Wednesday preview: Brexit talks, Glencore and Lloyds in focus
The spotlight on Wednesday will be on a meeting between the Prime Minister and European Commission chief Jean Claude Juncker, as officials on both sides of the Channel continue efforts to agree on the least damaging from of Brexit possible.
Cboe Brexit High 50
9,723.83
11:00 28/03/24
Cboe Europe 50
17,800.62
11:45 01/12/20
Cboe Europe All Companies
52.14
11:45 01/12/20
Cboe Europe Finance Sector
13,318.55
11:45 01/12/20
Cboe UK 100
794.98
11:00 28/03/24
Cboe UK 100 NTR
857.60
11:00 28/03/24
Cboe UK 350
14,025.09
11:00 28/03/24
Cboe UK 350 NTR
22,541.17
11:00 28/03/24
Cboe UK All Companies
13,909.81
11:00 28/03/24
Cboe UK All Companies NTR
23,002.93
11:00 28/03/24
Cboe UK Finance Sector
11,241.98
11:00 28/03/24
Cboe UK Finance Sector NTR
19,152.68
11:00 28/03/24
FTSE 100
7,957.57
10:50 28/03/24
FTSE 350
4,384.20
10:50 28/03/24
FTSE All-Share
4,338.61
10:50 28/03/24
Glencore
434.15p
10:50 28/03/24
Lloyds Banking Group
51.76p
11:00 28/03/24
Mining
9,326.09
10:49 28/03/24
In the background, US-China trade will not be far from investors' minds, although perhaps the most important day on that front is likely to be Friday, the second day of contacts scheduled between the US Treasury Secretary and Trade Representative, on the one hand, and China's Vice-Premier on the other.
No major economic releases are scheduled in the UK for Wednesday.
Stateside meanwhile, investors will be waiting on the release of the minutes of the Federal Reserve's last policy meeting.
In the corporate space, Glencore and Lloyds are likely to be the focus of attention.
For the former, analysts at UBS are anticipating the first sequential drop in operating profits since 2015 on an EBIT basis, from $1.5bn to $1.2bn, alongside an increase in the commodity trader's net debt to roughly $13.5bn.
They are still expecting a further $1.0bn in share buybacks to be announced, but now see a risk that repurchases will be paused.
On a more positive note, the Swiss broker believed political risks in the Democratic Republic of Congo were waning.
Despite reports suggesting the possibility of 'opportunistic' acquisitions, UBS believed management would continue to prioritise cash returns.
For Lloyds on the other hand, UBS was anticipating "another set of uneventful numbers with the bank under good control, managing volumes against price in lending, tough conditions in Other Operating Income and solid credit quality."
The full-year dividend meanwhile was seen rising by 7% to 3.30p per share, alongside ÂŁ1.5bn of share buybacks.
Analyst Jason Napier pegged the lender's fourth quarter profits before tax at ÂŁ1.8bn on an adjusted basis, including remediation costs of ÂŁ141m and UK bank levy of ÂŁ200m.
"LBG is, in our view, an undervalued, strongly capital generative bank, operating with a cost advantage in a competitive market and with decent medium-term growth opportunities in lending, savings, investments and general insurance."
Wednesday February 20
INTERIMS
Pan African Resources
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Current Account (EU) (09:00)
Housing Starts (US) (13:30)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (GER) (07:00)
FINALS
Glencore , Hochschild Mining, Intu Properties, Lloyds Banking Group, Temple Bar Inv Trust
ANNUAL REPORT
Intu Properties
AGMS
Gooch & Housego, Titon Holdings
TRADING ANNOUNCEMENTS
Gooch & Housego