Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

FTSE 100 expected to edge lower as US earnings fail to inspire

Published 20/04/2023, 06:54
Updated 20/04/2023, 07:29
© Reuters.  FTSE 100 expected to edge lower as US earnings fail to inspire

Proactive Investors - The FTSE 100 is expected to edge lower in early exchanges following a lacklustre showing in the US overnight after a mixed bag of earnings.

Spread betting companies are calling London’s lead index down by around 6 points.

The Dow closed Wednesday down 80 points, 0.2%, at 33,897, while the Nasdaq Composite added 4 points to 12,157 and the S&P 500 was flat at 4,155. The small-cap Russell 2000 index gained 4 points, 0.2%, to 1,799.

In Asia, markets were mixed. In Tokyo, the Nikkei 225 index was up 0.1%. In China, the Shanghai Composite was down 0.3%, while the Hang Seng index in Hong Kong was down 0.3%.

Tesla (NASDAQ:TSLA) fell 6% after hours in New York, after the electric vehicle maker reported lower first-quarter profit hit by rising costs and a drop in average selling prices which saw margins plunge.

The electric vehicle maker posted total revenue in the quarter of US$23.33 billion, up 24% from US$18.76 billion a year prior, boosted by growth in vehicle deliveries although there was an adverse forex hit of US$0.8 billion.

But operating income decreased to US$2.66 billion in the quarter from US$3.60 billion a year ago resulting in an 11.4% operating margin down from 19.2% in 2022 and 16% in the previous quarter.

Profitability was also knocked by reduced selling prices, higher raw material, commodity, logistics and warranty costs, and lower credit revenue.

GAAP net income fell 24% to US$2.51 billion from US$3.32 billion.

Back in London and the early focus will be on updates from Rio Tinto (LON:RIO), Segro (LON:SGRO), Rentokil (LON:RTO), AJ Bell (LON:AJBA), and Dunelm (LON:DNLM).

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.