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The FTSE 100 is expected to make steady progress when it opens on Tuesday as investors digest the takeover of First Republic Bank (NYSE:FRC), results from HSBC and a surprise increase in interest rates in Australia.

Spread betting companies are calling London’s lead index down up by around 19 points.

Food prices increased by a record annual rate of 15.7% last month as pressure continues to mount on household finances.

(Bloomberg) -- HSBC Holdings Plc will buy back as much as $2 billion of stock as the Asia-focused lender announced a fresh plan to return money to shareholders after reporting first-quarter results that beat estimates.

The London-headquartered bank will also resume paying quarterly dividends for the first time since 2019, stepping up capital returns as it faces mounting pressure from one of its largest investors to boost profitability. Pretax profit tripled to $12.89 billion, beating an estimate of $8.64 billion. The jump was partially driven by a reversal of an impairment linked to the delayed sale of its French retail arm and the booking of a gain from its purchase of Silicon Valley Bank’s UK busines

https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/hsbc-announces-2-billion-buyback-044854530.html

Iron ore down another -2.78%

CEO Luis Gallego said of the results, that “2022 was a year of strong recovery, driven by sustained leisure demand and markets reopening. At this point of the year we continue to see robust forward-bookings, while also remaining conscious of global macro-economic uncertainties.”

https://www.cityam.com/iag-is-this-the-week-that-british-airways-owners-share-price-takes-off/

First up is Aston Martin Lagonda and its quarterly numbers on 3 May should confirm things the improvement being flagged by a rebounding share price.

Shares in the market are 242p currently having risen 150% in the last six months

https://www.proactiveinvestors.co.uk/companies/news/1013657/luxury-car-makers-cruise-in-sixth-gear-as-demand-booms-1013657.html

Around 20 minutes after the New York market open, the Dow Jones Industrials Average was 24 points, or 0.1% higher at 33,850, while the broader S&P 500 was also up 0.1%, but the tech-laden Nasdaq Composite shed 0.1%.

The Federal Reserve’s preferred measure of inflation, the core personal consumption expenditures (PCE) which removes the more volatile food and groceries components, cooled less than expected in March to a 0.3% increase month-over-month and 4.6% over the last year. The Street had been expecting an annualized reading of 4.5%.

“The data comes after GDP data yesterday showed that the US economy grew at a slower pace than expected in 1Q and after data earlier in the week, which showed that US consumer confidence fell to a nine-month low, raising fears that the US economy could fall into recession later this year,”

The Pound to Dollar exchange rate rallied to retest one-year highs in the final session of the week after official data suggested the Federal Reserve (Fed) is nearing dry land in its battle against U.S. inflation, stoking uncertainty about next Wednesday's interest rate decision.

https://www.google.com/amp/s/www.poundsterlinglive.com/usd/18606-pound-to-dollar-rate-rallies-after-u-s-data-shows-fed-nearing-dry-land/amp

Britain’s stock market is supposedly booming. The FTSE 100 was the best-performing major stock index of 2022, and hit an all-time high of over 8,000 points this year – yet investors could not be in more of a rush to escape the UK.

Investors pulled £747m out of UK-focused equity funds in March, which was the 22nd month in a row that the sector recorded outflows, according to the funds network Calastone.

The data makes it clear that investors were actively shunning UK equities in favour of global funds. Since December 2020, investors have added £23bn into global funds, and taken £12bn out of the UK.

Edward Glyn of Calastone said the relentless outflows may seem “surprising” given the UK stock market’s relatively strong performance of late.

However, he said, “a period of strong performance by UK equities, after years missing out on the global bull market has clearly provided an opportunity to cash out”.

In recent years, the UK has become the outcast of global stock markets.

https://www.telegraph.co.uk/investing/news/how-the-uk-became-uninvestable/

British Airways owner International Airlines Group or IAG reports first-quarter numbers next Friday and expectations are high.

Recent updates from rivals easyJet, Jet2 and TUI have come in well above forecasts and while IAG is much more international, it will be a major surprise if it is not equally upbeat.

In March, Deutsche Bank upgraded IAG because the outlook for the sector had "materially improved".

In a note on the flagship carriers, analyst Jamie Rowbotham said it had upgraded even though he had been prudent on yields, non-fuel unit costs and on oil, which has since fallen further.

"We nonetheless see the potential for operating profits in 2023 to now be more than 20% higher than we previously envisaged."

IAG swung back into the black in 2022 and for this quarter has predicted an operating loss of around €200mln in what is normally its quietest quarter.

Capacity was also predicted to be around 96% of pre-pandemic levels, but rivals have been ahead of their capacity forecasts and if that pattern has been repeated at IAG, the results will reflect that.

Full-year 2023 operating profit, before exceptional items, is seen in the range of €1.8bn to €2.3bn, with most of the improvement over 2022 in the first half of the year.

