London shares were set to open broadly flat on Friday, despite big gains on Wall Street, as investors digested the latest data on British consumer confidence and economic data. standard chartered.
A previously released survey showed consumer confidence slumped in February as economic concerns continued to weigh on the economy.
According to the latest information GfK The composite index of the Consumer Confidence Barometer (which has been in place since January 1974) fell 2 points to -21.
Of these, the indicator showing general economic conditions over the past 12 months fell by 2 points to -43, and the indicator showing the outlook for next year fell by 3 points to -24.
The main purchasing index also declined, dropping 5 points to -25.
However, respondents appear to be slightly more confident about how their personal finances will fare in the coming months, with this indicator remaining unchanged at zero in January.
GfK said that although this indicator is not yet in positive territory, it is a notable improvement compared to -18 recorded in February 2023.
Joe Staton, director of customer strategy at GfK, said: “This measure is key to understanding a country’s fiscal position, as confident householders are more likely to spend despite the cost of living crisis.” Stated.
He added: “It will be interesting to see how the upcoming budget delivers from a tax and inflation perspective.
“These are issues that matter to everyone, especially in an election year, where recent economic trends play a key role in determining outcomes at the polls.”
The highest score ever achieved by the Consumer Confidence Barometer was 21 in January 1978, and the lowest score was -49 in September 2022.
The biggest monthly decline occurred in March 2020, when the first coronavirus lockdowns began, when it fell by 25 points.
Banks specializing in Asia with company news standard chartered announced a new $1 billion share buyback, an increase in dividends and an increase in annual profits, but kept its profit outlook for this year subdued.
The bank reported an 18% increase in pre-tax profit to $5.1 billion and increased its full-year dividend by 50% to 27 cents per share, well above expectations of 23.7 cents.
However, the company now expects profit growth to be at the upper end of 5% to 7% this year, a downward revision from its previous forecast of 8% to 10% in October last year. The financial institution reported that its revenue in 2023 will increase by 13%, excluding the effect of currency fluctuations.
In other places, Kemring It maintained its guidance but said its full-year results would now be increasingly weighted towards the second half of the year as severe winter conditions disrupted manufacturing operations at the beginning of the financial year.
The aerospace and defense company said the current environment of heightened geopolitical uncertainty continues to position it favorably for growth, with orders as of January 30 on par with the same period last year. It was announced that sales amounted to 991 million pounds, an increase of 51% compared to the previous year.