{"id":143634,"date":"2020-04-28T12:40:38","date_gmt":"2020-04-28T12:40:38","guid":{"rendered":"https:\/\/www.bnreport.com\/banks-and-big-pharma-key-company-news-for-wednesday-us-gdp-eyed\/"},"modified":"2020-04-28T12:40:38","modified_gmt":"2020-04-28T12:40:38","slug":"banks-and-big-pharma-key-company-news-for-wednesday-us-gdp-eyed","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/banks-and-big-pharma-key-company-news-for-wednesday-us-gdp-eyed\/","title":{"rendered":"Banks and big pharma key company news for Wednesday, US GDP eyed"},"content":{"rendered":"

The mid-point of the week will bring more updates from the UKs major banks, as well as updates from the pharmaceutical sector and retail.<\/p>\n

Barclays PLC (LON:BARC) is forecast to remain profitable despite taking \u00a31bn of impairments according to UBS, where analysts are also anticipating its investment bank will see \u00a3600mln of mark-to-market losses in the first quarter.<\/p>\n

For Standard Chartered PLC (LON:STAN), UBS forecasts revenues and pre-provision profits to be down only slightly, with ongoing loan losses of US$416mln.<\/p>\n

On the macro front, US GDP will be the major news for Wednesday, with economists at ING expecting the US economy will have contracted 6% on an annualised basis in the first quarter with much worse to come in the second, with a 40% annualised fall in output eyed between March and June \u201ceven if other US states follow the lead of Georgia, Tennessee, Florida and South Carolina and start re-opening their economies in the next two to four weeks\u201d.<\/p>\n

Meanwhile, the Federal Reserves meeting \u201cis likely to be met with much less fanfare than usual\u201d, says RBC Capital Markets, as the central bank has been operating in \u201creal-time\u201d during the crisis.<\/p>\n

Pharmaceutical giants joint frontline of coronavirus vaccine effort<\/h3>\n

The mid-point of the week will bring first quarter updates from two of the UKs pharmaceutical heavyweights, GlaxoSmithKline PLC (LON:GSK) and AstraZeneca PLC (LON:AZN).<\/p>\n

AZ has been one of the bright spots during the pandemic, with its shares having hit an all-time high on 21 April as it combines its nature as a defensive stock with its place at the forefront of efforts to find a vaccine for the coronavirus through its partnership with other pharmaceuticals groups.<\/p>\n

However, investors are likely to focus on these efforts as a cost burden rather than potential new earnings, and with profits being a priority in these times positive news from the companys Chinese expansion and its new drug sales is likely to be eyed more closely.<\/p>\n

Analysts at UBS are estimating the firm will report a quarterly core operating profit of US$1.6bn with revenues of US$5.9bn.<\/p>\n

For GSK, its shares are also likely to hold up well as a defensive investment, however, shareholders are likely to be more concerned about any disruption to the companys operations at its research and manufacturing sites around the world.<\/p>\n

The company is also joining AstraZeneca in the frontline for a coronavirus vaccine, although investors are likely to know that such a project may not be profitable.<\/p>\n

Beyond coronavirus, attention is likely to be drawn to sales of the companys new drugs as well as any updates from its research & development portfolio.<\/p>\n

UBS is forecasting earnings per share of around 33p for the quarter.<\/p>\n

Next to update on restarted operations<\/h3>\n

Next PLC (LON:NXT) is publishing a trading announcement on Wednesday where investors expect weekly sales performance.<\/p>\n

Shops of the fashion retailer have been closed since the beginning of the UK lockdown in March, while online operations were shuttered until 14 April.<\/p>\n

The FTSE 100-listed firm kept a limit on orders to ensure safety measures at its warehouses, so analysts are wondering what these limits may be and whether it will expand from childrensRead More \u2013 Source<\/a>
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Proactiveinvestors<\/a><\/h5>\n

[contfnewc]
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