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  • Jet2 Reports Record Passenger Growth, Launches £250m Share Buyback and Expands Gatwick Presence (JET2)

    Jet2 Reports Record Passenger Growth, Launches £250m Share Buyback and Expands Gatwick Presence (JET2)

    Jet2 plc (LSE:JET2) delivered preliminary results for the year ended 31 March 2026, reporting record passenger numbers and a 4% increase in revenue to £7.48bn. Operating profit remained resilient at £439.6m despite absorbing £61m in combined start-up expenses and wider industry cost pressures. The company also maintained a strong financial position, ending the year with £3.29bn in cash and deposits and net cash of around £2bn. In addition, it raised the final dividend by 2% and returned £363m to shareholders through dividends and share buybacks.

    A major strategic milestone during the year was the group’s continued expansion in southern England through its new London Gatwick operation, complementing the recently launched London Luton base. The move is intended to strengthen Jet2’s market position and broaden its national footprint. Reflecting confidence in future growth, the board also approved a new £250m share buyback programme. Meanwhile, strong booking trends for summer 2026 and improved load factors point to sustained customer demand for the group’s package holiday and flight products.

    Jet2’s latest performance highlights the resilience of its business model, supported by solid profitability, a strong balance sheet and continued investment in growth opportunities. The company’s expansion strategy, shareholder returns and attractive valuation relative to sector peers strengthen its investment case, although ongoing cost inflation and cash flow pressures remain factors for investors to monitor.

    More about Jet2 plc

    Jet2 plc is a UK leisure travel company operating both Jet2holidays, the UK’s largest provider of ATOL-protected package holidays to destinations across the Mediterranean, Canary Islands and European cities, and Jet2.com, the UK’s third-largest airline specialising in scheduled leisure flights. The group now operates from 14 UK airport bases, including its newest locations at London Luton and London Gatwick. Its integrated operating model sees more than 63% of passengers booking complete package holidays, supporting customer loyalty, operational efficiency and greater flexibility.

    During the past decade, Jet2 has generated a compound annual revenue growth rate of 19%, carried more than 130 million passengers and achieved a 10-year return on capital employed of 15.7%. The company continues to focus on its Customer First strategy, maintaining customer satisfaction levels above 90%, net promoter scores in the mid-60s and customer retention of 59%. Guided by its People, Service, Profits philosophy, Jet2 has successfully evolved from a regional airline into a leading nationwide leisure travel brand.

  • Sulnox Secures Landmark Shipping Agreement as Industry Seeks Practical Decarbonisation Solutions

    Sulnox Secures Landmark Shipping Agreement as Industry Seeks Practical Decarbonisation Solutions

    Sulnox Group (AQSE:SNOX) has reached a major commercial milestone after signing its largest agreement to date with Eastern Pacific Shipping (EPS), reinforcing growing confidence in its fuel conditioning technology as the global shipping industry searches for practical, cost-effective ways to reduce fuel consumption and emissions.

    As pressure mounts on ship operators to improve environmental performance while maintaining profitability, many are looking for solutions that can deliver immediate results without requiring expensive fleet replacements or significant capital investment. Sulnox believes its technology is well positioned to meet that demand.

    Speaking on The Watchlist, Sulnox Group CEO Ben Richardson described the agreement as the culmination of a relationship that has strengthened steadily over several years.

    “Every time Eastern Pacific Shipping has taken a close look at Sulnox, they’ve increased their commitment,” Richardson explained.

    The partnership began with an evaluation across eight vessels before expanding to a deployment on 30 ships alongside an initial strategic investment from EPS Ventures. Following more than two years of operational use, the reported results have demonstrated fuel savings of between 3% and 5%, equating to an estimated annual fleet cost reduction of around $5 million.

    Those results have now led to Sulnox’s largest commercial agreement to date, together with an increased investment from EPS Ventures, creating what Richardson describes as a strong strategic alignment between customer and company.

    Validation from a Global Shipping Leader

    Eastern Pacific Shipping is widely recognised as one of the shipping industry’s leading operators and has invested approximately $2.5 billion in decarbonisation initiatives. Its continued commitment provides valuable third-party validation for Sulnox’s technology.

    Richardson believes this endorsement carries significant weight across an industry where operators often look to proven examples before adopting new technologies.

    “We now have that marquee name in an industry that follows by example,” he said.

