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[1/2] A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File PhotoLONDON, March 3 (Reuters) - London risks losing its appeal for stock market listings, some investors and financial executives said, with sluggish trading and low valuations driving more companies to float elsewhere. That dashed government hopes that Arm, seen as a British tech success story, would return to the London market, where it was listed before being taken over in 2016. Arm's announcement came a day after Dublin-based construction materials company CRH recommended moving its primary listing from London to the United States. But British companies that floated in New York have not necessarily had the smooth ride they expected, data compiled by the London Stock Exchange (LSE) (LSEG.L) suggests.
REUTERS/StaffLONDON, March 3 (Reuters) - European stocks rose in early trading on Friday, as investor risk appetite was boosted by signs of an economic recovery in China, even after expectations for European Central Bank rate hikes kept government bond yields at their highest in years. Investors are trying to gauge the path for Federal Reserve rate hikes, after strong U.S. data in recent weeks suggested rates may need to be higher for longer. But stock markets rose on Wall Street overnight, in a move analysts attributed to Atlanta Federal Reserve President Raphael Bostic saying on Thursday that the Fed should stick to "steady" quarter-point rate hikes. The recovery in euro zone business activity gathered pace last month, PMI survey data showed. Euro zone government bond yields were still near their highest in years after euro zone inflation data on Thursday drove market expectations for the ECB's terminal rate to around 4%.
HONG KONG, March 3 (Reuters) - Asian shares rose on Friday on prospects for a steady economic recovery in China, and after Wall Street reversed losses overnight following remarks by the Atlanta Federal Reserve chief that signalled a measured approach raising U.S. interest rates. Global markets have been buffeted by a raft of strong U.S. data over recent weeks, including U.S. jobless claims overnight, that suggested the Fed would need to keep rates higher for longer. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.7%, on track for its first weekly rise in five. U.S. stocks rose on Thursday, reversing earlier losses, as Treasury yields pulled back from earlier highs, following the rates comments from Atlanta Fed President Bostic. The two-year yield , which rises with traders' expectations of higher Fed fund rates, rose to 4.8879%compared with a U.S. close of 4.904%.
City workers in Paternoster Square, where the headquarters of the London Stock Exchange is based, in the City of London, UK, on Thursday, March 2, 2023. British chip designer Arm, owned by Japan's SoftBank, and building materials group CRH intend to shun London and pursue stock market listings in the U.S., dealing a blow to the U.K.'s post-Brexit vision. Arm said in a statement Friday that it was seeking to pursue a U.S.-only listing this year. It comes shortly after CRH, one of the FTSE 100 's biggest companies, said it plans to move its primary stock market listing to New York. The news is likely to bolster fears that the U.K. stock market is losing out to international rivals.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLondon Stock Exchange Group CEO says London will continue to be Europe's top financial centerDavid Schwimmer, CEO of the London Stock Exchange Group, says London will continue to play the role of the "world's leading international market" at a time when big FTSE 100 companies pursue moves to New York.
FTSE 100 opens lower as ex-dividend trading weighs on HSBC
  + stars: | 2023-03-02 | by ( ) www.reuters.com   time to read: +1 min
SummarySummary Companies FTSE 100 down 0.3%, FTSE 250 off 0.3%March 2 (Reuters) - UK's FTSE 100 opened lower on Thursday as ex-dividend trading impacted shares of HSBC, although upbeat earnings from Ireland's CRH and jets and auto parts supplier Melrose helped cap losses. The blue-chip FTSE 100 (.FTSE) lost 0.3% by 0821 GMT, while the domestically-focused FTSE 250 midcap index (.FTMC) fell 0.3%. Shares of HSBC (HSBA.L) fell 3.5% in early trading while the broader banking index (.FTNMX301010) dropped 2.3%. Flutter (FLTRF.L) dropped 4.9% after the betting company reported full-year core profit at the lower end of its forecast range. Melrose Industries (MRON.L) posted a jump in profit for the year ended Dec. 31, lifting shares 4.2% higher.
