Lloyd’s Bank posts lower pre-tax profits in first quarter, Persimmon trades online amid strong demand

London pre-opening

The FTSE 100 was set to open 21.7 points lower before the bell on Wednesday after the index ended the previous session just 0.08% higher at 7,386.19.

Stocks to Watch

Retail banking giant Lloyd’s Bank reported lower pretax earnings in the first quarter as higher net profit was offset by an underlying impairment charge.

The UK-based bank reported profits of £1.6 billion on Wednesday, up from £1.8 billion a year earlier, and said the underlying impairment charge of £200.0 million sterling reflected a low incurred charge and a limited impact from a revised economic outlook, including higher inflation. compensated by rising house prices and unemployment.

house building company Khaki said Wednesday that it is currently trading in line with expectations, with demand remaining strong and average private sale rates up 2% year-over-year.

Persimmon, which also highlighted its “robust” order book of around £2.8bn, expects full-year completions to be weighted towards the second half, with first-half completions below those delivered in 2021.

Newspaper overview

Suitcases filled with money from taxpayer-backed Covid loans were seized at the border as people tried to smuggle them out of the country, a Times investigation reveals today. Border Force officials have arrested people at airports across Britain ‘carrying large sums of money suspected of coronavirus rebound loans’, a home office says the source. – The temperature

According to a report, Brexit has driven up the price of food imported from the EU, deepening Britain’s cost of living crisis. The think tank The UK in a changing Europe said trade barriers introduced after leaving the EU led to a 6% rise in food prices in the UK between December 2019 and September 2021, adding to mounting financial pressure for households. – Guardian

Rishi Sunak has been urged to cut taxes at a Cabinet meeting on tackling the cost of living crisis, after official figures showed record tax receipts for the Treasury. While colleagues have suggested lowering the cost of childcare and scrapping MOTs to help ease the pain of rising bills and prices, Kit Malthouse, the police minister, argued that the reducing the tax burden would be the best way to help families in difficulty. – Telegraph

Investors in You’re here yesterday showed their disapproval of Elon Musk’s plans to take control of Twitter, causing stocks to fall sharply. The electric carmaker’s market valuation has fallen below $1.0 billion amid scrutiny of how its chief executive and largest shareholder intends to finance its $44.0 billion purchase. dollars. – The temperature

Britain’s economy will take an £8.0 billion hit this year due to a reduction in the size of the workforce caused by a pandemic-induced rise in health problems, research has shown of a think tank. A report of the Institute for Research on Public Policy said a combination of long Covid, NHS disruptions and a rise in mental illness meant 400,000 workers had gone missing since the start of the global health crisis. – Guardian

Close in the United States

Shares on Wall Street closed sharply lower on Tuesday as investors digested quarterly earnings from a number of major companies and a series of data points.

At the close, the Dow Jones Industrial Average was down 2.38% at 33,240.18, while the S&P 500 was down 2.81% at 4,175.20 and the Nasdaq Composite saw the session s weaken 3.95% to 12,490.74.

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