U.S. Earnings Figures Fail to Inspire Investors
The eagerly awaited earnings figures from JPMorgan Chase & Co., the second largest bank in the U.S., duly arrived on Friday morning. The bank reported fourth-quarter profits of $0.74 per share, compared with market expectations of $0.61 per share, which amounted to $3.3 billion in total compared with $702 million in the same period last year. The New York based bank did, however, miss its revenue target and reaction to the figures was muted. Shortly after midday, the FTSE 100 index was down 10.20 points at 5,488.00.
Dominic Turner
shareprices.com - Friday, January 15, 2010
The U.S. Dollar was stronger against the Euro trading at a little over €0.69 and there were losses in the mining sector as a result. Kazakhyms down 20p, or 1.3%, at 1,430p and Vedanta Resources down 55p, or 1.98%, to 2,719p, were the worst performers in the sector but Ferrexpo was up 11.10p, or 4.84%, to 240.50p after reporting its highest production figures of the year in the fourth quarter.
Banking stocks were lower, on the whole, with Barclays, Lloyds Banking Group and HSBC all down by between 0.2% and 1.5%. Royal Bank of Scotland(RBS), however, bucked the general trend rising 1.33p, or 3.69%, to 37.33p. Hedge fund manager Man Group was sharply lower, down 20.10p, or 6.39%, to 294.60p after reporting a 4% drop in funds under management in the third quarter. Pharmaceutical stocks too were lower with GlaxoSmithKline down 25p, or 1.9%, to 1,258p, after Belgium joined Germany earlier in the week by cutting its order for swine flu vaccine by more than 30%.
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News
- FTSE drops as Greek concerns escalate
24 May 2012 - FTSE climbs as EU summit approaches
22 May 2012 - FTSE climbs as markets calm
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