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JPMorgan downgrades IHG, keeps Whitbread as top hotels pick
JPMorgan says Premier Inn owner Whitbread remains its top pick in the European hotels sector, as it downgraded its stance on IHG from 'neutral' to 'underweight'.
FCA sees 'significant increase' in buy now pay later usage
Industry watchdog the Financial Conduct Authority said on Tuesday that there has been "a significant increase" in the use of buy-now-pay-later options.
Brooks Macdonald to axe 55 jobs in cost-cutting drive
Investment manager Brooks Macdonald said on Tuesday that it plans to axe around 55 roles as it looks to cut costs.
Europe open: Stocks rise but gains limited ahead of GDP, inflation figures
European stocks edged higher on Tuesday morning, though gains were modest as investors awaited key economic growth and inflation figures from the Eurozone.
Velocys shares plunge as loan note funding falls through
Shares in sustainable fuels technology developer Velocys were plunging on Tuesday after it updated the market on its funding plans.
China's manufacturing sector unexpectedly contracts in October
China’s manufacturing sector experienced an unexpected contraction in October, according to official data released on Tuesday.
London open: Stocks flat as BP results disappoint
London stocks were steady in early trade on Tuesday, with BP under pressure after disappointing third-quarter numbers, as investors mulled the latest data out of China and UK shop price index.
German retail sales unexpectedly drop in September
Retail sales in Germany unexpectedly slumped in September, government figures revealed on Tuesday, capping off a weak third quarter for the economy.
BP misses estimates with 27% rise in Q3 underlying profits
Oil titan BP has announced a new $1. 5bn share buyback after reporting an underlying replacement cost profit of $3. 3bn for the third quarter – but the bottom line came in well under market forecasts.
IG Group to cut 10% of workforce
IG Group said on Tuesday that it was planning to cut around 10% of its worldwide workforce as it looks to cut costs and streamline the business.
RHI Magnesita lifts earnings expectations after solid quarter
Refractory specialist RHI Magnesita hiked its full-year earnings expectations on Tuesday after its adjusted EBITA remained stable in the third quarter thanks to resilient pricing, strategic initiatives, and mergers and acquisitions.
Barclays upgrades Rolls-Royce to 'overweight'
Barclays has raised its stance on engineering giant Rolls-Royce from 'equal weight' to 'overweight' after recent weakness in the share price.
Elementis describes resilience, revenue still down year-on-year
Speciality chemicals company Elementis said in its third-quarter update on Tuesday that, despite challenging market conditions, it maintained revenue at a level similar to that of the prior two quarters.
UK shop price inflation eases to lowest since August 2022
Shop price inflation fell in October to its lowest level since August 2022, according to figures released on Tuesday.
London pre-open: Stocks seen down; shop price inflation eases
London stocks were set to edge down at the open on Tuesday despite a solid session on Wall Street.
Coca-Cola HBC reports robust organic growth in third quarter
Coca-Cola HBC reported a robust third quarter of organic growth on Tuesday, which it attributed to the continued implementation of its ‘24/7’ strategy.
Spectris flags top-end profits, Coca-Cola HBC reports strong quarter
London open The FTSE 100 is expected to open 11 points higher on Tuesday, having closed up 0. 5% on Monday at 7,327. 39.
Tuesday newspaper round-up: BNPL, Unilever, oil prices
The Trades Union Congress has accused the Tory government of promoting a “greed is good” culture among bankers, who it said would be able to “cash in on unlimited bonuses” after a cap on payouts was lifted on Tuesday. The TUC said that while ministers had repeatedly called for pay restraint for most workers, they had been “silent over excess in the City”. – Guardian.
Spectris expects full-year profits at top end of guidance
Precision instrumentation and controls company Spectris has said it expects full-year profits to be at the top end of forecasts despite a continued slowdown in sales growth in the third quarter.