Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. HSBC to book $1.1bn provision in Q3 numbers
Banking giant HSBC LON:HSBA has this morning announced that it will recognise a $1.1bn provision in its Q3 results regarding an ongoing legal dispute. Whilst still unresolved, the tone has evidently changed and the move will impact the CET1 capital ratio by 15 bass points. It won’t however impact RoTE, but the note adds that the final monetary liability could still be significantly different.
2. Grainger finds upside in UK rent reform measures
Property company Grainger LON:GRI has today acknowledged the Renters’ Rights Bill which is expected to be passed into law at some point next year. The company has a portfolio of 11,000 rental homes in the UK and flags the fact that rents will remain aligned with open market values. Critically the fact that rent controls will not be imposed is seen as a positive by the business.
3. Greencore’s bid for Bakkavor largely passes CMA’s first inspection
The Competition and Markets Authority has concluded its first round review of the takeover by Greencore LON:GNC of Bakkavor Group and notes that there are no competition concerns in the vast majority of instanced. The market for own label chilled sauces has however been highlighted but given this only represents a tiny percentage of revenues, it’s unlikely to have any material impact on the deal.
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This article does not constitute investment advice. Do your own research or consult a professional advisor.
