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Banking on a profit?

This week saw the major US banking groups report their profits for the latest quarter. There could be some read-across for the UK Banks, who report their figures later this month/early next.

What is the relevance of these quarterly results for your investments?

Well, firstly this will be the last set of results for Lloyds before the cut off for PPI claims. Many believe this is what has been holding the bank back. At time of writing Lloyds closed the day at 57.48p, a whole 14p below the broker consensus on the bank. Lloyds is due to report half year results on 31st July.

Barclays, another blue chip bank who have seen their share price suppressed from levels almost 30% below levels Barclays were trading at in 2018! Not even two years ago, bare in mind, there was no Brexit clarity then either! Allow me to pose you a question, what is holding Barclays back? 1st August, Barclays are due to report half yearly results.

Another major UK listed bank, Royal Bank of Scotland (RBS) is currently trading 70p under 2018 highs…or 22% lower! What has been holding this FTSE stalwart back? The concern of a labour led government and the potential of a break up of the bank? By the day, do you believe this is looking more or less likely? If you think Jeremy Corbyn becoming the next prime minister is unlikely? Is now the time to make your play? Results: 2 Aug

Or do you look further afield? A bank that is less dependant on the outcome of Brexit? Less sensitive to what happens on these shores? HSBC “the worlds global bank” is trading at 662p, 17% below where it was trading when 2018 highs were made. Results: 5 Aug.

The FTSE 100 has rallied 1000 points from its lows of this year, are the banks due to play catch up?

If you trade the Banks (or Miners, Retails or Housebuilders), all have potential to deliver big share price moves when they report quarterly results. To make sure you are aware of broker previews about what to expect (revenues, profits, growth outlook), as well as actionable trade ideas daily, make sure you sign up to our Research Gold Pass.

Enjoy your weekend.

Chris Peters, Senior Trader, 19 July 2019

 

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.


Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance.

Prepared by Michael van Dulken, Head of Research

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