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Lloyds Bank remains the pick of the UK banks at Citibank, though it admits the benefits of higher interest rates have yet to prove the boon it expected.

In fact, it says for much of the year higher interest rates have been regarded as negative, as illustrated by the inverse correlation between share prices and base rates.

“This has been a function of a higher cost of equity, slowing economic output (although this has proved more resilient than initially expected) and rising deposit betas.“

But with interest rates close to peaking and “cuts probable” from mid-2024, past experience suggests with bank stocks so heavily derated better than expected returns might spark a revival over time.

In order of preference, Citi ranks the banks Lloyds, HSBC, NatWest, and Barclays which are all buys, with Virgin Money a weaker buy and Standard Chartered at neutral.

https://www.proactiveinvestors.co.uk/companies/news/1029854/lloyds-bank-still-a-favourite-for-citibank-though-sector-has-disappointed-1029854.html

The UK avoid a recession, economy to grow 0.6% in 2023, up from the 0.4% growth projected in July’s Summer Forecast

Trading at a discount

Prior to the pandemic, Lloyds shares were frequently hovering around the 60p mark. The stock has not reached that high in the years since. And I find this particularly interesting.

After all, at the time, the UK had already voted for Brexit — a risk factor that kept the stock depressed for a while — and interest rates were near zero to stimulate growth.

Lloyds was also less profitable than it is today. The bank delivered £4.2bn in profit before tax in 2019 versus £6.9bn last year. So, why are Lloyds shares trading at a discount versus their pre-pandemic levels?

https://www.fool.co.uk/2023/10/15/when-will-lloyds-shares-hit-60p-again/

Following the Formula 1 Qatar Grand Prix, the Official Medical Car of Formula 1, DBX707, and Official Safety Car of Formula 1, Vantage, will be on display at Alfardan Luxury Motors showroom in Alfardan Towers, West Bay.F1 enthusiasts will have the opportunity to get up close and personal with the revered Aston Martin Racing Green models until October 21."Formula 1 is a key pillar for Aston Martin

https://www.google.com/amp/s/www.gulf-times.com/article/670065/qatar/official-f1-aston-martin-safety-medical-cars-on-display-at-alfardan-luxury-motors/amp

RnR

Are you saying the press have the reported it wrong always do your own research

https://thesportsrush.com/f1-news-guanyu-zhou-could-get-f1-career-boost-as-chinese-group-with-60-billion-revenue-set-to-intensify-its-aston-martin-takeover/

Q3 results out end of month it's looking like markets will reprice Lloyds

60p end of year

US banks Wells Fargo, Citi and JP Morgan continue to benefit from higher interest rates

US banks are still feeling a healthy tailwind from higher interest rates as some of the nation’s largest lenders bumped up their guidance for the remainder of the year.

In results covering the three months to September, Wells Fargo, Citi and JP Morgan reported that net interest income – the difference between what banks pay out and earn on interest payments – climbed ever higher.

At Wells Fargo net interest income climbed eight per cent on last year to $13.1bn. The bank now expects to make around 16 per cent more in interest income than it did last year. It previously guided for a 14 per cent income boost.

Combined with a drop in expenses, higher interest income helped profit at Wells Fargo to climb over 60 per cent to $5.8bn.

“Our revenue growth from a year ago included both higher net interest income and noninterest income

as we benefited from higher rates and the investments we are making in our businesses,” boss Charlie Scharf said.

Citi also performed better than expected, with revenue in the quarter climbing to over $20bn – compared to $18.5bn last year – partly on the back of higher interest rates.

The bank cited strong net interest income growth in its investment banking and personal banking divisions.

JP Morgan meanwhile reported a 30 per cent increase in net interest income. Across the year as a whole JP Morgan expects net interest income of $88.5bn, up from previous guidance of around $87bn.

https://www.cityam.com/us-banks-wells-fargo-citi-and-jp-morgan-continue-to-benefit-from-higher-interest-rates/

Geeky Holdings, the Chinese company linked to take over the Aston Martin F1 team from Lawrence Stroll’s Yew Tree Holdings has recorded a $60 billion revenue in 2023. Now, F1 expert Joe Saward, in his recent Notebook, has come out with a new revelation where he mentioned the safe future of Guanyu Zhou.

