Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Bumper earnings from BP help steady FTSE 100

Bumper earnings from BP help steady FTSE 100 1

By Sruthi Shankar

(Reuters) -UK’s blue-chip index edged higher on Tuesday, as strong results from oil major BP helped counter worries in global markets due to a flare-up in U.S.-China tensions.

The FTSE 100 erased opening losses to edge up 0.2%. Other main European indexes slid on worries that a visit by U.S. House of Representatives Speaker Nancy Pelosi to Taiwan would further harm Beijing-Washington relations.

Investors sought safer assets after China threatened repercussions if Pelosi visited the self-ruled island, which Beijing claims as its territory.

BP climbed 4.2% after its second-quarter profit soared to a 14-year high of $8.45 billion as strong refining margins and oil trading helped it boost its dividend and share repurchases. Rival Shell gained 1.3%.

“UK has done relatively well, partly on the back of a big turnaround in energy profits. Just two years ago, BP and Shell were really struggling and now they’re doing quite well. That’s been a big driver,” said Paul Danis, head of asset allocation at wealth manager Brewin Dolphin.

“The UK market tends to outperform when value is outperforming growth,” said Dannis, adding that he expects bond yields to start climbing and lend support to economically sensitive sectors such as energy and financials.

Europe’s biggest lender HSBC slipped 1.9% after a strong earnings report drove a 6.1% gain in the previous session. Exane BNP Paribas on Tuesday downgraded the stock to “neutral” from “outperform.”

The domestically focussed FTSE 250 midcap index dropped 0.9% as shares of Man Group slid 5.4% after the fund manager flagged potential volatility in the near term.

Travis Perkins, Britain’s biggest seller of building materials, fell 7.6% after downbeat first-half results.

Purplebricks was down 6.7% after the online-only estate agency reported an annual loss, hurt by hurdles in implementing a new operating model and warned that supply in the housing market will remain challenging.

Overall, UK’s housing index fell 2.3% after data from mortgage lender Nationwide showed British house prices rose in July at the slowest monthly pace in a year.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips and Uttaresh.V)

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now