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13/02/2023

British lawmakers have accused HSBC (LON:HSBA) of mistreating customers who have fled Hong Kong in the wake of China's anti-democracy crackdown, to protect the bank's profits and curry favour with the Chinese government, a report on Wednesday showed.

The All-Party Parliamentary Group on Hong Kong said the lender had blocked some overseas residents of the former British colony from withdrawing pension contributions made to the island's Mandatory Provident Fund, despite deciding to quit Hong Kong.

"Like all banks, we have to obey the law, and the instructions of the regulators, in every territory in which we operate," a spokesperson for HSBC said.

13/02/2023

LONDON (Reuters) -Shares in German web hosting company IONOS dipped below the price of its initial public offering (IPO) on Wednesday after Europe's first major stock market debut since Porsche (ETR:P911_p) in September.

Shares started trading at 18.40 euros apiece and were changing hands at around 18.00 in morning trading. Books closed on Tuesday with a final IPO price of 18.50 euros, the company said.

The listing of IONOS, whose closest peer is U.S.-based GoDaddy, was seen as a test for market sentiment after IPO activity all but ground to a halt in 2022.

12/02/2023

AMSTERDAM (Reuters) -ABN Amro shares rose to their highest level in three years on Wednesday after the Dutch lender announced a new share buyback helped by stronger-than-expected fourth-quarter earnings.

Largely state-owned ABN, one of three dominant banks in the Netherlands, said it would buy 500 million euros ($538 million) of its shares in the first half, as it reported a net profit of 354 million euros for the last three months of 2022.

12/02/2023

Iceland's central bank raised its key policy interest rate by half a percentage point to 6.5% on Wednesday, its first rate hike in 2023, and warned of further monetary tightening to bring down inflation, which has anchored itself in the economy.

The central bank's Monetary Policy Committee (MPC) estimated economic growth in 2022 of 7.1%, above its November forecast of around 5.6%, but said it expects growth in 2023 to weaken to 2.6%.

11/02/2023

Amsterdam-listed mobile telecoms operator VEON said on Wednesday that it had won approval from Russian regulatory authorities for the proposed sale of its Russian operations.

"We are pleased to have reached this significant milestone in the transaction, which is expected to be accretive to equity, reduce VEON's debt, and improve its credit profile," VEON CEO Kaan Terzioğlu said in a statement.

Last November, VEON had announced plans to sell its Russian business Vimpelcom to senior members of the Vimpelcom management team, led by CEO Aleksander Torbakhov, for 130 billion roubles ($1.83 billion).

11/02/2023

Italian retail sales fell 0.2% in December from the month before, data showed on Wednesday, following a 0.8% rise in November.

Sales rose 3.4% in unadjusted year-on-year terms in December, ISTAT said.

The data are expressed in value terms and are not adjusted for consumer prices, which increased 12.3% in December from the year earlier, based on Italy's EU-harmonised index (HICP).

10/02/2023

European stock markets are expected to open largely higher Wednesday, as investors digested comments from Federal Reserve Chair Jerome Powell ahead of more major corporate earnings.

At 02:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.7% higher, the FTSE 100 futures contract in the U.K. rose 0.6%, while CAC 40 futures in France slipped 0.1%.

European stocks are seen taking their lead from Wall Street, which closed firmly higher Tuesday after Federal Reserve Chair Jerome Powell struck a less hawkish tone than feared during a speech at the Economic Club of Washington D.C.

10/02/2023

Zoom is to make 1,300 layoffs, letting go of around 15pc of its workforce as the Covid-19 pandemic’s work-from-home culture comes to a crashing halt. Eric Yuan, the chief executive, said: “We have made the tough but necessary decision to reduce our team by approximately 15% and say goodbye to around 1,300 hardworking, talented colleagues.” – Telegraph

Lidl and Tesco (LON:TSCO) are facing off in a High Court battle over a yellow circle logo. The two supermarkets are at loggerheads over claims by Lidl that Tesco infringed its copyright by using a yellow circle to promote its clubcard prices. Tesco has filed a counterclaim against Lidl in the dispute which started in April last year. – Telegraph

09/02/2023

The UK will avoid recession – but for up to 7 million Britons it will still feel like the economy is in reverse gear.

That at least is the headline from research by the respected National Institute of Economic and Social Research (Niesr).

