important events
Rolls-Royce expects profits to grow further in 2024
Learn more rolls royce. The company, which supplies its technology to ships and submarines as well as makes engines for large commercial aircraft, expects profits to rise further in 2024. He said cost-cutting plans to cut up to 2,500 jobs are “on track.”
its chief executive officer Tufan Erginbilgisaid a former BP executive who took the helm a year ago.
We are maximizing our potential as a high-performance, competitive, resilient and growing Rolls-Royce.
The company's underlying operating profit for 2023 was £1.6bn, up from £652m in 2022, ahead of analyst expectations of £1.4bn and own guidance of £1.2bn to £1.4bn. It expects profits to rise by at least 6% this year to between £1.7bn and £2bn, which is also better than the City's expectations.
Rolls shares soared more than 200% last year, becoming the top performer on the FTSE 100 index, boosted by a profit hike in July and an announcement in November that profits could quadruple by 2027.
Rolls plans to sell part of its power systems business, which could raise total proceeds of up to £1.5bn by 2028. Discussions are progressing regarding the sale of the engine division in the low power range, and the company has decided to withdraw from the electric business in the short term. semester.
Introduction: Japan's Nikkei Stock Average has reached an all-time high.Lloyds and Rolls-Royce profits soar
good morning. Welcome to our regular coverage of business, financial markets and the economy.
Japan's main stock indexes hit record highs, surpassing all-time highs set in 1989, and strong performance from U.S. chipmakers sparked optimism about the AI boom. Nvidia.
The Nikkei average rose 2.19% to close at 39,098.68. The last trading day of 1989 ended at 38,915.87. The 34 years it took to regain its footing is longer than the 10 years it took Wall Street to recoup its losses from the 1929 crash and the Great Depression.
Tsutomu YamadaA senior market analyst at Abu Kabcom Securities in Tokyo told Reuters:
For us traders, this heralds a new era. I feel like the stock market is telling us that we have finally broken away from deflation and a new world has opened up.
This morning here in London, some encouraging figures were released. Lloyds Banking Group and aircraft engine manufacturers rolls royce. This comes despite British banks setting aside £450m for potential fines and compensation to car finance customers after UK regulators launched an investigation into whether charges were made to consumers. Lloyds' annual pre-tax profits soared 57% to £7.5bn. Soaring car loan prices. Rolls-Royce's profits more than doubled last year to £1.6bn.
After the US markets closed last night, Nvidia Revenue for the fourth quarter of last year was $22.01 billion, an impressive 22% increase from the previous quarter and an impressive 265% year-over-year increase. For the current quarter, the company said it will achieve sales of $24 billion.
CEO and founder of the company jensen fan Said:
Accelerated computing and generative AI have reached a tipping point. Demand is rapidly increasing across companies, industries, and countries around the world.
Nvidia shares rose 10% in after-hours trading.
josh gilbertMarket analysts at trading platform eToro said:
Nvidia reaffirmed its position in the Magnificent 7 with another quarter showing that AI use cases are exploding and the AI boom shows no signs of slowing down.
The big question for investors is: Can this situation continue? Simply put, yes. Nvidia continues to deliver on all fronts, and its results show there's still plenty of growth ahead. This is not just a flash in the pan or a bubble; it is a business that continues to generate large amounts of revenue.
Despite risks from China issues and ongoing competition, and despite potential headwinds down the road, NVIDIA has raised its revenue outlook for the next quarter to $24 billion and expects next year's revenue to increase. We put it on track to nearly $100 billion.
Additionally, the minutes of the US Federal Reserve's last meeting, released last night, show that policymakers were not enthusiastic about lowering interest rates at the meeting, and instead expressed an optimistic view of inflation and a cautious stance. It was shown that It also revised its postmeeting statement to suggest that interest rate cuts would only occur if the Federal Open Market Committee had “greater confidence” that inflation was falling.
Stephen InnesManaging Partner of SPI Asset Management said:
Admittedly, the minutes are a little older, but they were certainly much more cautiously biased than they were back then. [Fed president Jerome] Chairman Powell told reporters late last month that a rate cut in March was still a possibility, at least in the market's view.
agenda
-
8:15am – 9am GMT: February HCOB PMI for France, Germany and Eurozone.
-
9:30am GMT: UK S&P World PMI for February.
-
10am GMT: Eurozone inflation rate for January (forecast: 2.8%)
-
12:30pm GMT: European Central Bank Monetary Policy Meeting Account
-
1:30pm GMT: US new unemployment claims for week of February 17th
-
2:45pm GMT: US S&P Global PMI for February