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Swissquote Bank

About Swissquote Bank

Swissquote Bank offers banking services. The company specializes in the provision of online financial and trading services. It is based in Gland, Switzerland.

Headquarters Location

Chemin de la Crétaux 33

Gland, 1196,


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Latest Swissquote Bank News

LONDON BRIEFING: FTSE 100 called higher as oil prices firm overnight

Nov 22, 2022

11/22/2022 | 02:56am EST Message : *Required fields (Alliance News) - Stocks in London were called slightly higher on Tuesday, as a rising Brent oil price supported the FTSE 100 index, despite unease over Covid-related developments in China. "Market sentiment is fragile on uncertainty regarding whether China would make a U-turn on its Covid reopening plans," said Swissquote Bank's Ipek Ozkardeskaya. Beijing posted a record number of new Covid cases on Tuesday, with the Chinese capital hunkering down under a tightening chokehold of restrictions that have sent schools online, closed many restaurants, and forced employees to work from home. More than 28,000 new infections were reported nationwide – nearing the record high since the pandemic began – with Guangdong province and the city of Chongqing logging over 16,000 and 6,300 cases respectively, health authorities said. New cases in Beijing have also jumped in recent days, more than doubling from 621 on Sunday to Tuesday's 1,438 – a pandemic record for the city. Despite the negative implications for global oil demand from the situation in China, Brent oil rose on Tuesday, likely giving a boost to London's heavyweight oil stocks. CMC Markets analyst Michael Hewson commented: "As we look ahead to today's European open the sharp recovery in oil prices from their lows yesterday looks set to translate into a slightly firmer open, with the main focus set to be on the latest set of UK public finances numbers while the OECD is set to publish its latest set of economic outlooks." Saudi Arabia on Monday denied a report that oil producers were discussing a production increase for their next meeting, saying a cut approved last month would stay in place until the end of 2023. The Wall Street Journal reported earlier on Monday that Saudi Arabia, which co-leads the OPEC+ cartel along with Russia, and other members were considering an "increase of up to 500,000 barrels a day". But the official Saudi Press Agency said on Monday night that energy minister Prince Abdulaziz bin Salman "categorically denies" the report. "It is well known, and no secret, that OPEC+ does not discuss any decisions ahead of its meetings," SPA quoted Prince Abdulaziz as saying. Oil prices firmed following the denial. "The fear of another round of Covid lockdowns, and the broad-based recession pricing shall continue playing against oil bulls. Still, bulls see two positive factors. First, the US will stop selling its strategic petroleum reserves. And second, the EU sanctions against Russian oil will become effective in December. Both, should support another leg higher in oil," considered Swissquote Bank's Ozkardeskaya. In early corporate news, miner Fresnillo reported progress in electrifying its Juanicipio project, and Babcock backed its expectations for its full-year alongside its interim results. Here is what you need to know ahead of the London market open: ---------- 10:00 CET EU balance of payments 16:00 CET EU flash consumer confidence indicator 11:00 GMT Ireland wholesale price index 07:00 GMT UK public sector finances 08:55 EST US Johnson Redbook retail sales index 10:00 EST US Richmond Fed business activity survey 16:30 EST US API weekly statistical bulletin 11:00 EST US Fed Cleveland President Loretta Mester speaks   ---------- UK government borrowing struck GBP13.5 billion in October as Westminster booked the first costs of the energy support schemes for households and businesses. The Office for National Statistics said the reading was GBP4.4 billion higher than the same month last year and was the fourth highest figure for October on record. The figure for October was, nevertheless, below the expectations of economists, with a consensus of experts predicting borrowing of GBP21 billion for the month. Total public sector spending grew to GBP91.2 billion in October, after central government spending increased by GBP6.5 billion to GBP76.8 billion for the month. The ONS estimated that this included around GBP3 billion on the cost of energy support schemes, including GBP1.9 billion for the GBP400 home energy discount payments. ---------- More than 2,000 oil and gas wells are expected to be decommissioned in the North Sea over the next decade at a cost of about GBP20 billion, according to the industry. A number of decommissioning projects have been brought forward, meaning the cost has increased from an estimated GBP16.6 billion last year. Offshore Energies UK has published its annual Decommissioning Insight report, saying an upsurge in decommissioning activity has begun this year and is expected to continue over the next three or four years. It is estimated roughly 2,100 North Sea wells will be decommissioned over the next decade – about 200 per year – at an average cost of GBP7.8 million per well. ---------- A memo is to be brought before Irish government ministers on Tuesday on introducing a temporary windfall tax, PA reported. It is to come before cabinet following agreement by EU energy ministers on implementing the emergency levy in response to huge profits being made by energy companies. The EU's windfall tax aims to redistribute profits made in Europe's energy sector amid a crisis fuelled by Russia's invasion of Ukraine. The measure would include a cap on all market revenue on non-gas electricity generators and a temporary solidarity contribution for fossil fuel producing companies. Environment Minister Eamon Ryan