quote.0.90%
STANDARD CHARTERED PLC 0.96% 676 Delayed Quote.8.61%
WPP PLC 1.57% 1033.5 Delayed Quote.26.01%
Latest news "Economy"
12:41pU.S. Senator Booker sees delicate path forward for police reform
RE
12:28pThousands of Danes protest cancelling of public holiday
RE
12:23pJapan govt has sounded out Amamiya about becoming BOJ governor -Nikkei
RE
12:23pNext boj chief will be tasked with putting central bank on path…
RE
12:20pFour dead, at least 39 rescued after migrant boat sinks off Greece
RE
12:18pJapanese govt intends to present nominees for next boj governor…
RE
12:15pBoj deputy gov amamiya was approached about taking up role of ne…
RE
12:13pJapan govt has sounded out deputy governor amamiya abo…
RE
12:11pFormer foreign minister holds lead in Cyprus vote, runoff on Feb 12
RE
12:07pJapan govt has sounded out nominate deputy governor amamiya for…
RE
Latest news "Economy"