Broker tips: HSBC, StanChart, FirstGroup
15th Aug 2012 11:28
Investec has moved its recommendation on banking giant HSBC from 'buy' to 'hold', saying that there is limited upside left in the stock. The shares are trading just 2% below 12-month highs in spite of a "wide assortment of gathering headwinds." Investec said that the first-half results showed a "c
Read moreBroker snap: Settlement reduces risks at StanChart, says Nomura
15th Aug 2012 11:27
Standard Chartered's settlement with New York regulators has reduced the tail risk surrounding the bank and while threats still remain, Nomura has pushed its rating on the stock back up to 'buy'. The broker reinstated its 'buy' recommendation (previously 'neutral') on Wednesday morning on the news
Read moreBroker snap: Investec downgrades HSBC, sees more upside elsewhere
15th Aug 2012 10:21
Investec has moved its recommendation on banking giant HSBC from 'buy' to 'hold', saying that there is limited upside left in the stock. "Despite recent relative share price underperformance, we would argue that HSBC's shares have held up reasonably well in the context of its broad-based money laun
Read moreWednesday broker round-up
15th Aug 2012 09:47
AB Foods: UBS raises target from 1,330p to 1,400p, buy rating unchanged. AVEVA: Jefferies ups target from 1,800p to 2,300p, buy recommendation maintained. Balfour Beatty: Investec maintains sell rating and 210p target. CLS Holdings: Peel Hunt ups target from 639p to 720p, hold rating kept. CRH:
Read moreLondon open: Tobacco stocks provide a drag early on
15th Aug 2012 08:28
- Greece to ask for more time - Markets await MPC minutes - Tobacco stocks fall on Australian plain packaging issue UK stocks slipped on Wednesday morning on the back of concerns over Greece and ahead of a keenly awaited report on US industrial output; tobacco companies were leading the decline in
Read moreLondon pre-open: Stocks to track losses in Asia
15th Aug 2012 07:26
City sources predict the FTSE 100 will open down 25 points from yesterday's close of 5,865, tracking losses seen overnight in Asia. Investors are also awaiting the release of minutes from the latest policy meeting of the Bank of England, as well as the July employment report from the Office for Na
Read moreWednesday newspaper round-up: Greece, StanChart, Tobacco...
15th Aug 2012 07:00
Greece is seeking a two-year extension of its latest austerity programme aimed at improving the country's debt sustainability and prospects for a return to growth, according to a document obtained by the Financial Times. Antonis Samaras, the centre-right prime minister, is expected to outline the pr
Read moreStandard Chartered pays to get NY regulator off its back
14th Aug 2012 20:30
Standard Chartered has reached a settlement with the New York Department of Financial Services (DFS) over claims its US subsidiary illegally processed payments for Iran. According to reports the emerging market focused bank will pay $340m to settle the claims, and will allow the New York DFS to ove
Read moreStandard Chartered boss in New York to defend Iran allegations
14th Aug 2012 15:08
Standard Chartered's Chief Executive has taken charge of negotiations with the New York regulator that has accused the bank of illegally processing 250 billion dollars of payments for Iran. The bank maintains the total number of payments that didn't comply with US sanctions laws was just a fractio
Read moreLondon close: Stocks fall as post-Olympic blues set in
13th Aug 2012 17:07
- Global equities finish broadly lower - GDP growth a concern in Japan and China - Greek GDP beats expectations Mixed news from the Eurozone and concerns over growth in Asia sent most stock markets across the globe into the red on Monday. "As the post-Olympic blues set in, European markets appeare
Read moreFTSE 100 movers: Petrofac and the miners provide a drag
13th Aug 2012 15:26
Oilfield services firm Petrofac was leading the fallers on the Footsie on Monday afternoon despite reporting a strong first half as investors turned cautious on the pace of growth going forward Earnings per share were up 32% to 94.8c, with pre-tax profits rising to $412.5m, from $300m the year befo
Read moreLondon midday: Global growth fears weigh on stocks
13th Aug 2012 11:40
- Mood dampened by slowdown in Japan, China - Germany could block aid to Greece - Summer rally loses momentum UK stocks were broadly unchanged by Monday lunchtime as the recent rally in global equity markets began to fade with worries about Asian economic growth weighing on sentiment. The Japanes
Read moreStandard Chartered 'in settlement discussions' with NY regulator
13th Aug 2012 09:59
Embattled bank Standard Chartered is in talks with New York state regulators over how much a settlement would cost it as the storm over alleged hidden transactions on behalf of Iran continues. Last week the British bank was accused by American authorities of illegally processing $250bn (£160bn) of
Read moreLondon open: Japanese slowdown weighs on stocks
13th Aug 2012 08:16
- Petrofac leads fallers early on - Japanese GDP growth misses forecasts - Germany could block aid to Greece The FTSE 100 fell slightly in early trade on Monday on concerns over the global economy after Japanese growth figures disappointed. The Japanese economy grew by just 0.3% in the second quar
Read moreSunday newspaper round-up: StanChart, Food prices, Aviva
12th Aug 2012 17:01
Standard Chartered has embarked on a last-ditch push to secure a settlement with American prosecutors over money laundering allegations ahead of a crunch meeting on Wednesday. The British bank was last week accused by a New York state regulator of illegally processing $250bn (£160bn) of payments for
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