Barclays Hires Sales Trader in Hong Kong After Pullback
The senior move follows the addition of Paul Johnson from Goldman Sachs Group Inc. in January as head of equities for the region, and Christian Treuer, head of equities distribution. Lee will report to Peter Ramsey, global head of cash equities, and Treuer, according to a statement Thursday.
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Yahoo
19 minutes ago
- Yahoo
BP fuels FTSE 100 but soft US data tempers gains
The FTSE 100 climbed on Tuesday boosted by another day of well-received earnings, with Smith & Nephew, Diageo and BP all in favour, although weak US data saw progress fade late in the trading session. 'Strong corporate results are helping as they show businesses can still thrive despite the turbulent backdrop,' said Russ Mould, at AJ Bell. The FTSE 100 Index closed up 14.43 points, 0.2%, at 9,142.73. It had earlier traded as high as 9,177.95. The FTSE 250 ended 42.19 points higher, 0.2%, at 21,901.69, and the AIM All-Share ended up 4.59 points, 0.6%, at 763.48. Well-received earnings provided a lift in London, with index heavyweights BP and Diageo to the fore. Oil major BP rose 2.8% after better-than-expected second-quarter results. The strong earnings, coming on the back of a major hydrocarbon discovery in Brazil, will improve the investment mood music and be helpful for management credibility, analysts said. Underlying replacement cost profit of 2.35 billion dollars was well ahead of company compiled consensus for 1.82 billion dollars but 15% below 2.76 billion dollars a year ago. Alastair Syme, at Citi, said: 'After several quarters where earnings have not lived up to expectations, BP's 2Q25 is significantly better than market forecasts.' 'In the space of two days – yesterday's potentially highly material Bumerangue discovery in Brazil and today's earnings trajectory – we believe there are credible reasons for the investors to revisit the BP investment story,' he added. On Monday, BP reported new oil and gas findings at its Bumerangue offshore mining block, calling the discovery its 'largest in 25 years'. Alongside results, BP said it will conduct a thorough review of its businesses, including targeting further cost cuts. The company is two quarters into a 12-quarter plan and chief executive Murray Auchincloss said he was 'encouraged' by the early progress, but added 'we know there's much more to do'. Diageo climbed 4.9% after full-year results provided some reassurance, although they failed to sway some commentators. The London-based brewer and distiller, which owns brands ranging from Guinness stout to Johnnie Walker whisky, on Tuesday reported a decline of more than a third in its bottom line in the financial year that ended in June, as a slight decline in net sales was compounded by impairment and restructuring costs, unfavourable currency movements, and narrowed operating margins. Even so, Diageo said its results were in line with guidance. Bank of America said: 'While the environment remains challenging, it is clear that management is stepping up what it can control, and we believe these results will reassure.' Richard Hunter, at interactive investor, said there are 'emerging glimmers of hope'. But James Edwards Jones, at RBC Capital Markets, said the results do not 'advance the investment case – positive or negative – materially'. Smith & Nephew was the best blue chip performer, up 15%, as it said revenue growth accelerated in the second quarter of 2025. The Watford-based medical devices maker said pre-tax profit jumped 43% to 362 million dollars in the half year that ended June 28 from 253 million dollars a year prior. Revenue increased 4.7% to 2.96 billion dollars in the half year from 2.83 billion dollars a year ago, including a 1.55 billion dollar contribution in the second quarter, up 7.8% from 1.44 billion dollars last year. Chief executive Deepak Nath called it a 'strong performance'. The transformation of Smith & Nephew is starting to deliver 'substantial value', Mr Nath added. In Europe on Tuesday, the CAC 40 in Paris fell 0.1%, while the DAX 40 in Frankfurt rose 0.4%. In New York, the Dow Jones Industrial Average was down 0.3%, the S&P 500 was 0.6% lower, and the Nasdaq Composite declined 0.8%. Palantir jumped 5.9% after it raised annual guidance after quarterly revenue hit one billion dollars for the first time, while drugs firm Pfizer climbed 4.5% and also raised its annual outlook after 'another strong quarter'. But Wall Street fell back overall after figures showed the US service sector slowed down in July. Wells Fargo noted the Institute for Supply Management service sector index fell to 50.1 in July from 50.8 in June, the third-lowest reading since the pandemic year of 2020, and below consensus which had expected an improvement to 51.5. TD Economics said the softer trend in ISM services is 'indicative of slowing US economic activity – a theme that we anticipate will become more entrenched in the third quarter'. 'While the Fed will have to tread carefully with ongoing signals of an uptick in price pressures ahead, growth-related concerns are likely to dominate and should get the Fed moving when it comes to easing monetary policy,' it added. The dollar was mixed after the data. The pound rose to 1.3301 dollars late on Tuesday afternoon in London, compared with 1.3287 dollars at the equities close on Monday. The euro traded at 1.1579 dollars, higher against 1.1568 dollars. Against the yen, the dollar was trading higher at 147.42 yen compared with 147.30 yen. The yield on the US 10-year Treasury was at 4.20%, trimmed from 4.22%. The yield on the US 30-year Treasury was 4.77%, narrowed from 4.81% from Monday. Data showed growth in the UK's key service sector slowed but beat expectations in July, amid an 'unfavourable global economic backdrop' while optimism improved as US tariff concerns faded. The S&P Global UK services purchasing managers' business activity index fell to 51.8 points in July from 52.8 in June, but beat the July 24 flash reading of a sharper fall to 51.2 in July. The composite PMI meanwhile eased to 51.5 in July from 52.0 in June, outperforming the 51.0 flash reading. On the FTSE 250, Northampton-based building