Share News: HSBC Set to Announce Full Year Losses
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A daily look at the leading shares in the UK, US and the rest of the world sponsored by paddypowertrader. For today’s view see Shares Markets.
Share Trading - 1 March 2010
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UK Share Trading News
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- BP – Co. is to signal its intention to rapidly increase the gas arm of its business, including controversial shale gas – when it announces its strategic plan for investors this week. (Telegraph)
- HSBC – Co. is set to report that its US sub-prime losses, bad debts and write-downs increased by 7% last year to about USD 27bn (GBP17.7bn). Co. is also expected to show a sharp fall in revenues, which are estimated to be down 15% to about USD 69bn (GBP 45.2bn). Analysts believe that co. will unveil pre-tax profits of between USD 10-11bn (GBP 6.5-7.2bn) tomorrow, compared to USD 9.3bn (GBP 6.1bn) earnings it generated last year. (Sunday Express)
- GlaxoSmithKline – Co. violated consumer-protection laws by running a decade-long campaign of false advertising about the safety of its Avandia diabetes drug, California officials contend in a lawsuit. (BBG)
- Royal Dutch Shell – Co. is selling assets including fields in the North Sea and its European liquefied petroleum gas business to help finance its USD 28bn capital spending program this year. FT)
- RBS – Co. CEO thinks that the bank’s share price will surpass GBP 0.50 in 2011, making a government sale possible. (Sunday Telegraph) In other news, co. is hoping to sell Grosvenor Hotel in London for more than GBP 500m. (Sunday Times)
- Standard Chartered – Co. will keep looking for acquisition opportunities following recent takeover of GE Capital’s consumer finance business. (Oriental Daily)
- Rio Tinto – Co. will spend USD 233m to increase its holding in Ivanhoe Mines. In other news, co. said it has not had any reports of damage to its operations from an earthquake in Chile. (BBG)
- Anglo American – Co. plans to sell five coal mines with 1.2bn tons of undeveloped coal resources in Queensland and New South Wales states, which could fetch more than AUD 500m. (Australian Financial Review)
- BHP Billiton – Co. has been warned it will face sanctions in Argentina if it pushes ahead with oil exploration offshore Falklands. (Telegraph)
- Prudential – Co. is planning a record GBP 15bn rights issue to help fund a GBP 23bn takeover of AIA, the Asian business of AIG. (The Mail on Sunday) Other reports also suggest that the co. has also been approached about selling its GBP 6bn UK life business. (Telegraph) However, co. is believed to have turned down an approach for its UK business from Resolution. (Times) Also, Resolution denies it is in talks with the co. (Sources)
- Shire – US FDA approves co.’s Vpriv drug to treat Gaucher disease, Vpriv is an alternative to Genzyme’s Cerezyme. (RTRS)
- Petrofac – According to sources, co.’s North Sea oil and gas unit may buy the North Sea assets of Sweden’s Lundin Petroleum AB. (FT) VT Group – Co. is expecting its largest shareholder, Invesco, to hold out for an approach worth at least GBP 7.50 per share from Babcock despite a number of its shareholders calling for the group to open its books to the defence services rival. (Telegraph) Also, co. which is being stalked by Babcock International is refusing to open its books because it does not want to reveal confidential details of competitive tenders. (The Mail on Sunday)
- Taylor Wimpey/Persimmon – Co’s. are expected to strike a cautiously optimistic tone when they report FY results this week. (Telegraph)
For more on spread betting on UK shares see:
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US Share Trading News
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Equities finished higher after reversing losses which were seen following a collection of disappointing US economic data.
Investor sentiment was boosted after it came to light that Germany is considering subscribing to Greek bonds via German lender KfW.
The financial sector was the best performer and shrugged off worse than anticipated losses from AIG (-9.96%), the telecommunications sector also saw decent gains.
With lower volumes due to the adverse weather conditions in New York, equities traded sideways heading into the close.
At the close; the S&P 500 closed up 0.14% at 1104.49, the DJIA closed up 0.04% at 10325.26 the NASDAQ 100 closed up 0.32% at 1818.68.