said Ireland could receive in the region of EUR1 billion and EUR2 billion if such a tax was introduced. ---------- UK opposition leader Keir Starmer will warn bosses the days of "low pay and cheap labour" must end as he tells them to train up UK workers to end Britain's "immigration dependency". The Labour leader will signal in a speech on Tuesday that he would be willing to accept increased skilled immigration on the path to his vision of ending the "low pay model". Addressing the Confederation of British Industry conference, he is to set out plans to "start investing more in training up workers who are already here". Starmer will vow to be "pragmatic" about the shortage of workers and not to ignore the need for skilled individuals to come into the country if he forms a Labour government. ---------- -------- ---------- ---------- ---------- GSK said it has begun the process for withdrawing its US marketing authorisation application for its blood cancer drug Blenrep, following a request from the US Food & Drug Administration. Blenrep, or belantamab mafodotin, is an antibody drug conjugate designed to treat adult patients with relapsed or refractory multiple myeloma. "This request was based on the previously announced outcome of the DREAMM-3 phase III confirmatory trial, which did not meet the requirements of the US FDA Accelerated Approval regulations," GSK explained. The pharmaceutical firm said it will continue the DREAMM clinical program and work with the FDA "on a path forward" for the treatment. ---------- Home repairs company Homeserve said, in the six months to September 30, revenue rose 17% year-on-year to GBP714.4 million from GBP610.5 million. Pretax profit rose 19% to GBP22.4 million from GBP18.9 million. Regarding its takeover by Brookfield Infrastructure, Homeserve said all necessary regulatory and competition approvals have been obtained in the UK and Continental Europe, and the deal is only awaiting approvals from two state insurance regulators in the US. "If the remaining approvals do not arrive in time to complete the transaction before the end of 2022, completion is expected to occur early in 2023," Homeserve said. ---------- Fresnillo said that the additional testing requested by Comision Federal de Electricidad, the Chilean state-owner power company, was successful at Juanicipio. The miner confirmed the main substation which will provide power to the project passed inspection, and is now approved for use. The main transformed is now energised, and tests in preparation for the final tie in to the national grid are progressing in line with requirements from CFE. Fresnillo is confident of meeting the requirements of the regulator, and of achieving a "rapid ramp-up" of operations once full load commissioning begins at Juanicipio. ---------- ---------- Workers at International Distributions Services' Royal Mail will hold a series of meetings on Tuesday to vote on whether they have confidence in the company's chief executive ahead of fresh strikes in a long-running dispute over pay, jobs and conditions. The Communication Workers Union is organising meetings where its members will be asked to vote on whether they have confidence in the way the company is being managed. The CWU said Royal Mail's senior management have presented a "take-it-or-leave-it" proposal, which was rejected by the union's national leadership. ---------- Property firm Assura said net rental income rose 15% year-on-year in the six months that ended September 30, reaching GBP70.0 million compared to GBP61.1 million. Pretax profit plunged 55% to GBP30.9 million from GBP69.3 million, which Assura said reflects negative valuation movement in the period. Nevertheless, dividends increased to 1.52 pence from 1.45p. "We see growing and consistent demand for high-quality community healthcare buildings that is not linked to the economic cycle. The need to invest in primary care has widespread cross-party political support - given it is cheaper for the NHS to deliver services in this setting and as pressure on hospital resources becomes increasingly unsustainable," Assura said. The property investor said it is "well-placed" to deliver attractive returns for shareholders over the long term. ---------- Babcock said revenue in the six months that ended September 30 rose to GBP2.14 billion from a restated figure of GBP2.13 billion last year. Pretax profit fell to GBP51.2 million, down from a restated figure of GBP58.8 million. The aerospace and defence firm said the profit decline was due to disposals, and non-cash mark-to-market movement on currency derivative contracts, which offset the positive impacts of the NSM acquisition, and the completion of restructuring in the prior period. It declared no dividend in relation for the period. "We expect to see continued operational progress from our focus on execution and growth. We are maintaining our overall financial expectations for the current year," Babcock said. ---------- ---------- A new low-cost airline is set to offer transatlantic flights from Northern Ireland. The announcement by Fly Atlantic has been described as a "game changer", filling the gap in the market of no direct flights currently operating between Belfast to North America. Fly Atlantic is planning to start operating flights to Europe as well as North America from summer 2024. Once fully operational, the airline said it intends to operate to 35 destinations from Belfast, and will create 21,000 new jobs by 2030. That figure is to include 1,000 jobs created within the airline and up to 21,000 in tourism and support sectors. Flights will start to go on sale from the beginning of 2024. ----------

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  • Where is Swissquote Bank's headquarters?

    Swissquote Bank's headquarters is located at Chemin de la Crétaux 33, Gland.

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