Spreadex Market Update
Shell and Barclays push FTSE into the red after dismal third quarter results
The FTSE dealt with the brunt of the earnings bad news, slipping by around 60 points at the open. Helping drag the commodity sector as a whole further into the red was Shell; announcing its third quarter results less than 48 hours after revealing its latest ($2 billion) write-down in relation to its failed Carmon Creek project, the oil giant slipped to a $6.1 billion loss after the cost of ending multiple long term projects added up to a whopping $8.2 billion. This pushed Shell nearly 2% lower after the bell, worsening the situation in an already loss-loving sector.
If Shell helped harm the UK commodity stocks, then Barclays played its part in damaging the majority of the banking sector this Thursday. Coming a day after the announcement of new CEO Jes Staley, the bank revealed a 10% decline in its Q3 adjusted pre-tax profit to £1.43 billion (missing analysts’ forecasts) alongside a £0.3 billion dip in revenue to £6.1 billion. This lead Barclays around 3.5% lower, dragging RBS and Lloyds into the muck in the process.
The Eurozone indices were only marginally better than the FTSE this morning; the CAC dropped by around 10 points, whilst the DAX soon gave up its nascent (and barely perceptible) gains. Adding to the negative atmosphere this Thursday was a fresh piece of worrying data from Spain, with the country’s latest inflation figure falling to a worse than expected -0.7% (a number that admittedly was better than the -0.9% seen last month).
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