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European stock markets slipped into the red as traders await further fiscal and economic details from Rishi, There were also reports that he might delay next week's planned fiscal statement

European stock markets slipped into the red as traders await further fiscal and economic details from Rishi, There were also reports that he might delay next week's planned fiscal statement

we released our Q3 financial results for 2022, announcing we have welcomed 44.2 million passengers in the first nine months of 2022 – an increase of 34 million compared to the first nine months of 2021.

Despite seeing a rapid growth in passengers flying through Heathrow, we remain financially loss making. We still have a long way to go and a lot of work to do before we get back to profit and pre-pandemic levels of traffic. To put this into context, our overall passenger numbers remain 15%-20% down compared to pre-COVID

Although our revenue increased to £2.1 billion, our high fixed costs to maintain, operate and finance the airport outstrip income resulting in underlying losses of £442 million.

Barclays PLC (LSE:BARC) reported third quarter pre-tax profits of £2bn, better than expected, driven by a 17% increase in income at its UK business.

Attributable profit of £1.5bn compared to £1.4bn last year while return on total equity (ROTE) improved to 12.5% from 11.4%.

sundezena
"it shouldn't jump coz oil prices are high!!"

Decent finish for the day has the oil price drop

IAG jumps as Sunak takes the reins

European air traffic management body Eurocontrol has revised down its aviation recovery forecast with a return to 2019 levels of traffic now not expected until 2025.

“We expect to see 49% more flights this year than in 2021 but still 16% fewer than in 2019.

“We’re optimistic about traffic recovering to around 92% of 2019 levels next year. But there are significant downside risks that could affect the recovery.”

https://travelweekly.co.uk/news/air/european-air-traffic-recovery-pushed-back-to-2025

BA pilot's union agreed a 4% pay rise with union last week

BlytheRay (@BlytheRayPR) tweeted at 10:39 am on Mon, Oct 24, 2022:
(1/3) ??Today @AlienMetals announced an update on its wholly-owned subsidiary Iron Ore Company of Australia (IOCA) and its progress on the Han**** #Iron Ore Project (Han****). Read the announcement here ?? https://t.co/cBdYjz2E7d
(https://twitter.com/BlytheRayPR/status/1584479801372725249?t=OPg6L7aR-k02q9jLq2huBA&s=03)

ALIEN METALS (@AlienMetals) tweeted at 8:56 am on Tue, Oct 25, 2022:
#UFO working on rehabilitation of drill pads at Han**** as part of ESG best practice! https://t.co/YQyavXmHwz
(https://twitter.com/AlienMetals/status/1584816239264030721?t=UW0mX1zDnNh4jJZQ9ZGVbg&s=03)

HSBC’s profits plunged over 40 per cent in the third quarter of the year as it was hit by rising loan losses and hefty charges relating to the sale of its French retail business.

Reported pretax profits at the bank plunged to $3.15bn for the three months to September 30th, down from $5.4bn last year, as it incurred an impairment charge of $2.4bn relating to the sale of the French division, alongside a net charge for expected credit losses and other credit impairment charges.

Whitbread is back in the black after posting a £307.4m profit before tax, in better than expected first half results.

The firm said it had not seen its pub business return to pre-pandemic levels just yet. Last year, it posted 19.3m loss.

Total revenues shot up 25 per cent compared to the first half of 2020, before the pandemic, with sales reaching £1.35bn.

UBS on Tuesday reported a net income of $1.7 billion for the third quarter of this year, slightly above analyst expectations, with the Swiss bank citing a challenging environment

FTSE 100 set to open slightly higher on Tuesday following further strong gains in the US and as Rishi Sunak prepares to be officially appointed as prime minister.

Spread betting companies are calling London’s blue chip index up by around 11 points.

House prices in major British cities up by +9.2% since the start of the year
Areas surrounding those cities increased by +7.9% over the same period
Signs the ‘race for space’ has eased as demand increased in urban areas
Pace of house price inflation expected to slow following period of rapid growth

https://www.lloydsbankinggroup.com/media/press-releases/2022/halifax/cities-have-driven-house-price-growth-this-year-as-demand-slowed-in-the-suburbs.html

Saudi Arabia is reportedly in talks with EU plane manufacturer Airbus for the purchase of around 40 A350.

Industry sources told Reuters the order would stand at $12bn (£10.6bn) and could be announced as early as this week.

Confidence in aviation has come back in full force, as the majority of global travellers feel safe flying again.

Figures from Inmarsat’s latest passenger experience survey, which was published today, show that 83 per cent of world passengers are optimistic about air travel.

This is 73 per cent up on last year’s levels.

https://www.cityam.com/aviation-back-in-full-force-as-world-passengers-feel-confident-flying-again/

Britain's GDP looks certain to fall in the fourth quarter, indicating the country is already in recession, according to S&P Global PMI figures

https://uk.finance.yahoo.com/news/uk-economy-recession-downturn-095539853.html

Dr John Glen, CIPS Chief Economist said:

“No great surprise seeing the manufacturing and services
sectors backsliding again in October given the jangled
nerves amongst cash-strapped businesses facing a
faltering economy, political turmoil and historically high
input costs. These challenges have spooked consumers
and businesses alike into the biggest fall in demand for
goods and services since January 2021, from both
domestic and overseas markets.
UK goods producers were most affected by this dry up in
demand with 37% of supply chain managers reporting
lower order levels in October. The weak pound did little to
encourage orders from overseas as exports fell to the
greatest extent since March 2020. Without a strong
pipeline of new work the manufacturing sector pressed
pause on post-pandemic capacity building with 16% of
firms making redundancies to save on business costs
which was the first month of job losses since December
2020.
The service sector saw its first decline in activity since
February 2021. Concerns over rising energy and food bills
affected consumer appetite for pubs and restaurants and
demand was scaled back.
These gloomy results confirm the UK’s economic
recessionary status in the last quarter of the year, not least
as business activity expectations fell by the largest amount
since March 2020 when the impact of the pandemic first
hit UK shores.”

UK economic downturn worsens in October as service sector records
fastest decline in activity since January 2021
Key findings:
Flash UK PMI Composite Output Index(1)at 47.2 (Sep:
49.1). 21-month low.
Flash UK Services PMI Business Activity Index(2) at
47.5 (Sep: 50.0). 21-month low.
Flash UK Manufacturing Output Index(3) at 45.6
(Sep: 44.2). 3-month high.
Flash UK Manufacturing PMI(4) at 45.8 (Sep: 48.4).
29-month low.
Data were collected 12-20 October
S&P Global / CIPS Flash UK PMI Composite Output Index