New leverage ratios 'clear the overhang' for UK banks, says JPMorgan
3rd Nov 2014 10:37
JPMorgan Cazenove has welcomed the new leverage-ratio rules from the Financial Policy Committee (FPC), saying that the outcome for UK banks was better than the market had expected. Analysts reiterated their 'overweight' positions on Lloyds and Barclays, but kept 'neutral' ratings for RBS, HSBC and S
Read moreHSBC delivers strong Q3 but provisions can't be ignored, says Hargreaves Lansdown
3rd Nov 2014 10:07
Hargreaves Lansdown Stockbrokers has hailed a "strong operating quarter" for HSBC, but has said that analysts covering the stock remain on the fence due to regulatory issues. HSBC said on Monday that pre-tax profit in the third quarter rose 2% to $4.6bn but that underlying pre-tax profit was down 12
Read moreHSBC underlying Q3 profits fall 12% - UPDATE
3rd Nov 2014 08:22
HSBC reported a 2% rise in third quarter pre-tax profit to $4.6bn but said underlying pre-tax profit was down $595m or 12% to $4.4bn against the same period last year. Reported pre-tax profit in the nine months was down 9% at $16.9bn compared with $18,6bn in the same period last year. Underlying pre
Read moreLondon open: UK stocks fluctuate at four-week high on China data, HSBC results
3rd Nov 2014 08:19
UK stocks opened cautiously on Monday, with upside limited by disappointing economic data from China and poorly-received results from HSBC after the banking group reported a drop in underlying third-quarter profits. The FTSE 100 was 0.1% higher at 6,554 in early deals, after having closed Friday's s
Read moreSector movers: Banking stocks surge on leverage ratio rules, RBS results
31st Oct 2014 15:02
Banking stocks, already bolstered by stronger-than-expected quarterly results from RBS, received another big lift on Friday afternoon as the Bank of England unveiled softer-than-expected requirements for leverage ratios. The leverage ratio, a key gauge of a bank's ability to cushion itself against l
Read moreLondon open: UK stocks rise, but Lloyds and StanChart fall
28th Oct 2014 08:54
Despite some heavy falls from banking heavyweights Lloyds and Standard Chartered, UK stocks advanced on Tuesday morning as the FTSE 100 rebounded from a one-week low. London's benchmark index was up 0.6% at 6,404 in early deals, helped by decent gains from oil major BP. The Footsie closed at 6,363.
Read moreSector movers: Lloyds leads banks lower as stress-test success underwhelms
27th Oct 2014 14:10
Investors of the UK's biggest high street banks were left underwhelmed on Monday by the news that Britain's lenders had all passed the latest stress tests in Europe. Lloyds, HSBC, RBS and Barclays were all trading firmly in the red in afternoon trade. Results from the European Banking Authority's (
Read moreLondon open: Stocks rise on stress-test results, but gains limited ahead of FOMC
27th Oct 2014 08:31
UK markets opened slightly higher on Monday morning, with sentiment boosted by the weekend's news that most European banks had passed recent 'stress tests'. The FTSE 100 was trading 0.1% higher at 6,396 within the opening hour, but had trimmed earlier gains which sent it to a high of 6,443.76. The
Read moreRoyal Bank of Scotland will continue Ulster support, responds to stress test success
26th Oct 2014 15:55
The Royal Bank of Scotland (RBS) is rumoured to firmly back Irish counterpart Ulster Bank after a recent upswing in value, despite reports that RBS was looking to "seek a sale or outside investment", according to the Sunday Telegraph. The bank's chief executive Ross McEwan has hinted that he would l
Read moreSociete Generale to move London offices to Canary Wharf
23rd Oct 2014 17:02
French bank Societe Generale is set to join some of its competitors in Canary Wharf, one of London's main financial districts. On Thursday, the lender, which has currently six offices in London, announced it had signed a contract to lease eight of the 26 floors of a new building at One Bank Street,
Read moreHSBC and First Trust Bank broke small business banking rules, say watchdogs
22nd Oct 2014 10:14
Competition regulators have ordered HSBC and Northern Ireland's First Trust Bank (FTB) to take action after they were found to have broken small business banking rules. The Competition & Markets Authority (CMA) said the two banks had breached legally-binding undertakings banning banks from forcing s
Read moreBanks are starting to look like utilities, Brewin Dolphin says
20th Oct 2014 15:59
Britain's banks are becoming more like utilities as they focus on traditional retail banking rather than "casino" investment banking after the financial crisis, according to broker Brewin Dolphin. The banks are increasingly adopting characteristics common among defensive stocks like utilities, such
Read moreMonday broker round-up UPDATE
20th Oct 2014 09:48
African Barrick Gold: Westhouse Securities cuts target price from 285p to 230p maintaining an add rating. Antofagasta: Westhouse Securities reduces target price from 805p to 720p retaining its neutral rating. Centamin: Westhouse Securities shifts target price from 65p to 70p upgrading to buy. DCC:
Read moreSunday newspaper round-up: Tesco, Shire, Greene King
19th Oct 2014 17:27
The investigation into Tesco's £250m profit overstatement has found "inappropriate" behaviour largely confined to the first half of this year, the Sunday Times reported. The supermarket group is expected to say on 23 October that it will not have to restate previous years' results. The paper said th
Read moreUK bank reforms negative for bondholders, Moody's says
13th Oct 2014 10:31
Recent proposed structural reforms released by the UK's Prudential Regulation Authority (PRA) are negative for all large bank bondholders, Moody's warned in a note published on Monday. "The proposed hanges are credit negative for all bondholders of large UK banks because they remove some key obstacl
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