Live Markets: Europe set for cautious start, HSBC misses

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21/02/2024 07:49

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    EUROPE SET FOR CAUTIOUS START, HSBC MISSES 
    European shares were set for a cautious start on Wednesday, helped by gains in China and
with all eyes on whether AI-boom favourite Nvidia  NVDA.O  will be able to meet high-running
expectations when it releases results after the U.S. close.    
    EuroSTOXX50  STXEc1  and FTSE  FFIc1  futures were up 0.1% and flat, respectively, while S&P
500  ESc1  contracts eased slightly following a lower close on Wall Street the day before. 
    In corporate news, HSBC  HSBA.L  reported a record annual profit that nonetheless came in
below analysts' forecasts, as the income boost from higher interest rates was offset by a hefty
$3 billion charge from its stake in a Chinese bank. Shares in the banking heavyweight were
expected to fall over 3% in London, tracking losses in Hong Kong.
    Miners were also on the watchlist. 
    Glencore  GLEN.L  said lower commodity prices halved its 2023 earnings, and slashed its
payout to investors, as the company saves to fund the acquisition of a 77% stake in Teck
Resources' metallurgical coal business.
    Rio Tinto's  RIO.L  earnings met expectations, as production gains in its iron ore business
countered weaker prices in aluminium. The company warned it still faced rising costs.    
    Eyes were also on Saint-Gobain  SGOB.PA . Bloomberg reported the French construction
materials group is in initial talks to acquire Australian building materials firm CSR Ltd
 CSR.AX .
    Coffee company DE Peet's  JDEP.AS  forecast 2024 organic sales growth at the low end of its
mid-term target after it posted surprise growth in last year's earnings.    
    
    
    (Danilo Masoni)
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