    Beyond the commercial agreement itself, the relationship positions EPS as both a reference customer and an introduction partner, helping open conversations with ship owners and fleet managers worldwide while supporting future product innovation through continued operational feedback.

    A Practical Route to Lower Emissions

    With tightening environmental regulations and rising pressure to reduce greenhouse gas emissions, shipping companies are increasingly seeking technologies that deliver measurable efficiency gains without disrupting operations.

    Sulnox’s fuel conditioning technology offers a practical solution by improving fuel efficiency through the fuel itself, rather than requiring major changes to engines or vessels. This approach enables operators to pursue lower fuel consumption, reduced emissions and improved operating economics simultaneously.

    After more than two years of operational validation across multiple vessel types, the expanded deployment with EPS demonstrates that practical efficiency improvements can be achieved at scale.

    Significant Growth Potential

    While the marine sector represents an important opportunity for Sulnox, Richardson noted that it accounts for only around 5% of what the company estimates to be a £40 billion annual global market opportunity across multiple industries.

    The strengthened relationship with EPS therefore represents more than a single commercial success. It provides a platform for broader international expansion and additional long-term agreements with major fleet operators.

    As confidence grows through real-world performance data and industry validation, Sulnox believes it is well placed to accelerate adoption across the global shipping market.

    An Important Commercial Milestone

    The agreement with Eastern Pacific Shipping marks a significant step forward for Sulnox, highlighting the increasing demand for technologies that can deliver both environmental and commercial benefits.

    With proven operational results, a growing strategic partnership with one of the world’s most respected shipping companies, and increasing industry recognition, Sulnox continues to strengthen its position as a provider of practical fuel efficiency solutions for the global maritime sector.

    As the shipping industry works towards a lower-carbon future, partnerships built on demonstrated performance may prove instrumental in accelerating the adoption of technologies capable of delivering meaningful emissions reductions today.

    For more information visit – https://sulnoxgroup.com/

  • Vistry Prioritises Cash Generation as Strategic Reset Weighs on First-Half Earnings (VTY)

    Vistry Prioritises Cash Generation as Strategic Reset Weighs on First-Half Earnings (VTY)

    Vistry Group (LSE:VTY) has identified 2026 as a year of transition as newly appointed chief executive Adam Daniels reshapes the business with a stronger emphasis on cash generation, lower debt and improved long-term profitability, despite the impact on near-term earnings. The group has implemented a series of measures to strengthen cash flow, including discounting slower-selling private homes, reducing exposure to higher-value properties, lowering private work in progress and scaling back its land holdings. As a result, Vistry expects to report a pre-tax loss of around £30m for the first half.

    Despite the weaker first-half performance, the company’s financial position has improved. Net debt stood at £470m, while land creditors were reduced by more than £150m. Management continues to expect the business to finish the year with net cash exceeding £100m. Backed by a £3.9bn forward order book, easing build cost inflation and additional support from affordable housing grants through the Strategic Affordable Housing Programme, Vistry anticipates a much stronger second half. The outlook is also supported by delayed partnership agreements completing on more favourable terms and profits generated from the ongoing optimisation of its land portfolio.

    Although recent operating performance and persistent share price weakness continue to weigh on sentiment, Vistry’s relatively conservative balance sheet and low price-to-earnings valuation suggest much of the current uncertainty may already be reflected in the share price.

    More about Vistry Group

    Vistry Group is a UK housebuilder specialising in the delivery of homes across multiple tenures through its partnerships-led business model. The company works closely with registered providers, local authorities and other partners to deliver affordable housing while maintaining a broad development presence across the UK. Supported by strong customer satisfaction scores and long-established industry relationships, Vistry has secured a forward order book that covers around 80% of its expected 2026 housing output.

  • Wall Street futures point lower as AI concerns pressure technology shares: Dow Jones, S&P, Nasdaq

    Wall Street futures point lower as AI concerns pressure technology shares: Dow Jones, S&P, Nasdaq

    Tech stocks expected to lead declines at the open

    U.S. equity futures traded lower on Tuesday, indicating a weaker start for Wall Street as investors looked set to trim exposure following Monday’s rally. Technology shares were expected to be the main drag after renewed concerns about artificial intelligence spending weighed on the semiconductor sector.