The Vanguard Growth ETF (VUG) has blown past one of its closest competitor from iShares, the S & P 500 Growth ETF (IVW) . The Vanguard fund has a total return of 7.96% this year, while the iShares fund has returned just 3.15%, according to FactSet. The Vanguard funds track the growth indexes from CRSP, while iShares S & P 500 follows products from S & P Dow Jones. Since IT has done well this year and energy has not, ETFs tracking S & P indices have underperformed growth ETFs tracking other indices," Ullal wrote. Meanwhile, the iShares S & P fund has more than a 4% combined weighting in ExxonMobil and Chevron .
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And it's little surprise the International Monetary Fund forecast Britain would be the only economy of the G7 to contract this year. But certainly the potential for improved trade relations with the UK's biggest trading partner is clear. Unicredit this month cited estimates that the UK economy would underperform by 5-7% over 10 years if it remains outside the EU single market and customs union. It may even have been a key spur to this week's breakthrough given the frayed geopolitical backdrop. President Joe Biden has long insisted there would be no progress on a U.S. deal with Britain until the Northern Irish conundrum was resolved.
Britain's housing market has slowed markedly in recent months as higher mortgage rates and broader economic concerns deter buyers. The FTSE 100 (.FTSE) company proposed a final dividend of 60 pence per share for fiscal 2022 as per its new capital allocation policy. Persimmon has paid an annual dividend of 235 pence per share for the last five fiscal years except one, when pandemic lockdowns disrupted operations. Analysts had said in January that British housebuilders might cut dividends to preserve cash and ride out the property downturn. Persimmon stock slid as much as 10% to a near seven-week low of 1,310 pence and was the top percentage loser on the blue-chip FTSE 100 (.FTSE) index.
In February 2022, the business-led FTSE Women Leaders Review set FTSE350 companies a 40% target for women on boards and in leadership teams by 2025, up from a previous target of 33%. The new goal was given official backing by the Financial Conduct Authority, which regulates listed companies, in April 2022, with the watchdog also including broader diversity targets. In contrast to countries such as Belgium and France, Britain does not have a mandatory quota system for women on boards at listed companies, making the progress more remarkable, the report said. Just over a decade ago, 152 of the FTSE 350 Boards had no women on them. Now there are women on every board and the vast majority of companies have three or more, it added.
LONDON, Feb 28 (Reuters) - British asset manager abrdn (ABDN.L) fell to a full-year pretax loss and reported a slide in client funds for 2022, as global markets turmoil and runaway inflation weighed on its finances. Abrdn reported a 615 million pound ($741 million) pretax loss for the year ended Dec. 31, compared to a 1.1 billion pound profit the prior year. Abrdn's assets under management fell 8% to 500 billion pounds from 542 billion pounds, while the company reported a further year of net outflows of client funds. The company also said it had agreed to sell its discretionary fund management arm abrdn Capital to Liechtenstein-based private bank LGT for 140 million pounds. The sale involves the transfer of around 6.1 billion pounds of assets and about 140 employees, the company said.
European markets are heading for a higher open Tuesday, continuing a positive trend set on Monday — one that came after regional markets posted steep declines last week. Sterling rose 0.9% against the U.S. dollar on the news Monday, hitting a session high of around $1.2051. Markets have also been buoyed by an uptick on Wall Street on the final trading day of February, a month that has seen declines for major U.S. indexes. U.S. stocks rose on Monday, however, as traders tried to recover some ground after the worst week of the year on Wall Street. Meanwhile, Asia-Pacific markets were mostly higher on Tuesday as investors digested key economic data across the region.
The blue-chip FTSE 100 (.FTSE) lost 0.6% with shares of Ocado (OCDO.L) plunging 10.5% on the online supermarket and technology group's worse-than-expected full-year loss. "Ocado is in the eye of the cost-of-living storm because its offering isn't synonymous with being the best value," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown. Lund-Yates said Ocado is a higher-end option, without the same benefits of enticing people with tangible, physical goods like peer Marks & Spencer (MKS.L). Despite recent volatility, the exporter-heavy FTSE 100 is on track to record its best February performance since 2017 as higher earnings and weakness in the pound earlier in the month made equities more attractive. On the flipside, hedge fund firm Man Group (EMG.L) gained 7.9% after posting a higher full-year core pretax profit and beating expectations on assets under management.
