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World News – GB – LONDON MARKET EARLY CALL: Stocks seen higher as HSBC beats estimates

(Alliance News) - London stock prices are expected to post a slight rebound on Tuesday

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(Alliance News) – Stock prices in London are expected to rebound slightly on Tuesday after large losses on Monday, as lender HSBC reported third-quarter profit above market expectations

IG Futures Indicate FTSE 100 Index To Open 1339 Points More To 580540 The Blue-Chip Index Closed 6,827 Points Less, Or 12%, To 579201 Monday

In early company news, HSBC Holdings reported a sharp decline in third quarter profits, but was « happy » with the significant reduction in its credit losses and is considering a payout to shareholders.  » cautious « for 2020

HSBC is London’s fourth largest company in terms of market capitalization Stock is up 50% in Hong Kong

In the three months to September 30, the Asia-focused lender’s pre-tax profit fell 37% year on year to $ 307 billion USD 484 billion However, the figure exceeded the consensus estimate provided by the company by 2 USD07 billion

This was partly offset by the reduction in operating expenses to $ 804 billion from $ 815 billion and a reduction in expected credit losses to $ 785 million from $ 883 million the previous year HSBC also noted that its expected credit losses for the third quarter are significantly lower than the USD3 of the previous quarter83 billion hits

The pound traded at USD 13038 early Tuesday, compared to USD 13017 when London shares closed on Monday

More than eight million people in England will be subject to the toughest coronavirus restrictions when Nottingham and Warrington upgrade to level 3 this week

Stricter measures will take effect in Midlands Town and the boroughs of Broxtowe, Gedling and Rushcliffe on Thursday, details to be worked out on Tuesday

Households will be prohibited from mingling indoors or in private gardens and beer gardens, while betting shops, adult gaming centers, casinos and software gaming centers will also close.

The UK government also said 102 more people died within 28 days of testing positive for Covid-19 on Monday, while there were still 20,890 laboratory-confirmed coronavirus cases in the UK

The euro was priced at USD 11832, compared to USD 11818 late Monday Against the yen, the dollar was trading at 104 JPY72, below 104 JPY85

Brent oil was trading at $ 4082 per barrel Tuesday morning, compared to $ 4038 late Monday Gold was trading at $ 190901 an ounce, higher than $ 1,90380

In the United States on Monday, Wall Street ended sharply lower, the Dow Jones Industrial Average down 23%, S&P 500 down 19% and the Nasdaq Composite down 16%

US policymakers held another round of talks on Monday over a new spending package to help the virus-stricken economy, but negotiations lost momentum, dampening hopes that a deal could be concluded before the November 3 elections

With the increase in Covid-19 cases across the country, the need for stimulus has become a new urgency, especially as many support programs have expired or are on the cusp of be, including a moratorium on foreclosures and evictions as well as loans for small businesses, which threatens to spark a wave of bankruptcies and homelessness

After months of negotiations between Treasury Secretary Steven Mnuchin and Democratic House Speaker Nancy Pelosi, time is almost up to get the stimulus package approved before President Donald Trump is re-elected this week next It is unclear if a measure can be approved at the « lame duck » session before the new Congress sits in January

Japan’s Nikkei 225 index closed slightly lower In mainland China, the Shanghai Composite is up 02%, while the Hang Seng index in Hong Kong is down 04% Hong Kong markets have reopened Tuesday after being closed for holidays on Monday

In the UK business calendar on Tuesday, big oil company BP releases third quarter results, while Premier Inn owner Whitbread releases half year results

Tuesday’s economic calendar shows euro area monetary developments at 9:00 a.m. GMT and French producer prices at 7:45 a.m. GMT In the afternoon, the United States’ preliminary durable goods report at 12:30 p.m. GMT and the Johnson Redbook Retail Sales Index at 12:55 GMT

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BP, Stock, HSBC, London

World News – UK – LONDON MARKET EARLY CALL: Stocks Seen Higher Than HSBC Beats Estimates
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LONDON MARKET EARLY CALL: Stocks seen more high as HSBC Beats Estimates

SOURCE: https://www.w24news.com

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