    Samsung sell-off sparks broader chip weakness

    Market sentiment deteriorated after South Korean chipmaker Samsung Electronics suffered a near 7% decline despite reporting a 19-fold increase in second-quarter operating profit.

    The market reaction suggested investors remain cautious about whether the rapid pace of AI-related investment can be maintained.

    “Although Samsung’s results were stellar, investors are getting nervous about the scale of money ploughing into AI and whether it’s a bubble waiting to burst,” said Dan Coatsworth, head of markets at AJ Bell.

    Chip stocks also faced fresh pressure after Reuters reported that Chinese AI startup DeepSeek is working on its own artificial intelligence processor, potentially reducing future dependence on established chip suppliers.

    Strong finish on Monday

    Wall Street ended Monday’s session with broad-based gains following the Independence Day holiday.

    The Nasdaq Composite rose 288.49 points, or 1.1%, to 26,121.16, while the S&P 500 gained 54.19 points, or 0.7%, to finish at 7,537.43. The Dow Jones Industrial Average added 155.84 points, or 0.3%, ending at a record closing high of 53,055.91.

    Hardware stocks led the rally

    Technology companies drove most of Monday’s advance, with computer hardware names posting the strongest gains.

    The NYSE Arca Computer Hardware Index climbed 3.4%, helped by a 4.4% rise in Dell Technologies (NYSE:DELL) after President Donald Trump highlighted the company’s computers during an Oval Office event.

    The NYSE Arca Networking Index gained 2.8%, while the Philadelphia Semiconductor Index advanced 2.2%.

    Elsewhere, brokerage firms, banks and steel producers also moved higher, while pharmaceutical, telecommunications, housing and utility stocks lagged the broader market.

    Services activity remains in expansion territory

    Economic data showed the U.S. services sector continued to grow in June, although at a slightly slower pace.

    The Institute for Supply Management reported its Services PMI eased to 54.0 from 54.5 in May, matching market expectations. Any reading above 50 signals continued expansion.

  • European shares trade mixed as investors lock in gains and geopolitical tensions return: DAX, CAC, FTSE100

    European shares trade mixed as investors lock in gains and geopolitical tensions return: DAX, CAC, FTSE100

    European markets delivered a mixed performance on Tuesday as investors took profits in technology stocks following recent gains, while renewed geopolitical concerns weighed on sentiment after reports that two commercial vessels were struck by Iranian missiles in the Strait of Hormuz, lifting both oil prices and government bond yields.

    Germany’s industrial output beats expectations

    Economic data released by Destatis showed Germany’s industrial production rose more strongly than forecast in May.

    Industrial output increased 0.9% month-on-month, accelerating from April’s revised 0.2% gain. It marked the strongest monthly expansion since September.

    Compared with the same month last year, industrial production was unchanged after declining 0.9% in April.

    UK housing market returns to growth

    In the UK, the latest Halifax survey compiled by S&P Global showed house prices rose for the first time in four months during June.

    Average house prices increased 0.2% month-on-month, reversing the 0.2% decline recorded in May and exceeding economists’ expectations for a 0.1% increase.

    European indices move in different directions

    Germany’s DAX declined 0.5%, while France’s CAC 40 gained 0.3%. The UK’s FTSE 100 outperformed, rising 0.6%.

    Technology shares remained under pressure as investors reassessed valuations following the sector’s strong AI-driven rally. Infineon Technologies (TG:IFX) dropped 5.4%, while ASML Holding (EU:ASML) lost 5.1%.

    Company movers

    Victrex (LSE:VCT) surged 19% after reaffirming its full-year guidance and reporting stronger-than-expected third-quarter revenue growth.

    Halma (LSE:HLMA) slipped more than 1% after announcing the acquisition of French automated tissue sample management specialist Dreampath Diagnostics.

    Shell (LSE:SHEL) advanced 3% after improving its second-quarter outlook for liquefied natural gas (LNG) production.

    Keller Group (LSE:KLR) climbed 21% to a record high after upgrading its full-year earnings guidance.

  • ITV drops as J.P. Morgan downgrades stock after Sky deal terms disappoint (ITV)

    ITV drops as J.P. Morgan downgrades stock after Sky deal terms disappoint (ITV)

    ITV (LSE:ITV) shares fell more than 6% on Tuesday after J.P. Morgan Cazenove downgraded the broadcaster to “neutral” from “overweight” and reduced its price target to 85 pence from 104 pence, arguing that the company had not achieved the valuation it had hoped for in the sale of its Media & Entertainment division to Sky.

