Introduction: Ofcom warns broadcasters to be impartial ahead of election, Lloyds profits fall by 28% – Business Live
good morning. Welcome to our regular coverage of business, financial markets and the global economy.
The UK media regulator Alert broadcast station This is to maintain fairness in the run-up to the general election later this year. Ofcom also announced new tougher rules on using politicians as presenters after repeated breaches of its guidelines, but stopped short of an outright ban as it said this was not what people wanted. .
Christina Nicotti SquiresOfcom’s Broadcasting and Media Group Director, said:
It is clear that people expect broadcasters to uphold the highest standards of impartiality. Given the partial perspective of politicians, it follows that viewers do not want to see or hear politicians presenting the news. But while many people are instinctively uncomfortable with politicians taking on current events, there was no clear consensus for a complete ban.
Lloyds Banking GroupThe Halifax-owned company began the UK banking earnings season by reporting a 28% drop in first-quarter pre-tax profits to 1.6 billion pounds. Margins came under pressure as interest rates peaked and competition in the mortgage market intensified.
FTSE 100 futures suggest the index will hit another all-time high when the market opens.
The FTSE 100 index hit a new closing high for the second day in a row on Tuesday, rising 0.26% to end at 8,044 points. During the day, stock prices rose on expectations for interest rate cuts, hitting a record high of 8,076 points. However, the Bank of England’s chief economist hugh pill He later said inflation needed to be eliminated from the economy and warned against cutting interest rates too soon.
Asian stocks rose led by tech stocks. teslaU.S. electric car makers soared in after-hours trading following the announcement of new models. Japan’s Nikkei average rose 2.3%, Hong Kong’s Hang Seng rose 2.1% and the Singapore Exchange rose 0.8%. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 1.6%.
The US stock market is general motors Good results were reported. The Nasdaq ended the day up 1.6% and the S&P 500 ended up 1.2%. Tesla said, “ Magnificent 7benefiting short sellers last week and wiping out nearly $1 trillion from the combined market value of both companies.
Tesla stock rises nearly 10% in after-hours trading despite 2024 first-quarter sales failure, sharp drop in profits, and recall of its recently launched car, the $100,000 Cybertruck did. But investors were delighted by the preview of a ride-hailing app that will be integrated into Tesla products and the company’s promise to release new vehicle models sooner than previously announced (referring to its robotaxi network in development).
agenda
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9am (BST): Germany Ifo Business Environment in April
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11am (BST): UK CBI Industry Trend Survey
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1:30pm BST: US Durable Goods Orders for March
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Lloyds Banking Group has posted a 28% drop in profits for the first three months of the year as intense competition in the mortgage and savings market hit its earnings.
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The country’s largest mortgage lender, which owns the Halifax brand, said pre-tax profits dropped to £1.6bn between January and March, having fallen from £2.3bn last year when rising interest rates boosted the lender’s profits by almost 50%.
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Bank, Oxford Street.”,”caption”:”Lloyds Bank, Oxford Street.”,”credit”:”Photo: Pietro Recchia/SOPA Images/Shutterstock”} },{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Big mortgage providers such as Lloyds have seen their incomes squeezed in recent months as pressure comes from politicians and regulators to pass on the same interest rates to savers that have raised fees on mortgages and loans. .
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In response, banks are increasing competition for customer deposits by offering higher returns, especially on fixed savings products where consumers keep their cash for longer periods of time. Customer deposits fell by around £2.2bn to £469.2bn.
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Just after the open, the FTSE 100 index hit a fresh record high, rising to 8083.
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It is now trading at 8076, up 0.4%. Shares have been lifted by hopes of interest rate cuts and easing geopolitical tensions.
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Asian and US stocks have also rallied, cheered by strong corporate results.
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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
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The UK’s media regulator has warned broadcasters to maintain due impartiality ahead of the general election later this year. Ofcom also published new strengthened rules on using politicians as presenters following repeated breaches of its guidance, but stopped short of an outright ban, saying this is not what people want.
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Cristina Nicolotti Squires, Ofcom’s broadcasting and media group director, said:
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People are clear that they expect broadcasters to maintain the highest standards of due impartiality. It follows that, given politicians’ partial viewpoint, audiences don’t want to see or listen to politicians presenting news – full stop. But while many are instinctively uncomfortable with politicians presenting current affairs, there was no clear consensus for an outright ban.
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Lloyds Banking Group, which owns Halifax, has kicked off the UK bank earnings season, reporting a 28% drop in first-quarter pre-tax profits to £1.6bn. Peaking interest rates and growing competition in the mortgage market squeezed margins.
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FTSE 100 futures point to the index hitting another all-time high when markets open.
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The FTSE 100 index finished Tuesday at a new closing high, for the second day running, up 0.26% at 8044 points. During the day, it hit a new record high of 8076 points, as hopes of interest rate cuts pushed shares higher. However, the Bank of England’s chief economist Huw Pill said later on that inflation must be squeezed out of the economy and cautioned against cutting rates too soon.