ALIEN METALS (@AlienMetals) posted at 10:21 am on Fri, Oct 13, 2023:

The West Australian mentions that leading Australian stockbroker Morgans reports the bright future ahead for our iron ore miners, as Chinese steelmakers keep their iron ore stockpiles at multi-year lows.

Read here: https://t.co/c5GH0nQ4OS

#alienmetals #Ironore #mining #UFO

(https://x.com/AlienMetals/status/1712760479909585188?t=9ZgV0c1IwSIxMvcVFJGD2Q&s=03)

Https://www.proactiveinvestors.co.uk/companies/news/1029160/big-us-banks-earnings-season-starts-friday-analysts-are-wary-1029160.html

Geely

The Geely Group is a gobbler of brands. The company owns, among others, Geely Auto, Geometry, Volvo Car, Polestar, Zeekr, Lynk & Co, Proton, and recently British sports car maker Lotus. In addition, Geely has a 50% stake in the 'new' Smart and almost 10% in Daimler AG (the owner of Mercedes-Benz). And I haven't even mentioned the many interests in commercial vehicles, aerospace, software, and much more.

https://www.google.com/amp/s/www.gpblog.com/en/amp/242779/rumour-geely-wants-to-take-over-aston-martin-altogether-zhou-alongside-alonso.html

The FTSE 100 is expected to start on the back foot on Friday after strong US inflation figures put a US rate hike back on the table, and after weak trade data from China.

Spread betting companies are calling London’s lead index down by around 25 points

Https://www.dailysportscar.com/2023/10/12/first-pictures-of-the-2024-aston-martin-vantage-gt3.html

The UK economy showed modest growth in August after a sharp fall in July, figures just released showed.

Data from the Office for National Statistics showed monthly real gross domestic product (GDP) rose 0.2% in August, following a fall of 0.6% in July, revised down from a 0.5% fall.

Looking at the broader picture, GDP increased by 0.3% in the three months to August, with growth in all sectors.

The FTSE 100 is expected to open higher on Thursday after US markets rose after the latest FOMC minutes and Asian markets made strong gains.

Spread betting companies are calling London’s lead index up by around 35 points

Heathrow Airport’s passenger numbers surpassed pre-pandemic levels for the first time in September, marking a major milestone in the hub’s road to recovery.

Over seven million passengers passed through the UK’s biggest hub in September, up 22 per cent year-on-year and ahead of its 2019 equivalent.

https://www.cityam.com/heathrow-finally-breaks-post-pandemic-record-as-chief-steps-down/

""Jefferies think the lender could surprise the market with a £500 million share buy-back""

Charlie Nunn and the Lloyds executives are abusing there position again with another buyback program to hit bonus targets by boosting short term EPS the bigger criticism is that they represent an unimaginative use of capital by the boards that have run out of ideas on product innovation mergers or acquisitions 🤦📉

According to the IMF's latest forecast which it produces every six months, it expects the UK to grow more quickly than Germany in 2023, keeping the UK out of bottom place for growth among the G7.

But it downgraded the UK's prospects for growth next year, estimating the economy will grow by 0.6%, making it the slowest growing developed country in 2024 - widely predicted to be a general election year.

The IMF says the UK's immediate prospects are being weighed down by the need to keep interest rates high to control inflation, which has been falling but remains stubbornly above target.

https://www.google.com/amp/s/www.bbc.co.uk/news/business-67056069.amp

Jefferies raises Lloyds price target to 80 (77) pence - 'buy'

Troy Whittaker, Chief Executive Officer commented:

"The Company and its Board would like to thank the PKKP Aboriginal Corporation and its Board of PKKP Directors for their support in execution of the HPA.

"The Vivash Gorge prospect is an important part of the Company's strategy to develop and expand its Iron Ore operations in the Pilbara Region, Western Australia. Execution of this HPA allows the Company to unlock this strategic tenement that sits within close proximity to proven large scale production mines like Fortescue's Eliwana and Rio Tinto's Brockman 4."