    ITV confirmed the disposal of the M&E business for up to £1.6 billion. The consideration includes £1.2 billion in cash, £200 million linked to the contribution of Love Productions and a further £200 million in contingent cash tied to ITV’s 2027 advertising revenue. Based on a headline valuation of £1.4 billion to £1.6 billion, Sky is paying around 5.6 to 6.4 times EBITDA.

    “In our view, Sky is paying fair value for M&E with Sky keeping all of the upside from cost savings, synergies and strategic benefits, while ITV is bearing separation / deal costs of c£150m and stranded Studios costs of c £30m,” the broker said.

    Separation costs weigh on proceeds

    ITV will also transfer its sports production business to Sky, representing around £50 million of revenue and £5 million to £6 million of EBITA.

    J.P. Morgan noted that net advertising revenue growth is expected to reach 8% in the second quarter, below guidance of 10%, which the broker said was “likely not helped by UK political uncertainty and 3 months of conflict in the Middle East.”

    The bank estimates ITV will receive net cash proceeds of about £1.05 billion from the £1.2 billion cash payment after roughly £150 million of post-tax separation costs. ITV plans to return £950 million to shareholders, equivalent to 25 pence per share.

    Following the deal, the remaining ITV Studios business is expected to carry net debt of 1.5 times EBITDA, with ITV aiming to retain its investment-grade status.

    Regulatory approval still required

    The transaction remains subject to regulatory approval. J.P. Morgan said Sky would control about 70% of the television advertising market after the acquisition, although it would represent only around 7% of the broader advertising market.

    The broker warned that if the UK’s Competition and Markets Authority adopts a narrow definition of the television advertising market, it could require structural or behavioural remedies before clearing the deal.

    ITV Studios becomes the focus

    Following the transaction and the inclusion of Love Productions, ITV Studios is expected to generate pro forma revenue of around £2.1 billion, EBITDA of £330 million and EBITA of £300 million.

    The remaining Studios business will also enter a long-term content supply agreement with ITV M&E and Sky, including a minimum spending commitment of £2.1 billion between 2028 and 2032.

    At ITV’s current share price, J.P. Morgan estimates the implied enterprise value of ITV Studios at about £2.6 billion, equivalent to 7.8 times EBITDA.

    “ITV has not been able to secure the deal that we had hoped for – not helped by the ongoing UK and global political / macro uncertainty over the past 6 months (and indeed the last 10 years since Brexit),” the broker said. “Our PT falls from 104p to 85p – with the 19p downgrade reflecting the lower disposal price, separation costs and stranded Studios costs..”

    J.P. Morgan’s revised 85 pence price target is based on a discounted cash flow model using an 11.4% weighted average cost of capital and a 0% terminal growth rate.

  • US futures ease as investors digest Samsung earnings and Fed signals: Dow Jones, S&P, Nasdaq, Wall Street

    US futures ease as investors digest Samsung earnings and Fed signals: Dow Jones, S&P, Nasdaq, Wall Street

    US equity futures traded slightly lower on Tuesday after the Dow Jones Industrial Average reached another record high in the previous session, with investors assessing Samsung Electronics’ (USOTC:SSNHZ) blockbuster earnings, fresh remarks from Federal Reserve Governor Christopher Waller and renewed geopolitical tensions in the Middle East.

    Markets pause after record Wall Street close

    As of 03:02 ET (07:02 GMT), Dow Jones futures were little changed, while S&P 500 futures slipped 0.2% and Nasdaq 100 futures fell 0.8%.

    Wall Street ended Monday on a positive note, with the Dow closing above the 53,000 mark for the first time. Technology stocks led the gains, particularly semiconductor names such as Advanced Micro Devices (NASDAQ:AMD) and Western Digital (NASDAQ:WDC). Broadcom (NASDAQ:AVGO) also advanced after announcing a custom chip partnership with Apple, helping the Philadelphia Semiconductor Index recover from last week’s losses.

    Despite the strong headline performance, Deutsche Bank cautioned that market breadth remained weak.

    “On paper the headlines were pretty decent,” analysts led by Jim Reid wrote. “But under the surface, things weren’t quite as robust as they seemed.”

