Barclays to kick off key reporting season with UK banks under
a cloud

The recent crisis in the sector has raised questions about financial stability

The collapse of Silicon Valley Bank and the resulting fallout in the banking sector is not the best backdrop for the UK banks as they get set to report first quarter numbers.

Up first is Barclays (BARC) on 27 April. Its 2022 results published on 15 February were disappointing and prompted a big sell-off in the shares. The firm’s fourth quarter income of £5.8 billion was below the consensus forecast of £6.1 billion due to a weaker-than-expected net interest margin in the retail bank and a lower-than-expected return from the investment bank.

The company also increased provisions for bad debts – likely to be an area of focus for investors when it provides its next update. [TS]

Hopes for a recovery in hygiene products at Reckitt

In 2022 the consumer goods firm increased its prices by 10%

Consumer goods giant Reckitt Benckiser (RKT) is guiding for mid-single digit growth in like-for-like sales in 2023 and margins in line or slightly above 2022 levels with significant investment brand equity investment to support a strong innovation pipeline.

When the company provides a trading update later this month investors will be looking for evidence that cost inflation is abating and for continuing improvements in the hygiene division after Lysol struggled to generate growth against tough comparisons in 2022. [MG]

Can drinks duo Coca-Cola and PepsiCo continue to deliver earnings fizz?

Higher selling prices have helped the consumer staples pair to beat forecasts and raise guidance, so far

Investors will be watching to see how price increases have impacted volumes when beverages giant Coca-Cola (KO:NYSE) and snacks-to-soft drinks rival PepsiCo (PEP:NASDAQ) serve up first quarter results on 24 April and 25 April respectively.

Affordable treats such as fizzy drinks or crisps can get consumers through the stresses of everyday life, but there is a limit to how many price increases shoppers can swallow before higher selling prices dampen demand.

The market will be thirsty to digest commentary around pricing, raw material inflation and supply chain challenges from Coca-Cola’s James Quincey and PepsiCo’s Ramon Laguarta, while the absence of sales and earnings per share growth upgrades could leave a sour taste. [JC]

What to expect when big tech reports its quarterly numbers

Microsoft, Alphabet, Meta and Amazon all set to update the market

Will it be earnings growth feast or famine for big tech? That’s the key question as some of the industry’s most influential companies report quarterlies next week.

First out of the traps (25 April) will be Google-owner Alphabet (GOOG:NASDAQ) and Microsoft (MSFT:NASDAQ), with Meta Platforms (META:NASDAQ) and Amazon (AMZN:NASDAQ) over the following days.

The relative softness of online ad and retail markets, cloud growth, margins, cash flows, are some of the indicators to watch. After a prolonged slow spell for Nasdaq leaders there is a temptation to think expectations may have become too gloomy, although you’d probably not want to bet the house on it. [SF]

UK UPDATES OVER THE NEXT 7 DAYS

FULL-YEAR RESULTS

21 April: Angle

24 April: Frenkel Topping

25 April: Whitbread, Jadestone Energy, Keystone Law, Card Factory, Next Fifteen Communications, Corero Network Security, Avacta

26 April: Biome Technologies, Sanderson Design Group, 1Spatial, Warpaint London

27 April: Sainsbury’s, Shield Therapeutics

HALF-YEARLY RESULTS

21 April: Lok’n Store

24 April: Associated British Foods, AB Dynamics, Focusrite

TRADING UPDATES

24 April: Centralnic Group

25 April: Travis Perkins, W.A.G Payment Solutions, IWG, Jupiter Fund Management

26 April: Reckitt Benckiser, Smith & Nephew, Glencore, Fresnillo

27 April: AstraZeneca, Barclays, Howden Joinery Group, Unilever, Inchcape, WPP, Currys, London Stock Exchange, Taylor Wimpey, PPHE Hotel Group, St James’s Place

US UPDATES OVER THE NEXT 7 DAYS

21 April: Procter & Gamble, SAP, Schlumberger, Freeport McMoran, Woodside Energy

24 April: Coca-Cola, Kimberly Clark, Otis Worldwide, Range Resources, Brown & Brown, Lakeland Financial, Heartland Financial, NBT Bancorp, Helix

25 April: Alphabet, Visa, Nestle, PepisCo, Novartis, Danaher, Verizon, United Parcel Service, Texas Instruments, Raytheon Technologies, General Electric, Chubb, British American Tobacco General Motors, Dow, Warner Bros Discovery, Halliburton, Spotify Tech,

26 April: Meta Platforms, Roche Holding, Qualcomm, Boeing, ServiceNow, ADP, Boston Scientific, Humana, Moody’s, Hilton Worldwide, Cenovus Energy, eBay, Pinterest, United Microelectronics, Paramount Group

27 April: Microsoft, Amazon, Eli Lily, Merck & Co, AbbVie, AstraZeneca, Comcast, Bristol Myers Squib, Sanofi, Amgen, Intel, Honeywell, Caterpillar, Air Liquide, Southern, Northrop, Grumman, Hershey, STMicroelectronics, Domino’s Pizza, Carlyle Group

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