HSBC has today reported its first quarter results, and revealed that adjusted pre-tax profits are up to $5.9bn, compared to forecast of $5.3bn, continuing the trend of a bumper Q1 for banks. For more on this and the latest corporate news, Ed Bowsher spoke to Richard J Hunter, Head of Research at Wilson King Investment Management.
Service sector PMI has hit a 4 month high in data released today, up from 55 to 55.8. Meanwhile, the automotive sector has had worse news, seeing a 20% fall in new car registrations last month. To discuss this and more of the day's big macro news in more detail, Ed Bowsher was joined by Simon French, Chief Economist at Panmure Gordon.
Today on the agenda, Sue Dougan and personal finance expert Martyn James discussed how Facebook is hiring 3,000 more staff to police its content. Plus they look at how it's finally the end for the old paper five pound note. All these stories and more on The News Review.
Starting with the French elections this morning. Marine Le Pen and Emmanuel Macron have clashed in a TV debate ahead of Sunday's vote. Moving away from the elections, the EU’s chief Brexit negotiator Michel Barnier says it was wrong to suggest Brexit would be a fast and painless process with no impact on people’s lives. He's highlighted the rights of EU citizens, the final divorce settlement, and the Irish border question as the key issues that must be addressed.
Joining Sue Dougan to go through the latest market headlines was Nigel Cassidy and it's been a busy morning of company announcements. We've heard from a number of major companies. Starting with Morrisons and Next.
London mayor Sadiq Khan has formally opened the hunt for London's first ever chief digital officer, in line with a commitment in his manifesto. Khan says the position will have a responsibility for overseeing growth in the sector and increasing "digital inclusion" across the capital. Figures from Oxford Economics show that London is home to more than 40,000 digital tech firms, which collectively employ roughly 250,000 people.
The EU’s chief Brexit negotiator Michel Barnier says it was wrong to suggest Brexit would be a fast and painless process with no impact on people’s lives. He's highlighted the rights of EU citizens, the final divorce settlement, and the Irish border question as the key issues that must be addressed. Barnier’s mandate will be submitted to EU ministers for approval later this month.
Now you might say that for a FTSE 100 company to lose two chiefs since 2012 would be unfortunate. To lose THREE would be careless, but that could yet be the case for Barclays. The chief in question is Jes Staley, whose mission to restore the fortunes of the UK's second largest bank has been clouded by not one but TWO seeming misjudgements.
Now the EU has reportedly raised its opening demand for Britain's Brexit bill from the previous estimate of €60bn to €100bn - apparently due to pressure from France and Germany - could a transitional trade deal be off the cards? To discuss this further, Ed Bowsher spoke to European affairs analyst Yannis Koutsomitis.