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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Tesco sells its banking unit to Barclays

Tesco is selling its banking operations to Barclays, removing £7.7bn of capital-intensive assets and £6.7bn of financial liabilities from the Tesco balance sheet.

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US indices

US indices closed marginally higher on Thursday, with the S&P 500 and Nasdaq extending their record at close. In Japan, the Nikkei hit a new 34-year high. Several Asia–Pacific (APAC) indices are closed for the Lunar New Year holidays.

The curreny market

On the currency market, the yen shows signs of weakness. USD/JPY trades at a 10-week high. Against the Euro, Australian dollar, and Canadian dollar, the dollar is poised to record a sixth consecutive week of gains.

UK inflation

Next week, the British pound could react to the latest UK inflation data. Headline consumer price inflation reached 4% in December, less than half the rate at the start of 2023, but it is still double the Bank of England (BoE)'s target rate of 2%

Tesco

Tesco is selling its banking operations to Barclays, removing £7.7bn of capital-intensive assets and £6.7bn of financial liabilities from the Tesco balance sheet. Tesco will receive annual income for the use of the Tesco brand, including Clubcard.

Bellway

Bellway's revenue came in at £1.25 billion, in line with the board's expectations. The private reservation rate increased by 15.4% to 105 per week.

Hermes

Hermes sales rose 17.5% in the fourth quarter of 2023 to €3.36 billion. That was ahead of expectations for 14% growth. For the full year, revenue rose 21% in constant currency, and net profit rose 28% to €4.31 billion.

L'Oréal

L'Oreal unveiled its Q4 earnings yesterday afternoon after the close of European markets. The group posted fourth-quarter sales of €10.6Bln, or a 6.9% rise year-over-year (YoY), just shy of expectations for €10.9Bln. Earnings per share (EPS) came in at €12.08, and operating margin for 2023 stood at 19.8%, in line with expectations.

PepsiCo

PepsiCo is set to report quarterly earnings at lunchtime. The street anticipates earnings to rise by 3% to $1.72 per share on revenue of $28.38 billion, marginally higher than revenue in Q4 2022.

WTI and Brent

WTI and Brent rose about 3% on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave. The tensions have kept oil prices elevated. Brent and WTI have gained more than 5% this week. Oil analysts await Baker Hughes data tonight. Last Friday, Baker Hughes total rig count fell by two to 619. The number of active oil rigs remained at 499.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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