• UK stock market morning note (May 01, 2015)

    The FTSE 100 is called to open lower this morning following the performances on Wall Street and in Asia with overnight data out of China showing that the manufacturing PMI came in flat at 50.1 and Greece and Ukraine also in focus with some European markets and China now on a Bank Holiday. The economic diary today also sees the release of domestic manufacturing PMI data, US ISM manufacturing PMI figures and the revised University of Michigan consumer sentiment index. Commodity prices are mixed and on the foreign exchanges, the dollar is slightly lower against the pound and euro but better against the yen ahead of these data releases. It is a quieter end to the week for major corporate news.


    Company Announcements

    Lloyds Banking Group

    Q1 Results sees underlying profit up 21% on the same time a year ago at £2.17bn with total income ahead 3% at £4.6bn and the impairment charge fall 59% to £177m. PBT and the sale of TSB rose 37% to £1.87bn and loss relating to the TSB sale of £660m with the reported statutory PBT declining 11% to £1.21bn. It noted reconfirmed or improved guidance for 2015 and now expects net interest margin for the year to exceed original guidance of around 2.55%, other income to be broadly stable, full year asset quality is now expected to be around 25 bps (previously c. 30 bps) and the cost to income ratio is targeted to be lower than the 2014 ratio of 49.8%, adding that it was well positioned for further progress in 2015.

    Contributed by SVS Securities
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