    Samsung delivers record profit but shares retreat

    Samsung Electronics reported preliminary second-quarter operating profit of 89.4 trillion won, or approximately US$58 billion, nearly twenty times higher than the same period last year and above market expectations. Revenue is forecast to reach 171 trillion won.

    Even so, Samsung’s shares dropped more than 6% in Seoul as investors questioned whether current valuations across the AI semiconductor sector have become too demanding.

    Fed keeps inflation firmly in focus

    Investors also weighed comments from Federal Reserve Governor Christopher Waller, who warned that inflation risks have become a greater concern than labour market weakness.

    Waller said employment conditions have stabilised while inflation is “taking off,” reiterating that the Federal Reserve’s 2% inflation objective remains essential and will not be compromised.

    Banks reportedly consider payments network acquisition

    The Wall Street Journal reported that JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) and PNC Financial Services (NYSE:PNC) have discussed acquiring one of Fiserv’s (NASDAQ:FISV) debit payment networks.

    According to the report, ownership of a payments network could help banks reduce the impact of federal interchange fee restrictions, although discussions remain preliminary and no transaction is considered imminent.

    Strait of Hormuz tensions intensify

    Geopolitical concerns also remained elevated after Axios reported that Iran launched missiles at commercial vessels in the Strait of Hormuz, ending a week-long pause in attacks.

    Separately, UK Maritime Trade Operations said a tanker near the Omani coast had been struck by an unidentified projectile, causing a fire. The incidents followed unsuccessful indirect talks between Washington and Tehran over security in the strategic waterway.

  • European shares trade sideways as AI concerns weigh on technology sector: DAX, CAC, FTSE100

    European shares trade sideways as AI concerns weigh on technology sector: DAX, CAC, FTSE100

    European equity markets were little changed on Tuesday as investors adopted a cautious stance towards technology stocks amid growing concerns over valuations linked to the artificial intelligence boom, while attention also turned to the NATO summit in Turkey for potential defence spending announcements.

    The pan-European STOXX 600 index was broadly unchanged at 650.84 points by 07:13 GMT after ending the previous session just below record highs.

    Technology stocks lead market declines

    Technology shares were the weakest performers, with the sector falling 1.6% as semiconductor companies extended the global selloff triggered by concerns that the recent rally in AI-related stocks may have become overstretched.

    Chip equipment manufacturer ASML (EU:ASML) and semiconductor producer Infineon (TG:IFX) both declined around 4%.

    Siemens Energy (TG:SIE) also came under pressure, falling 5.5% after Barclays downgraded the stock to “underweight” from “equal-weight.”

    The weakness followed a negative session in Asia, where Samsung Electronics (USOTC:SSNHZ) shares fell despite issuing strong earnings guidance, while Nasdaq futures were also trading nearly 1% lower, reflecting broader caution towards technology shares.

    Defence companies remain in focus

    In contrast, European defence stocks edged higher as investors monitored the NATO summit in Turkey, where member states were expected to announce new defence agreements in response to continued pressure from the United States to increase military spending across Europe.

    The defence sector has been the strongest performer within the STOXX 600 so far this month.

    Swedish defence manufacturer Saab (TG:SDV1) gained 5.3% after Morgan Stanley upgraded the stock to “overweight” from “underweight.”

    Shell advances after guidance update

    Elsewhere, Shell (LSE:SHEL) rose 2.2% after the energy group modestly increased its outlook for integrated gas production during the second quarter.

  • Market Open: Shell Q2 Trading Update, Capita Pension Administration

    Market Open: Shell Q2 Trading Update, Capita Pension Administration

    FTSE 100 opens steady as Shell upgrades second-quarter trading outlook, Capita addresses pension concerns and Brent crude edges lower.

    Market Overview

    The FTSE 100 opened broadly unchanged at 10,651.30, while the Euronext 100 edged 0.07 per cent higher and Germany’s DAX slipped 0.21 per cent at the open. Overnight, the Nasdaq closed higher at 26,121.16 and the S&P 500 gained to 7,537.43 as investors balanced improving UK housing data, the start of the NATO summit and expectations for upcoming Federal Reserve policy signals.

    Commodity markets were mixed, with copper, gold, Brent crude and natural gas all trading lower at the open, while Bitcoin fell against sterling. Sterling was broadly steady against the major currencies as oil markets continued to weigh renewed Strait of Hormuz security concerns against Saudi price cuts and higher OPEC+ supply expectations.

