George Salmon, Equity Analyst, Hargreaves Lansdown:
"After opening higher after this morning’s Q3 results showed an improvement in the bank’s core operations, RBS shares have slid back past their opening price and are now 2.3% down. The bad bank keeps delivering unpleasant news and the £190m from the shipping portfolio is the latest in a line of impairments.
There was brighter news at BA owner IAG, however. With macroeconomic uncertainty adding to recent disruption from strikes and terrorism, one could have been forgiven for wondering if the group would still be on track to hit full year profit expectations. Assurance that there has been no significant change (worsening) in current conditions, and the news that passenger unit revenue fell by less than at the half year stage has sent the shares up 5%.
It was a similar story at Elementis this morning. The group confirmed that earnings per share is set to hit market expectations, despite some difficult trading conditions. The shares are up by over 10% to take pride of place as top riser in the FTSE 350."
|Current market levels / daily change (12:00pm):|
Chris Saint, Senior Analyst, HL Currency Service:
"Sterling’s post-GDP data bounce proved short-lived yesterday and further losses this morning have seen the pound drop to one-week lows of €1.1107 versus the euro. The pound is down against all of its main rivals today with today’s declines coming after Northern Ireland’s High Court has rejected a legal bid to secure a parliamentary vote on Theresa May’s Brexit plans. Sterling reached highs of $1.2271 against the US dollar yesterday but it trades more than 1% lower at $1.2133 by noon today. US third-quarter GDP figures will be in focus this afternoon and markets are looking for an annualised growth rate of 2.5% to keep the Federal Reserve on track to lift interest rates later this year."
NOTES TO EDITORS
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