“We are transforming our businesses, with the intention of returning IAG to pre-COVID levels of profit within the next few years, through major initiatives to improve customer experience and operational performance,” said Luis Gallego, IAG chief executive in the results statement.

One thing to watch for is debt, which was a hefty €10.4bn at the end of December but if things are going as swimmingly as rivals suggest, should be on the way down.

NatWest down 6%

NatWest Group PLC (LSE:NWG) reported strong growth in revenue and profit in the first quarter but said deposits had fallen as competition hots up.

The FTSE 100-listed lender described the performance as “strong” with operating profit before tax of £1.82bn, up from £1.22bn a year ago, and ahead of City forecasts of £1.6bn.

Chief executive Alison Rose commented: "NatWest Group's strong performance in Q1 2023 is underpinned by our robust balance sheet, our high levels of capital and liquidity and our well-diversified loan book.”

Total income jumped 37.2% to £1.04bn, reflecting the impact of volume growth and yield curve movements.

The high street bank continued to benefit from a rise in net interest margin, which climbed 7 basis points (bps) quarter-on-quarter to 3.27%, while the return on tangible equity was 19.8%, nearly double last year’s 11.3%, but down from 20.6% in the fourth quarter.

It said guidance for current financial year remained unchanged.

But customer deposits reduced by £11.1bn, or 2.6%, in the quarter, reflecting around £8bn higher customer tax payments, competition for deposits and an overall market liquidity contraction.

Lending to customers edged higher by 1.6% to £352.4bn, reflecting £3.9bn of mortgage growth in Retail Banking and a £1.6bn increase in Commercial & Institutional.

The CET1 ratio improved 20 bps to 14.4% while operating expenses jumped 12.5% due to higher staff costs and the exit from the Republic of Ireland.

A bad debt provision of £70mln was made but the bank said levels of default remain stable at low levels

Lloyds Banking Group has told staff carrying out hybrid working that they will have to spend at least two days a week in the office, with “card swipe data” used to monitor their return.

The bank’s decision to change its policy for staff working from home and office was announced in a note from chief executive Charlie Nunn on Thursday seen by the Financial Times.

https://www.ft.com/content/74ecf77e-df73-4d43-9bfe-153ec3a3f025

Paul Gordon, Managing Director for Relationship Management, Lloyds Bank Business & Commercial Banking, said:

“It is great to see business confidence continuing to increase, hitting a near one year high. Hiring intentions have also shown improvement since the start of the year, now sitting significantly higher than pre-lockdown levels. This is an encouraging sign of investment intent but that could be tempered by wage inflation pressures and a hot employment market.

Improving confidence levels will help give businesses a boost ahead of the King’s Coronation and as we head towards summer but, with majority of businesses also intending to raise their prices, this may add to existing inflationary pressures. Businesses may need to keep an eye on margins to help meet consumer expectations and we remain by their side to support them.”

Hann-Ju Ho, Senior Economist Lloyds Bank Commercial Banking, said:

“The recent increases in business confidence indicate that the economy entered the second quarter of 2023 with positive momentum.

“The revival in the demand for labour, which improved for the fifth consecutive month, may account for the modest uptick in wage expectations for the next twelve months.

“While firms’ concerns on overall cost pressures have eased, there is little evidence that pricing expectations have declined which may impact wider pricing decisions for the remainder of 2023.”

The Lloyds Bank Business Barometer for April shows:

Business confidence reached 33%, the highest since May 2022.

Overall economic optimism also increased to 28% - a near one-year high.

Anticipated staffing levels rose for a fifth consecutive month, with 47% of businesses looking to increase their workforce.

Pay growth hit a seven-month high, with 27% of businesses anticipating a wage increase of at least 3%.

However, three-fifths (61%) of businesses intend to raise their prices in the coming year.

https://www.lloydsbankinggroup.com/media/press-releases/2023/lloyds-bank-2023/april-2023-business-barometer.html

The FTSE 100 is seen opening higher on Friday after US stocks motored ahead shrugging aside news of a slowdown in the US economy.

Spread betting companies are calling London’s lead index up by around 30 points

UK car production rose six per cent in the first three months of 2023 thanks to the easing of semiconductor shortages, though concerns remain as production continues to lag pre-pandemic levels.

According to figures from the Society of Motor Manufacturers and Traders (SMMT), production rose to 219,887 units, with factories producing 12,540 units more than in the same quarter last year.

https://www.cityam.com/chip-crisis-all-but-over-as-uk-car-production-accelerates/

ASTON MARTIN INTENSIFIES RACING. GREEN. SUSTAINABILITY STRATEGY, ACHIEVING CARBON NEUTRAL MANUFACTURING

https://www.astonmartinlagonda.com/news/2023/4/27/aston-martin-intensifies-racing-green-sustainability-strategy-achieving-carbon-neutral-manufacturing

Any interview will be a load of bull__it, they won't say the reason for Rod moving on got to be some major problems going on in background no company changes management like this one, Rod wasn't planning to be here 5 minutes