Spreadex Market Update
Lloyds impresses investors on quiet end to the week
Despite still being relatively sluggish, the fact that Chinese manufacturing came in on target was a boost for copper, which reached $2.88 per pound this morning after a big surge on Thursday. This allowed stocks like Rio Tinto and Anglo American to push forth with gains after the bell. The UK has its own manufacturing data to deal with later this morning; this figure has only been making marginal progress in the last 2 months, with forecasts suggesting a mere 0.2 increase from March’s 54.4. If accurate, it might not be the boost the FTSE needs to recover the 150 points it has lost this week.
After the dollar took back a significant portion of this week’s losses against the pound, sterling is looking rather meek against the greenback this morning. The election is now less than a week away, and whilst the pound has dealt rather admirably with the looming uncertainty, as the finish line appears on the horizon some more regular wobbles may begin to appear.
Lloyds Banking Group saw statutory profits fall by 11% to £1.2 billion, with £660 million in losses from the TSB sale. However, with Lloyds expressing its intention to completely rid itself of its spin-off, and a 21% increase in underlying pre-tax profits it was a rather successful first quarter for the banking group. Perhaps most importantly, Lloyds, unlike Barclays, didn’t reveal any more provisions to cover the PPI scandal, a sign that carried a lot of sway with investors who pushed the bank up over 3% after the bell.
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