Natwest down 7% after reporting unchanged third quarter results
Natwest fell 7% after reporting unchanged third-quarter results.
The British bank reported a profit of 1.1 billion pounds ($1.3 billion), just missing analysts’ forecasts.
Natwest set aside an extra £247m to reflect the tough economic outlook in the UK, which ate into profits.
Coming Up: Bank of America CEO Brian Moynihan Live on “Squawk Box Europe”
Bank of America CEO Brian Moynihan will give an exclusive interview live on CNBC’s “Squawk Box Europe” at 8.00am London time.
The bank released its third-quarter earnings on October 17 and pointed to the resilience of US consumers as a reason to ease concerns about an economic recession.
You can watch the interview live on CNBC here.
European markets: Here are the opening calls
The FTSE 100 is expected to fall 32 points to 7,039 and Germany’s DAX 67 points lower to 13,155, according to IG data. The CAC will fall by 25 points to an initial 6,226, and the Italian MIB will be lower by 89 points to 22,347.
CNBC Pro: Tech stocks are falling, but one fund manager still likes Microsoft. Here’s why
Technology stocks fell this week as investor optimism faded after disappointing results from some of the sector’s biggest names.
But fund manager Brian Arcese is standing by Microsoftcalling it a “solid long-term defensive holding.”
Pro subscribers can read more here.
— Zavier Ong
CNBC Pro: A lot of trouble ahead for markets, strategist warns
According to one strategist, investors should think twice before chasing the recent surge in share prices.
“I think the market is going up,” Beat Wittmann, president of Switzerland-based Porta Advisors, told CNBC.
CNBC Pro subscribers can read more here.
— Jenny Reid
Chip stocks fell after a US official said the allies could soon impose export restrictions on China
The Bank of Japan is keeping interest rates on hold as expected
Japan’s central bank left interest rates unchanged on Friday, in line with economists’ forecasts in a Reuters poll.
The Bank of Japan also said it would buy the necessary amounts of Japanese government bonds at a fixed rate to keep yields on the 10-year JGB at 0%.
“The Bank will support financing, mainly to companies, and maintain stability in financial markets, and will not hesitate to take additional easing measures if necessary,” the monetary policy statement said.
— Jihye Lee