Weakening UK growth outlook as the country negotiates its exit from the European Union

Peace and Freedom

AFP

© AFP/File / by Jean-Baptiste OUBRIER | British multinationals have delivered upbeat earnings as Brexit looms

LONDON (AFP) – British multinationals delivered upbeat earnings for the first half in contrast to a weakening UK growth outlook as the country negotiates its exit from the European Union.

Banks and energy groups in particular enjoyed a strong earnings season, mirroring the situation in the US, even though it was more a result of cost-cutting and favourable currency movements than underlying strength of individual companies.

“If you look at the big guys they’re doing pretty well,” ETX Capital analyst Neil Wilson told AFP.

“Banks HSBC and Standard Chartered did well, oil majors are turning profits again and miners are enjoying strong recoveries.”

Wilson added: “These are all exposed to international markets heavily so insulated from Brexit pretty much entirely. I think it’s worth noting the international nature of the FTSE 100 and bulk…

View original post 447 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s