London stocks are down in early trading following disappointing U.S. results. The slightly underwhelming results from Amazon and Apple may signal a weakening economy. The FTSE 100 is trading 1.07% lower on Friday.
- IAG came out with its 3rd quarter results on Friday, with the company achieving a significant step up in profitability for all its airlines.
- Total revenue fully recovered, reaching €7.3 billion, up 0.9% from 2019.
- The group posted a profit after tax and exceptional items of €853 million for Q3, up from a loss of €574 million in the prior year.
- IAG expects Q4 operating profit to be approximately €1.1 billion, although net debt is expected to increase by year-end, linked to seasonal booking patterns and capital expenditure.
- NatWest reported its Q3 interim statement on Friday.
- The bank posted an attributable profit of £187 million and a return on tangible equity of 2.9%.
- In 2023, the group expects to achieve a return on tangible equity in the range of 14% and 16%.
- The company believes income will be higher supported by higher interest rates, and 2022 income is expected to be around £12.8 billion.
- NatWest shares fell 9%.
- In Computacenter’s Q3 trading update, the group believes 2022 will be a year of modest adjusted profit before tax growth.
- The group saw strong performance in Technology Sourcing despite substantial headwinds.
- Furthermore, its inventory remains higher than the prior year due to supply chain challenges.
- The company expects another year of growth in 2023, with continued investment to secure long term success.