materials provider Travis Perkins climbed 5.6% as it reported improving revenue trends at its Merchanting business, while well-received results, including strong orders, supported industrial flow control equipment manufacturer Rotork up 6.6%. Close Brothers rose a further 6.8% after the favourable motor finance ruling but Domino's Pizza was off the menu, down 18%, after it lowered its annual outlook, with 'weak' consumer confidence keeping a lid on sales growth. Brent oil was quoted lower at 68.04 dollars a barrel in London on Tuesday, down from 69.20 dollars late on Monday. Gold firmed to 3,385.82 dollars an ounce against 3,372.82 dollars. The biggest risers on the FTSE 100 were Smith & Nephew, up 177 pence at 1,331p, Fresnillo, up 86p at 1,520p, Diageo, up 89p at 1,904p, Melrose Industries, up 26.8p at 575p, and BP, up 11.4p at 417.4p. The biggest fallers on the FTSE 100 were Relx, down 90p at 3,814p, Lloyds Banking Group, down 1.8p at 80.7p, 3i, down 84p at 4,029p, Games Workshop, down 300p at 16, Experian, down 70p at 3,859p. Wednesday's local corporate calendar has half-year results from miner Glencore, insurance broker Hiscox and insurer Legal & General. The global economic calendar on Wednesday has eurozone retail sales and construction PMI readings in the UK and across Europe. Contributed by Alliance News
Android Authority
21 minutes ago
- Android Authority
For the first time in the US, Spotify is letting your family get access to this feature
Tech Team / Android Authority TL;DR Spotify is expanding its Audiobooks Plus plans to users in the US. Audiobooks Plus is an add-on that grants 15 additional hours of audiobook listening per month. Audiobooks Plus for Plan Members allows other members of your Premium Family or Duo plan to access 15 hours of listening. Through Spotify Premium, you have access to 15 hours of audiobook listening per month. While this is plenty of time for most people, it isn't enough for some to satiate their listening habits. For the audiobook listeners who love to binge and their equally voracious family members, Spotify is rolling out some add-ons that you may be interested in. Back in July, Spotify announced the launch of two add-ons for Premium members: Audiobooks Plus and Audiobooks Plus for Plan Members. However, these add-ons were initially only available to users in the UK, Australia, New Zealand, France, Belgium, the Netherlands, Luxembourg, Germany, Austria, Switzerland, and Liechtenstein. The streaming platform is now expanding access to these add-ons by bringing the US into the fold, starting today. For a quick refresher, Audiobooks Plus allows Individual, Family, or Duo account managers to tack on an additional 15 hours of listening time per month. Premium users already had the ability to purchase extra time, as needed, but this add-on provides recurring access to 15 additional hours. Meanwhile, Audiobooks Plus for Plan Members allows the other members on your Family or Duo plan to access 15 hours of monthly audiobook listening. This is the first time other members on a plan who aren't the cardholder will be able to access audiobooks. The rollout of these add-ons in the US arrives shortly after the company announced price changes to Premium subscriptions. In a blog post, Spotify revealed that the price would go up from €10,99 to €11,99. While the US was spared from the price hike, it hit multiple markets across South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific. Follow
CNBC
22 minutes ago
- CNBC
Beating analysts' estimates isn't always good enough. What that means now
Companies are trouncing expectations this earnings season, but investors are mostly turning a deaf ear. The S & P 500 is on track for earnings growth of 9% in the second quarter versus the same period a year ago, more than double the 4% that was at the start at the end of June, according to a Friday report from Goldman Sachs. Even so, the response has been middling, at best. Goldman Sachs found that the median stock whose earnings topped expectations has only outperformed the S & P 500 by 0.55 percentage point, below the historical median of 1.01 percentage points. Meanwhile, earnings disappointments have been punished more severely than in the past. The investment bank found that companies that missed earnings expectations underperformed by roughly twice the historical precedent. Shares of Amazon , for example, dropped more than 9% in two days after the online retailer reported second-quarter results that topped expectations but issued lackluster current-quarter operating income guidance. Other examples include On Semiconductor , which dropped more than 15% Monday even after posting solid results. Paltry reward "The reward for earnings beats has been paltry," Goldman's chief U.S. equity strategist David Kostin wrote. There are several potential reasons for the muted response to strong earnings. For one, much of the total index gain comes from the Magnificent Seven stocks , which as a group are responsible for year-over-year earnings growth of 26% in the second quarter. The rest of the S & P 500? Just 4%. For another, Kostin noted that analysts set an "unrealistically" low bar coming into the second quarter earnings season, fearful of the impact tariffs would have on businesses' ability to boost profits and plan for the future. Instead, a review of earnings calls thus far suggests management confidence in its ability to navigate levies, Kostin said. Still, there are those on Wall Street who worry that repeated tariff extensions will continue to weigh on the market and the economic outlook. For her part, Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said a review of second quarter earnings calls is making her cautious. "In the Wednesday press conference," after last week's Federal Reserve policy meeting, "the phrase that Chairman Powell used that really resonated with us, is that we have a 'long way to go' in understanding what the impacts of tariffs will be on inflation," Calvasina wrote in a note. "What we've been reading during earnings has also led us to believe that we have a long way to go to understanding how the recent changes in trade policy will impact demand and 2026 outlooks," she added.
