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London pre-open: Stocks to fall after downbeat US session
(Sharecast News) - London stocks were set to fall on Wednesday following heavy losses on Wall Street, as First Republic's results reignited concerns about the banking sector, despite well-received results from Microsoft and Alphabet. The FTSE 100 was called to open 30 points lower at 7,861.
CMC Markets analyst Michael Hewson said: "The worst performer on the S&P 500 was First Republic Bank after reporting that deposits had fallen by $72bn in Q1, raising concerns over its long-term viability as an institution, as it looks to restructure its business, which in turn weighed on the wider banking sector.
"Both Microsoft and Alphabet also finished the session lower ahead of their results which were released after the bell.
"The numbers for both came in ahead of expectations, giving a lift to US markets, and the share prices of both after hours, although it's unlikely to be enough to prompt an uplift for European markets which are expected to open lower later this morning, after yesterday's weak US finish."
In corporate news, Standard Chartered posted better-than-expected first-quarter profits driven by higher interest rates and forecast annual earnings at the top end of guidance.
The Asia-focused bank said pre-tax profit reached $1.81bn, up 21% and better than the $1.43bn average of 14 analyst estimates compiled by the bank. It now expects income this year to grow around 10%, the top of a previously guided range.
Bad debt provision was $26m against $198m in the same period a year earlier.
International distribution specialist Bunzl said it expected annual revenue and operating margin to be slightly ahead of forecasts as it reported a rise in first-quarter sales of 8.4%.
The company said underlying revenue growth benefitted from continued inflation support but was impacted by the expected decline in Covid-19 related sales.
Acquisitions contributed further growth of 2.7% at constant exchange rates, whilst the disposal of its UK healthcare business impacted revenue by 2.1%. Adjusted operating margin over the quarter was slightly ahead of expectations.
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