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Lloyds Banking Group PLC (LSE:LLOY) is top of the fallers, down 1.0% after a report in the Financial Times that it was one of two UK’s banks used by Iran to covertly move money around the world as part of a vast sanctions-evasion scheme backed by Tehran’s intelligence services
Looking like it's another year Lloyds trading in the 40p price range crap share
The FTSE 100 is expected to open lower after the chair of the US Federal Reserve poured cold water on hopes for a cut in interest rates in March as they left interest rates unchanged.
Spread betting companies are calling London’s lead index down by around 26 points
The FTSE 100 is expected to open marginally higher on Wednesday as the market awaits the interest rate decision and commentary from the US Federal Reserve.
Spread betting companies are calling London's blue-chip index up by around 10 points
Business confidence has reached its highest level since February 2022, as firms bet that falling inflation and interest rate cuts will boost the economy.
Overall confidence rose in the Lloyds Business Barometer, which measures businesses’ confidence by assessing their trading prospects and optimism in the economy, rose to 44 per cent in January, up nine points from last month.
Hann-Ju Ho, senior economist at Lloyds, noted this had been the strongest start to a year since January 2016.
https://www.cityam.com/business-confidence-bounces-back-in-january-to-two-year-high/
Next week the Bank of England will meet for the first time this year for its latest decision on interest rates.
It is all but certain that interest rates – which stand at a post-financial crisis high of 5.25 per cent – will be left on hold for now, but looking further into the year there is more debate.
Markets are convinced that a rate cut is coming, likely in the first half of this year.
https://www.cityam.com/six-graphs-that-explain-the-uk-economy-ahead-of-bank-of-englands-interest-rate-decision/
There has been a big data drop in the US with economic growth figures stronger than expected, powered by consumer spending.
GDP rose at a 3.3% annualised rate, according to the government’s preliminary estimate, ahead of market forecasts of 2.0% growth.
Thirteen years of rock-bottom interest rates made it very hard for the sector to make profits, but the need to quell inflation with higher interest rates means the last two years have delivered a dramatic turnaround.
‘Bank investors are reaping the dividends of this reversal and we expect them to see even larger payouts in 2024
https://www.google.com/amp/s/www.thisismoney.co.uk/money/markets/article-13001421/amp/Higher-rates-push-banks-pay-dividends-sector.html
The banking sector’s strong performance was driven by Asia-focused giant HSBC, which awarded £8.4bn over the course of last year – nearly double the £4.4bn it paid in 2022.
HSBC resumed its quarterly dividends after suspending them during the Covid-19 pandemic and reasserted itself as the UK’s top dividend payer – last holding the title in 2008.
It has promised a $4bn (£3.1bn) special dividend from the sale of its Canadian business to RBC, which received government approval last month.
Banks’ profits were boosted by the Bank of England hiking interest rates 14 times in a row until last September, giving them scope for much larger dividends.