Barclays raises provisions to cover legal costs for scandals
3rd Mar 2015 07:10
Barclays has set aside a total of £1.25bn for provisions to cover litigation costs related to ongoing probes into mis-selling PPI and rigging foreign exchange rates. The bank announced a fresh £750m provision to cover any costs in settling with regulators following a probe into foreign exchange rate
Read moreLondon close: FTSE pulls back from record as miners dip into the red
2nd Mar 2015 16:37
UK stocks inched lower on Monday after hitting a new intraday record high during the session as markets were underwhelmed by a raft of positive manufacturing data and a rate cut in China. London's FTSE 100, which rose to a new all-time peak of 6,974.26 early on, finished 6.02 points lower (-0.09%) a
Read moreTuesday preview: Barclays reports full-year results
2nd Mar 2015 15:54
Barclays will hog the spotlight on Tuesday as it reports its full-year results. Analysts forecast the lender will report a pre-tax profit of £5.3bn, compared to a restated £4.9bn in 2013. The bank is expected to set aside more money for potential fines for foreign exchange fines and to add to its c
Read moreFTSE 100 movers: Banks rebound, British Land boosted by acquisition
2nd Mar 2015 13:18
Banking stocks such as Barclays and RBS topped the risers as share prices rebounded after a weak outing last week following some poorly-received annual results. 2014 figures from Barclays, the last UK lender to report, are due out on Tuesday. Intertek, the product testing and certification outfit, w
Read moreLondon midday: Investors take profits after FTSE hits fresh intraday record
2nd Mar 2015 11:41
After a bright start, UK stocks dropped into the red by Monday lunchtime as investors assessed a raft of economic data and took profits after markets reached new record highs. The FTSE 100 was down 0.01% at 6,945.68 by midday, erasing gains after rising to a new intraday all-time high of 6,974.26 in
Read moreLondon open: UK stocks hit new record high on China rate cut
2nd Mar 2015 08:52
UK stocks rose modestly to a new record high on Monday morning on the back of gains in the banking and mining sectors, tracking a strong performance on Asian markets overnight after a rate cut in China. The FTSE 100 was up 0.3% at 6,969.46 within the opening hour, having risen as high as 6,972.01 in
Read moreSector movers: Lloyds and StanChart gain but banking sector edges lower
27th Feb 2015 15:14
The UK banking sector was slightly lower on Friday as well-received results from Lloyds and decent gains from Standard Chartered were offset by falls in the share prices of RBS, HSBC and Barclays. The sector was down around 0.5% on average. UK lender Lloyds was trading 1.1% higher despite 2014 resu
Read moreFriday newspaper round-up: Greek bailout, Ukraine gas, National Rail
27th Feb 2015 07:04
Germany is expected to approve a new bailout deal for Greece on Friday, The Telegraph reported. Ukraine has refused to pay for more gas deliveries to Russia, arguing that Gazprom only supplied 40% of the order it promised, The Times wrote. National Rail chief executive Mark Carne has condemned the
Read moreSector movers: Banking sector falls as HSBC disappointment offsets gains elsewhere
23rd Feb 2015 14:56
A 5% drop in the share price of HSBC pushed the banking sector firmly into the red on Monday even though shares of other lenders were making gains. Lloyds and RBS were still in positive territory in afternoon trade and Barclays was more or less flat, but given HSBC's size the whole sector was regis
Read moreMorgan Stanley picks Lloyds and Barclays as banks play "catch up"
20th Feb 2015 15:53
Morgan Stanley thinks European banks might now "start to play catch up" after an unusual period of underperformance in an improving macroeconomic environment. Although Greek concerns remain, the US investment bank believes some concerns about the banking sector are easing, such as deflationary risks
Read moreFriday newspaper round-up: Investment banking probe, British Gas, Bank mis-selling
20th Feb 2015 06:52
Investment banks in the UK are facing a competition probe by the Financial Conduct Authority, according to the Financial Times. The regulator "could force banks to stop selling products and be more transparent about how they charge clients", the paper said. Centrica's British Gas has said it might r
Read moreBarclays, Lloyds and RBS cutting bonuses by 15%
19th Feb 2015 14:18
Three British banks are planning to reduce their bonus pot for 2014 by 15% compared with previous years, according to reports. Barclays, Lloyds Banking and Royal Bank of Scotland (RBS) will award combined bonus pot worth £2.8bn. While Lloyds and RBS will collectively give £875m in bonuses, Barclays
Read moreWednesday tips round-up: Wood Group, HSBC
18th Feb 2015 12:56
Investors should be wary of yesterday's surge in the shares of oil field services group Wood Group. The company reported a strong set of figures despite the recent drop in oil prices. However, one must keep in mind that most of that decline occurred towards the end of the year. That flattered the ou
Read moreMorgan Stanley still sees upside at Barclays despite investors' concerns
10th Feb 2015 09:45
Morgan Stanley has reiterated its 'overweight' position on UK banking group Barclays, saying that the value of its non-core operations are "under-appreciated" by the market. The US broker last week upgraded its stance on Barclays from 'equalweight', saying the "the market does not fully recognise th
Read moreLondon close: Greek fears rattle stocks, but miners limit downside
9th Feb 2015 16:35
London's FTSE 100 had trimmed losses by the end of the session but still finished in the red as ongoing concerns about the future of Greece weighed on market sentiment. "Eurozone equities are being ground down by Greek fears, and financial stocks across the EU are bearing the brunt of the sell-off,"
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