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Asian stocks have rallied, led by tech stocks after Tesla, the US electric carmaker, surged in after-hours trading following its promise of new models. Japan’s Nikkei gained 2.3%, Hong Kong’s Hang Seng rose 2.1% and the Singapore exchange added 0.8%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.6%.
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US stocks closed higher after companies such as General Motors reported strong results. The Nasdaq finished 1.6% higher while the S&P 500 rose 1.2%. Tesla kicked off the earnings season for the US tech giants, known as the Magnificent 7, which last week had close to $1 trillion wiped off their combined market value in a boon to short sellers.
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Tesla shares surged nearly 10% in after-hours trading, despite a revenue miss for the first quarter of 2024, a steep decline in profits, and a recall of its most recently released car, the $100,000 Cybertruck. However, investors were cheered by previews of a ride-hailing app to be integrated into Tesla products, and the company’s promise to release new vehicle models sooner than previously announced (it referenced a robotaxi network in the works).
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The Agenda
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9am BST: Germany Ifo business climate for April
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11am BST: UK CBI industrial trends survey
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1.30pm BST: US Durable goods orders for March
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important events
Lloyd’s profits decline as mortgage competition intensifies
Here’s the full story about Lloyd’s:
Lloyds Banking Group The company posted a 28% drop in profits in the first three months of the year as intense competition in the mortgage and savings market hit revenue.
The country’s biggest mortgage lender, which owns the Halifax brand, saw its pre-tax profit fall to £1.6bn in the January-March period, up from £2.3bn last year when rising interest rates boosted the lender’s profits by nearly 50%. He said that it had decreased since then.
Big mortgage providers such as Lloyds have seen their incomes squeezed in recent months as pressure comes from politicians and regulators to pass on the same interest rates to savers that have raised fees on mortgages and loans. .
In response, banks are increasing competition for customer deposits by offering higher returns, especially on fixed savings products where consumers keep their cash for longer periods of time. Customer deposits fell by around £2.2bn to £469.2bn.
FTSE 100 index hits new intraday high
Immediately after the move, the FTSE 100 index rose to 8083, a new all-time high.
It is currently trading 0.4% higher at 8,076. Stock prices rose on hopes of lower interest rates and easing geopolitical tensions.
Asian and US stocks also rose, supported by strong corporate earnings.
Introduction: Ofcom warns broadcasters to be impartial ahead of election, Lloyds profits fall by 28% – Business Live
good morning. Welcome to our regular coverage of business, financial markets and the global economy.
The UK media regulator Alert broadcast station This is to maintain fairness in the run-up to the general election later this year. Ofcom also announced new tougher rules on using politicians as presenters after repeated breaches of its guidelines, but stopped short of an outright ban as it said this was not what people wanted. .
Christina Nicotti SquiresOfcom’s Broadcasting and Media Group Director, said:
It is clear that people expect broadcasters to uphold the highest standards of impartiality. Given the partial perspective of politicians, it follows that viewers do not want to see or hear politicians presenting the news. But while many people are instinctively uncomfortable with politicians taking on current events, there was no clear consensus for a complete ban.
Lloyds Banking GroupThe Halifax-owned company began the UK banking earnings season by reporting a 28% drop in first-quarter pre-tax profits to 1.6 billion pounds. Margins came under pressure as interest rates peaked and competition in the mortgage market intensified.
FTSE 100 futures suggest the index will hit another all-time high when the market opens.
The FTSE 100 index hit a new closing high for the second day in a row on Tuesday, rising 0.26% to end at 8,044 points. During the day, stock prices rose on expectations for interest rate cuts, hitting a record high of 8,076 points. However, the Bank of England’s chief economist hugh pill He later said inflation needed to be eliminated from the economy and warned against cutting interest rates too soon.
Asian stocks rose led by tech stocks. teslaU.S. electric car makers soared in after-hours trading following the announcement of new models. Japan’s Nikkei Stock Average rose 2.3%, Hong Kong’s Hang Seng Index rose 2.1% and the Singapore Exchange rose 0.8%. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 1.6%.
The US stock market is general motors Good results were reported. The Nasdaq ended the day up 1.6% and the S&P 500 ended up 1.2%. Tesla said, “ Magnificent 7benefiting short sellers last week and wiping out nearly $1 trillion from the combined market value of both companies.
Tesla stock rises nearly 10% in after-hours trading despite 2024 first-quarter sales failure, sharp drop in profits, and recall of its recently launched car, the $100,000 Cybertruck did. But investors were delighted by the preview of a ride-hailing app that will be integrated into Tesla products and the company’s promise to release new vehicle models sooner than previously announced (referring to its robotaxi network in development).
agenda
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9am (BST): Germany Ifo Business Environment in April
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11am (BST): UK CBI Industry Trend Survey
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1:30pm BST: US Durable Goods Orders for March
