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EUROPE SET FOR CAUTIOUS START, HSBC MISSES European shares were set for a cautious start on Wednesday, helped by gains in China and with all eyes on whether AI-boom favourite Nvidia NVDA.O will be able to meet high-running expectations when it releases results after the U.S. close.
EuroSTOXX50 STXEc1 and FTSE FFIc1 futures were up 0.1% and flat, respectively, while S&P 500 ESc1 contracts eased slightly following a lower close on Wall Street the day before.
In corporate news, HSBC HSBA.L reported a record annual profit that nonetheless came in below analysts' forecasts, as the income boost from higher interest rates was offset by a hefty $3 billion charge from its stake in a Chinese bank. Shares in the banking heavyweight were expected to fall over 3% in London, tracking losses in Hong Kong.
Miners were also on the watchlist. Glencore GLEN.L said lower commodity prices halved its 2023 earnings, and slashed its payout to investors, as the company saves to fund the acquisition of a 77% stake in Teck Resources' metallurgical coal business.
Rio Tinto's RIO.L earnings met expectations, as production gains in its iron ore business countered weaker prices in aluminium. The company warned it still faced rising costs.
Eyes were also on Saint-Gobain SGOB.PA . Bloomberg reported the French construction materials group is in initial talks to acquire Australian building materials firm CSR Ltd (CSR) .
Coffee company DE Peet's JDEP.AS forecast 2024 organic sales growth at the low end of its mid-term target after it posted surprise growth in last year's earnings.
(Danilo Masoni)
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