Although the country may avoid a technical recession, characterised by two consecutive quarters of contraction, Niesr has warned that the rising cost of living will still make life tough for lower-income households, especially in the North East, Scotland, Wales and Northern Ireland.

09/02/2023

Powell said on Tuesday that he was expecting to see "significant" declines in inflation this year, but also acknowledged that interest rates may need to rise further amid job market strength.

Victoria Scholar, head of investment at Interactive Investor, said: "The FTSE 100 has hit a fresh record high, surpassing its all-time peak from Friday with BP (LON:BP) and Glencore (LON:GLEN) leading the charge while Smurfit Kappa is dragging on the index.

08/02/2023

REDMOND, Wash. (Reuters) -Microsoft Corp is revamping its Bing search engine and Edge Web browser with artificial intelligence, the company said on Tuesday, signaling its ambition to retake the lead in consumer technology markets where it has fallen behind.

The maker of the Windows operating system is staking its future on AI through billions of dollars of investment as it directly challenges Alphabet (NASDAQ:GOOGL) Inc's Google, which for years has outpaced Microsoft (NASDAQ:MSFT) in search and browser technology.

08/02/2023

NEW YORK (Reuters) -Oil prices climbed more than 3% on Tuesday after the head of the U.S. central bank eased market concerns over interest rate hikes, while recovering demand in China also boosted prices.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel.

07/02/2023

LONDON (Reuters) - British house prices were unchanged in January after falling in month-on-month terms in each of the previous four months after borrowing costs rose, mortgage lender Halifax said on Tuesday.

The annual rate of house price growth slowed to 1.9%, the weakest increase in three years, Halifax said.

Britain's housing market saw a surge in demand from buyers during the coronavirus pandemic but a sharp rise in interest rates over the past year and the squeeze on households' budgets caused by high inflation has hit that momentum.

07/02/2023

CMC Markets analyst Michael Hewson said: "European markets took a step back yesterday in the aftermath of Friday’s bumper US payrolls continued to reverberate through the market, with the FTSE 100 also retreating from its record highs on Friday.

"Hawkish talk from the likes of ECB governing council member Robert Holzmann, followed by the Bank of England’s Catherine Mann saw the move higher in bond yields that we saw on Friday, accelerate further yesterday, further undermining market expectations of potential rate cuts by year end.

06/02/2023

The US's shooting down of a Chinese surveillance balloon on the weekend triggers an angry response and generates a reality check for Chinese assets. The Eurozone's retail sales in December were awful, but German factory orders picked up, bolstering hopes that the economy may be close to turning a corner. The US stocks are set to open lower, still under pressure from a jobs report on Friday that dented hopes for a quick 'pivot' to interest rate cuts by the Federal Reserve. There's bid speculation in the air, with gold mining and storage, two unlikely candidates for attention. And oil prices continue to bump along at one-month lows on concerns about the global demand outlook. Here's what you need to know in financial markets on Monday, 6th February.

06/02/2023

Bank of England rate-setter Catherine Mann on Monday backed further increases in interest rates and warned that pausing, as some of her colleagues advocate, risked a confusing "policy boogie" if it turned out rates would need to rise again.

05/02/2023

JERUSALEM (Reuters) - Tens of thousands of Israelis braved heavy rain on Saturday for a fifth week of protests against judicial reform plans by Prime Minister Benjamin Netanyahu's new government that critics say threaten democratic checks on ministers by the courts.

The plans, which the government says are needed to curb overreach by judges, have drawn fierce opposition from groups including lawyers, and raised concerns among business leaders, widening already deep political divisions in Israeli society.

05/02/2023

LONDON (Reuters) - Former British prime minister Liz Truss blamed on Sunday the economic "orthodoxy" in the country's finance ministry, other nations and in parts of the governing Conservative Party for derailing her premiership and "plan for growth".

Truss's tenure was cut short last year after her largely unfunded mini budget and tax cuts pushed up borrowing costs and mortgage rates, sent the pound tumbling and shattered Britain's reputation for financial stability.

Writing in the Sunday Telegraph newspaper in her first major foray into politics since the abrupt end to her premiership after just over six turbulent weeks in power, Truss wrote she believed her recipe for Britain by cutting taxes and removing some regulation was the right one.

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