SummarySummary Companies Bunzl, Associated British Foods up after resultsRolls-Royce top of FTSE 100 after price target raiseFTSE 100 up 0.8%, FTSE 250 adds 0.4%Feb 27 (Reuters) - The UK's FTSE 100 rose on Monday after upbeat earnings reports from Associated British Foods and Bunzl helped pull the index up from last week's battering on worries about high U.S. interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.8%, after recording its worst weekly performance so far this year as hotter-than-expected U.S. consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Primark owner Associated British Foods (ABF.L) climbed 1.3% after raising its outlook for the full year 2022-23 for the clothing retailer. The FTSE 100 has had a stellar start to the year so far, rising 6.4% as strong earnings and a steady rise in commodity prices helped the index outperform major global peers, outweighing a gloomy economic outlook. The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.4%, with a near 16% slump in shares of Dechra Pharmaceuticals(DPH.L) capping gains.
ROME, Feb 27 (Reuters) - Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) is set to rejoin the FTSE MIB blue-chip index on the Milan stock exchange after six years of absence, two market sources told Reuters on Monday. MPS is currently in the FTSE MID Cap index and left the blue-chip index in March 2017. At 1536 GMT, its stock was up by more than 3.6%, outperforming Italy's bank sub-index (.FTITLMS3010). One trader said MPS' stock has benefited from very high liquidity following November's 2.5-billion-euro new share issue, making it eligible for blue-chip status. At the same time, Italian cement maker Buzzi Unicem (BZU.MI) is "very likely" to be downgraded from the blue-chip to the FTSE MID Cap index, the trader said.
Banks (.SX7P) accounted for nearly 16% of the STOXX 600 index (.STOXX) and have benefited from the high-rate environment, gaining nearly 20% to hit their highest in almost five years. In contrast, 35% of the S&P 500 (.SPX), the world's largest index by market value, are technology companies. Tech stocks (.SPLRCT) on the index have gained just 9% this year as rising rates make future profits for tech companies less valuable. CHEAPER IN EUROPEOn the valuation front too, the European stock market is much cheaper than the U.S. The STOXX 600 trades at about 13 times its 12-month forward price-to-earnings ratio, while the S&P 500 trades at some 18 times.
Germany's Commerzbank makes DAX comeback
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, Feb 27 (Reuters) - Germany's Commerzbank (CBKG.DE) rejoined the DAX index on Monday, marking a comeback for Germany's No. "We have come to stay," Commerzbank CEO Manfred Knof said before ringing the opening bell at the Frankfurt stock exchange. "The return of Commerzbank is a good signal for the German banking market." Following Wirecard's demise, Deutsche Boerse AG, which compiles the DAX index, revamped it to include 40 companies, rather than the previous 30, and made membership criteria tougher. Other members include Siemens AG, Volkswagen AG, and Allianz SE.
Revisiting JPMorgan’s innovative Cazenove deal
  + stars: | 2023-02-24 | by ( Peter Thal Larsen | ) www.reuters.com   time to read: +6 min
JPMorgan avoided most of these problems by structuring its deal as a joint venture with Cazenove. Though the corporate entity called JPMorgan Cazenove was quietly wound down a few years ago, the name still graces the U.S. group’s UK banking business. At the time of the JPMorgan deal, Cazenove acted as broker to almost half of the companies in the FTSE 100 Index (.FTSE). By 2009, the enlarged business reported a pre-tax profit of 280 million pounds. The Cazenove deal still stands as a case study of how to buy an investment bank without destroying it.
