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Sector movers: Banks lead gains as strategists raise US yield forecasts

Mon, 14th Nov 2016 14:40

(ShareCast News) - Shares in banks and life insurance outfits continued to pace gains as Treasury yields kept moving higher in the States on expectations for a fiscal spending boost under the new Administration, pulling interest rates across the globe up with them. For the most part, analysts appeared to be focusing on a measured approach on the part of the new Administration as a likely scenario for policy going forward.However, there were risks should that turn out not to be the case, they admitted.There were also those who were more cautious to begin with, HSBC among them.On 11 November, rates strategists at HSBC upped their first quarter 2017 projection for the yield on the benchmark 10-year US Treasury note from 1.50% to 2.50%.Yet their end-2017 forecast was kept at 1.35%, on expectations for a slowdown in the economy if yields rose."There are now widespread expectations of tax cuts and increased spending, particularly on infrastructure, but little clarity on how such programmes will be financed. We cannot afford to wait for more detail before changing our bond yield forecasts."We are cautious about how many of Mr. Trump's pledges can be delivered, including on trade and tariffs. What we do have is analysis of the term premium, inflation expectations, and forward yields, which gives us some insight into how far the Treasury curve could reprice," HSBC's Head of Fixed Income Research, Steven Major, and Lawrence Dyer, the bank's chief US rates strategist, said in a research report dated 11 November.However, it was grocers which were doing best overall after HSBC upgraded Tesco shares from 'hold' to 'buy', hiking its target price from 195p to 250p.The pace of Tesco's recovery was increasing, meaning the company was less exposed to "whatever" ASDA did, the broker said.In a previous report HSBC had downgraded Tesco on expectations that Asda would up the ante in terms of price competition in the run-up to Christmas.The most rate-sensitive segments of the market on the other hand came under pressure as yields shifted higher.Oil producers were tracking crude futures lower as the US dollar jumped once again, propped up by the rise in Treasury yields.As of 1502 GMT, the US dollar spot index was gaining 0.93% to 100.14, while the yield on the benchmark US two-year note was up by eight basis pointgs to 1.0% - near its highest level of the year - and cable down by 1.12% to 1.2457.Top performing sectors so far todayFood & Drug Retailers 3,023.22 +2.73%Banks 3,964.80 +2.13%Life Insurance 7,413.35 +1.65%Automobiles & Parts 7,100.71 +1.37%Aerospace and Defence 4,809.91 +1.36%Bottom performing sectors so far todayElectricity 8,466.53 -2.59%Gas, Water & Multiutilities 5,723.08 -2.51%Tobacco 49,313.32 -0.95%Health Care Equipment & Services 6,671.88 -0.68%Oil & Gas Producers 7,283.93 -0.56%

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16 Feb 2017 09:53

Panmure initiates coverage of challenger banks

(ShareCast News) - Panmure Gordon initiated coverage on several challenger banks on Thursday, highlighting a preference for specialist lenders as they have avoided direct competition with large UK banks and offer high growth and returns at attractive valuations. The brokerage started Aldermore, OneS

16 Feb 2017 08:41

LONDON MARKET OPEN: Airlines Up As Cobham Suffers From Profit Warning

7 Feb 2017 11:09

Shawbrook appoints Dylan Minto as CFO

(ShareCast News) - Challenger bank Shawbrook Group has appointed Dylan Minto as chief financial officer and executive director with effect from 6 February. The specialist lending and savings bank said Minto's appointment follows an extensive market search for the best candidate following the departu

21 Dec 2016 09:25

BROKER RATINGS SUMMARY: RBC Upgrades Shawbrook To Sector Perform

21 Dec 2016 07:39

RBC Capital ups Shawbrook to 'sector perform', lifts EPS estimates

(ShareCast News) - RBC Capital Markets upgraded challenger bank Shawbrook to 'sector perform' from 'underperform' and lifted the price target to 280p from 210p as it upped its earnings forecasts. The bank noted the stock is off 26% this year versus the sector average off 2%. In addition, it pointed

13 Dec 2016 10:09

Liberum initiates coverage of challenger banks, prefers OneSavings

(ShareCast News) - Liberum initiated coverage of five challenger banks with three 'buy' recommendations and two 'hold' stances. The brokerage started OneSavings Bank, Shawbrook and Aldermore at 'buy' with price targets of 395p, 290p and 245p, respectively. It said OneSavings is making regulatory ch

14 Nov 2016 14:05

FTSE 250 movers: Greencore and banks gain while gold miners fall

(ShareCast News) - The FTSE 250 index was in positive territory, just shy of 17,500, by the late afternoon on Monday. Irish food company Greencore led the risers, gaining on the back of jump in full-year revenue and earnings, a hike in its dividend and the proposed acquisition of Peacock Foods for a

3 Nov 2016 17:55

CORRECT: LONDON MARKET CLOSE

3 Nov 2016 16:14

Director dealings: Shawbrook stand-in CFO likes what he sees

(ShareCast News) - Shawbrook Group's stand-in chief financial officer, Dylan Minto, snapped up shares in the challenger bank on Thursday after it posted a strong set of third quarter results. Minto, who was director of strategy before his temporary promotion, bought 15,000 shares at 237.74p and 5,00

3 Nov 2016 08:26

Shawbrook posts solid quarter with 'minimal' impact from Brexit

(ShareCast News) - Shawbrook Group issued its interim management statement for the nine months to 30 September on Thursday, reporting a stable net interest margin of 5.6%, with continued tailwinds expected from deposit book repricing following the Bank of England base rate cut in August 2016. The FT

26 Oct 2016 09:12

Banks' mortgage approvals rebound from low, BBA data shows

(ShareCast News) - Mortgage approvals from high street banks rebounded slightly in September, according to data from high street banks, after hitting a 19-month low in August. The British Bankers' Association (BBA) revealed mortgage approval numbers in September of 38,252, which was up from 37,241 i

25 Oct 2016 11:46

Credit Suisse sees rising risks for challengers banks Aldermore, Shawbrook

(ShareCast News) - OneSavings Bank received an upgrade but Aldermore and Shawbrook were downgraded by Credit Suisse as it warned the risks facing the UK's challenger banks were "becoming harder to ignore" heading into 2017. Following solid share price recoveries in recent months, the risk-reward for

25 Oct 2016 07:15

LONDON BRIEFING: Pound And Shares Firm Ahead Of UK Airport Decision

23 Sep 2016 08:34

RBC ups targets on specialty lenders due to UK economic resilience

(ShareCast News) - Analysts at RBC revised their price targets for UK challenger banks higher as a result of the resilience shown thus far by the economy and the support provided by the Bank of England. The broker also revised its forecasts higher for Aldermore,Close Brothers and Shawbrook. "While

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Sector movers: Banks lead gains as strategists raise US yield forecasts

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