WOS.L Share News (WOS)

An improving US economy drove revenues and profits higher at homebuilders' merchant Wolseley over the last half year. The London-listed outfit derived three-quarters of its profits from the States. Significantly, its stock trades on about 18 times' earnings, versus approximately 22 times profit forecasts at US sector peers Home Depot and Lowe's.Unfortunately, buying into its shares will also get you exposure to the UK. Its home market accounts for 15% of revenues, despite which profits from Britain dropped by 10%. Furthermore, a £245m goodwill write-down on a 2006 acquisition in Scandinavia pushed the company into a full-year net loss for 2014.As well, buying Wolseley instead of its American rivals should be done if you think those firms' shares cannot go much further while the UK company's European operations are turning a corner. That might help to close the valuation gap. "But the economic data that would justify that decision look far from certain, writes The Financial Times's Lex column. The slowdown in Asian economic growth put the brakes on profits at Standard Chartered. The combination of doubts over its loan book, which is heavily exposed to Asian commodity producers, and rising wages in developing countries, led to a sharp decline in the share price. That came on the heels of a decade of growth. As investors grew more vocal on the need for wielding the axe and markets began to press for a capital raise, chief executive Peter Sands and chairman Sir John Peace were forced to leave.Now that the lender has acted to cut its risk exposure and reduce costs its share price has duly jumped. Nonetheless, the risk continues to exist that the incoming boss, Bill Winters, might go for a "kitchen-sinking exercise". That is how traders refer to the penchant for new management teams to get all the bad news out of the way at the start of their reigns. Certainly, there is a long list of potential skeletons in the closet.As well, the move by the purportedly business friendly Chancellor to increase the levy on banks seems to indicate that the pressure on the sector is likely to increase after the elections, regardless of who is the winner.With the new boss now due to take the helm there is still too much uncertainty around the bank to recommend buying the shares, writes The Daily Telegraph's Questor column.