SummarySummary Companies Rolls-Royce jumps on upbeat forecastMajor banks and healthcare stocks trade ex-divFTSE 100 down 0.3%, FTSE 250 adds 1.0%Feb 23 (Reuters) - The FTSE 100 index fell on Thursday, as banking and healthcare majors traded ex-dividend, although a surge in Rolls-Royce after it reported higher profit limited further losses. The blue-chip FTSE 100 (.FTSE) was down 0.3%, on track for its third straight session of decline. Some banks, including Barclays (BARC.L) and Standard Chartered (STAN.L), and healthcare majors AstraZeneca (AZN.L) and GSK (GSK.L) traded without entitlement for dividend payout. The exporter-heavy FTSE 100 has had a strong start to the year, helped by some positive earnings and a stir in commodity prices, hitting record highs and breaching the 8,000 barrier level. Among individual stocks, Mondi (MNDI.L) hit the bottom of the FTSE 100, falling 6.7% after reporting its full-year results.
Energy storage and the future of transport are two of the "most attractive" climate themes to invest in right now, according to HSBC analysts. "While long-term valuations are still below average, consensus expect earnings to grow c40% higher than global climate stocks over the next 12M," said the bank's analysts in a Feb. 20 note. Stocks with the most upside HSBC named buy-rated stocks under both of these themes which have among the highest upside to the bank's price targets. In energy storage, electric vehicle battery maker CATL (55% upside), lithium producer SQM (40% upside) and lithium producer Livent (38% upside) made the list. "The global energy storage market continues to grow, despite higher energy storage costs in 2022.
Lloyds set aside 1.5 billion pounds in 2022 to cover potential loan distress, a year after releasing 1.4 billion pounds of provisions as the economy rebounded from COVID-19. The bank reported pre-tax profit of 6.9 billion pounds ($8.4 billion) for 2022, unchanged on the previous year and in line with analyst forecasts it had compiled. It plans to pay a 1.6 pence per share final dividend and a share buyback of up to 2 billion pounds, taking total shareholder returns for 2022 up to 3.6 billion pounds. Expenses also rose 6% to 8.8 billion, partly due to rising wage bills as Lloyds boosted its staff bonus pool by 12% to 446 million pounds. Lloyds also said it had bought Tusker, a vehicle leasing company that provides electric vehicles via salary sacrifice schemes, for 300 million pounds.
The blue-chip FTSE 100 (.FTSE) lost 0.9%, hitting its lowest level in over a week. The banking sector (.FTNMX301010) lost 1.4%, with shares of HSBC (HSBA.L) off 1.2% and Prudential (PRU.L) down 2.3%. London-listed shares of Rio Tinto (RIO.L) slumped 2.5% after the global miner posted a 38% drop in annual profit and more than halved its dividend. Those worries remain in focus ahead of the release, later in the day, of the minutes of the U.S. Federal Reserve's latest meeting. Despite the session's losses, the exporter-heavy FTSE 100 has had a strong start to the year, helped by some positive earnings and a stir in commodity prices.
The London-headquartered bank (HSBA.L) said on Tuesday it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business. HSBC's conservative outlook echoed that of British rival NatWest (NWG.L), which warned last week that profit earned from rising interest rates may have peaked. HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. That matched the $17.5 billion average estimate of 22 analysts compiled by the bank. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.7% to 529.97, hovering around six-week lows of 529.30 touched last week. European stock futures indicated stocks were set to decline, with Eurostoxx 50 futures down 0.14%, German DAX futures 0.07% lower and FTSE futures down 0.13%. The yield on 10-year Treasury notes was up 2.3 basis points to 3.852%., after touching a three-month high of 3.929% on Friday. Investor focus is firmly on the release on Wednesday of the minutes of the Fed's latest meeting earlier this month when it raised interest rates by 25 basis points. The yen weakened 0.11% to 134.38 per dollar, while sterling was last trading at $1.2026, down 0.10%.
But some analysts had expected HSBC to also raise its key performance target of reaching a return on tangible equity of at least 12% from this year onwards, a target the bank stuck to in its earnings report. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss. So far this year, the shares have risen 20% versus a 7% rise in the FTSE index (.FTSE). HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. Despite the fourth-quarter surge, annual profit fell to $17.5 billion from $18.9 billion for 2021, due to an impairment of $2.4 billion related to the sale of its retail banking operations in France.
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