Overnight Alphabet (Google’s parent) third quarter numbers arrived where the full impact of Brussels’ recent fine was clear: though Alphabet sales were up profits were 30% lower thanks to the Brussels antitrust £2.1bn smack. Shares in Alphabet fell 3.5%.
There was a benign market response to the new Bank of Japan July minutes overnight though they did show continued unease about prices and the bank’s 2% inflation target (Japan’s deflation worry remains profound).
Both the euro-dollar and pound-dollar pairs continued stable runs, up 0.13% and 0.01% respectively to $1.1654 and $1.3026.
Later on today we have new CBI industrial order numbers while Bank of England chief economist Andy Haldane is also due to speak. A batch of German IFO business climate numbers arrive shortly. Oil was up 0.63% overnight at $46.23 as the Saudis pledged action to boost prices.
- UK FTSE 100 7,377.73 -1.01%
- Dow 21,513.17 -0.31%
- S&P 500 2,469.91 -0.11%
- Nasdaq 6,410.81 +0.36%
- Nikkei 225 19,971.35 -0.02%
- DAX 12,208.95 -0.25%
- CAC 40 5,127.70 +0.20%
- Gold 1,262.20 +0.12%
- Oil WTI 46.62 +0.60%
Croda sales surge 16%
First off we have a six-month specialty chemicals operator and own-brand manufacturer Croda update. Croda claims sales are up 16%; with its margin retained that means a 24.9% return on sales. Meanwhile adjusted profit pre-tax surges 14.3% to £169.7m.
“Our strategy,” said boss Steve Foots, “delivered a good first half performance with all core business sectors growing sales and profit organically, highlighting Croda's increased breadth across three growth sectors. This was underpinned by growth in premium market niches.”
Croda shares at 3,825p are up 19.6% year-to-date and 13% up on the year. Croda affirmed its full-year outlook.