    Market Numbers

    FTSE 100: Down (-0.00%), 10,651.30

    Euronext 100: Up (+0.07%), 1,935.63

    DAX: Down (-0.21%), 25,764.94

    NASDAQ: Up, 26,121.16

    S&P 500: Up, 7,537.43

    In the Headlines

    Trading Update – Shell (LSE:SHEL)

    Shell said second-quarter trading and refining performance is expected to be stronger than previously guided, signalling resilient earnings despite ongoing volatility across global energy markets. The update may support investor confidence ahead of the company’s full quarterly results.

    Pension Administration – Capita (LSE:CPI)

    Capita responded to concerns surrounding its administration of the Civil Service Pension Scheme, seeking to reassure stakeholders over service delivery and operational performance. The update is relevant as investors continue to monitor execution and contract quality across the outsourcing business.

    Currencies (vs GBP)

    USD: Down (-0.00%), $1.3394

    CHF: Up (+0.00%), Fr.1.0784

    EUR: Up (+0.00%), €1.1707

    JPY: Up (+0.00%), ¥217.113

    AUD: Down (-0.03%), $1.9259

    Bitcoin (BTC/GBP): Down, £47,131.58

    Commodities

    Copper: Down

    Gold: Down

    Brent Crude: Down

    Natural Gas: Down

  • FTSE 100 rises as UK house prices recover and investors monitor NATO summit

    FTSE 100 rises as UK house prices recover and investors monitor NATO summit

    The FTSE 100 traded higher on Tuesday, recovering from the previous session’s losses as investors welcomed an improvement in UK house prices while closely following developments at the NATO summit in Ankara and ongoing tensions in the Middle East.

    The UK’s benchmark index gained 0.25% after Monday’s 0.3% decline. Elsewhere in Europe, Germany’s DAX slipped 0.22%, while France’s CAC 40 advanced 0.58%. Sterling edged 0.07% lower against the US dollar to 1.3379.

    Fresh housing data showed the UK property market returned to growth in June, with the Lloyds House Price Index recording a 0.2% monthly increase. The average home price rose to £299,330 from £298,812 in May, while annual house price growth edged up to 0.6% from 0.5%. Northern Ireland remained the strongest-performing region, posting annual growth of 7.4%, whereas London recorded a 1.1% year-on-year decline, leaving the average property price at £534,831.

    Commenting on the market, Amanda Bryden, Head of Mortgages at Lloyds, said:

    “Mortgage rates have eased from their recent highs, offering some encouragement to those considering a move.”

    She added:

    “The outlook for house prices will depend largely on inflation continuing to ease and household confidence gradually improving.”

    Meanwhile, geopolitical risks remained firmly in focus after a tanker caught fire in the Strait of Hormuz following a reported projectile strike, marking the latest disruption to commercial shipping since the outbreak of the conflict between the United States and Iran.

    Diplomatic negotiations between Washington and Tehran remained suspended during the funeral period for Iran’s Supreme Leader, Ali Khamenei. Speaking at the White House before departing for Ankara, US President Donald Trump said the United States would prevail in the conflict “one way or the other,” adding that Washington could destroy Iran’s electricity infrastructure in the “small part of an afternoon.”

    Attention also turned to the two-day NATO summit in Ankara, where alliance leaders are expected to discuss plans to implement last year’s commitment to increase defence spending from 2% to 3.5% of GDP by 2035. The meeting coincides with a major defence industry exhibition aimed at securing multi-billion-dollar procurement agreements, while President Trump is also expected to hold bilateral talks with the presidents of Ukraine and Syria.

    In commodity markets, Brent crude climbed 1.28% to $72.91 a barrel and US West Texas Intermediate crude gained 1.20% to $69.37. Gold prices moved lower, with futures falling 0.63% to $4,141.31 an ounce and spot gold declining 0.84% to $4,129.42.

    UK corporate highlights

    Shell (LSE:SHEL) increased its guidance for second-quarter integrated gas production, although it cautioned that output will remain well below first-quarter levels following the shutdown of its Pearl GTL facility in Qatar after the Ras Laffan attack.

    HSBC (LSE:HSBA) is scaling back higher-risk private credit lending in favour of lower-risk funds, according to a Financial Times report, as concerns grow over underwriting standards in the private credit market.