Investors will be alert to commentary on how the Iran war has impacted wealthy investors in the Middle East where HSBC has a 31% stake in Saudi Awwal Bank, say AJ Bell analysts.
Expectations are high with the shares up by a quarter over the last six months. With share buybacks on pause while capital buffers are rebuilt, investors will be looking for confirmation that the expected recovery in tier-one capital is on track.
Earnings forecasts for Shell have jumped nearly 50% since the start of the war in Iran, in line with the rise in oil prices.
Despite flagging lower gas production following damage to its Qatar LNG facility, Shell noted its oil trading results were ‘significantly higher’ than the prior quarter, reflecting Shell’s integrated business model.
Investors will be looking for a strategic update following the company’s recent $16 billion acquisition of Canada’s gas producer ARC Resources.
DIARY
Tuesday 5 May
- First-quarter results from HSBC
Wednesday 6 May
- First-quarter results from Flutter Entertainment
- UK Composite PMI
- European Producer Prices
Thursday 7 May
- First-quarter results from Shell
Friday 8 May
- First-quarter results from IAG
- Halifax House Price index
- US Non-Farm Payrolls
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