- AIG – Co. agreed to sell its Asian life insurance unit to Britain’s Prudential for about USD 35.5bn, an announcement for asset sale could come as soon as today. Co. which is nearly 80% owned by the Federal government after USD 182.3bn bailout, will pay the Federal Reserve Bank of New York USD 16bn from the deal proceeds for the Fed’s preferred interest in a special purpose vehicle that holds AIA. Co. is expected to use the rest of the money to further pay down the Federal Reserve’s credit facility, the source said. (RTRS)
- Citigroup – Co. is in talks to sell its Egg internet banking business just three years after buying it from Prudential for GBP 546m. According to sources, the deal should fetch around GBP 500m. (The Mail on Sunday) However, co. said on Sunday its online banking business Egg was not for sale, after a British newspaper reported the firm had held talks with trade buyers and a private equity firm. (RTRS) Also in the news, Prince Alwaleed reiterates support for co.’s CEO. (RTRS)
- Ford – Co. increased its Q1 production target in Europe after sales of the Fiesta and Ka models surpassed forecasts. Co. will produce 460,300 cars, or 4.6% more than originally planned. (BBG)
- Gap – The apparel retailer beat quarterly estimates and announced an upbeat forecast. By all appearances, more gains are in store. (Barron’s)
- SanDisk – Co.’s CFO says now expects Q1 revenue USD 925m-1bn vs. Exp. USD 942.4m. (BBG/RTRS)
For more on spread betting on US shares see:
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European Share Trading News
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- Bayer – Co. has a lot of time to consider mergers and takeovers. (Frankfurter Allgemeine Zeitung)
- Merck KGaA – Co. is in advances talks to acquire Millipore in a deal that could value the US laboratory supply maker at up to USD 6bn, including debt. (FT)
- Vivendi – 2009 adjusted net income EUR 2.585bn vs. Prev. EUR 2.74bn, and FY EBITA EUR 5.39bn vs. Prev. EUR 4.95bn. FY revenue EUR 27.1bn vs. Prev. EUR 25.4bn. Co. says 2009 targets achieved and proposed dividend of EUR 1.40 per share. (BBG)
- Axa – Co. interested in KBC’s Fidea and Centea. (Gazet van Antwerp)
- Air France – Co. cancels about 10% of medium-haul flights due to pilot strike. (BBG)
- EDF – The GBP 4bn sale of co.’s electricity distribution network has been put back on track with first round bids expected by the middle of March. (Telegraph)
- EADS – Co. looks set to pull out of a GBP 22bn competition to provide the US Air Force with 179 refuelling air tankers in protest at the way the rules for the contest have been changed. (The Mail on Sunday)
- Carrefour – All of co.’s supermarkets in Belgium were hit by strike action called by unions in protest at plans to cut jobs and close stores. (AFP)
- Saint Gobain – Co. is open to making tactical acquisitions in emerging markets. (Boersen Zeitung)
- Telefonica – Co. sees 2010 revenue up 1.4% and confirms 2010 target EPS EUR 2.10 vs. Exp. EUR 1.81. (BBG)
- Anglo Irish Bank – Co. is preparing to post losses of between EUR 10-12bn – the largest in Irish corporate history. (Irish Times)
- Intesa Sanpaolo – Co. selected eight banks to manage and advise on IPO of its Banca Fideuram asset management unit. (Il Messaggero)
- Swisscom – Co. CEO plans acquisitions in Italy’s broadband market and candidates may be businesses of Vodafone, BT Group and Wind Telecomunicazioni SpA. (Sonntag)
- Richemont – Co. may more than double over the next year as a recovery in luxury spending boosts sales at its Cartier unit. (Barron’s)
Data provided by RANsquawk.
The above comments do not constitute investment advice.
Paddypowertrader, RANsquawk and Clean Financial do not accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
All reasonable efforts have been made to present accurate information.
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Article edited by paddypowertrader which is a trading name of London Capital Group Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 182110.
'Share News: HSBC Set to Announce Full Year Losses' edited by paddypowertrader, updated 01-Mar-10
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