The FTSE 100 index reached a new all-time high this week, buoyed by a wave of strong corporate earnings and the Bank of England's latest policy decision. The index climbed to 10,976, a gain of 13.4% from its lowest point this year, as investors responded positively to results from major constituents including IAG, NatWest, Lloyds, and Rolls-Royce.
With the earnings season in full swing, attention now turns to a fresh batch of blue-chip names set to report next week. Among the most closely watched are HSBC, BP, Glencore, Legal & General, and Diageo, each of which could provide significant market-moving updates.
HSBC: Banking strength on display
HSBC, the global banking group with a market value exceeding £273 billion, will release its results on Monday. The lender is expected to post robust numbers, following a pattern of strong performance across the UK banking sector. Lloyds recently reported a 23% jump in first-half profit, while Barclays delivered a 17% profit increase, helped by higher interest rates and a thriving trading division. Standard Chartered also impressed, with pretax profit rising to $4.78 billion from $4.38 billion a year earlier, and it guided for full-year income growth of 5% to 7%.
HSBC's share price has rallied more than 70% over the past 12 months, nearing its all-time high, supported by its own turnaround efforts and a favorable interest rate environment. Analysts estimate revenue could exceed $19 billion, with earnings per share projected at $2.32.
BP: Oil price tailwind
BP's shares have entered a local bull market, rising over 20% from their 2024 low, as crude prices have firmed. Brent and West Texas Intermediate (WTI) have both climbed above $80 per barrel. The company's results come on the heels of Shell's strong quarter, which saw adjusted earnings of $9.84 billion, beating expectations of $8.79 billion, and a best-quarter performance since 2022.
BP is also in the process of divesting its North Sea business, a move that could raise around $2 billion. Investors will be watching for updates on that sale and for any impact on shareholder returns.
Glencore: Mining and trading update
Glencore, a major mining and commodities trading company, has traded in a narrow range recently, with shares around 540p, down 20% from their yearly high. The company has already flagged strong operational performance: copper production rose 15% in the first half, and trading profits doubled. Additionally, Glencore recently won a contract in Germany to take over the Wilhelmshaven processing facility from Hartree, expanding its footprint in the European fuel market after acquiring FincoEnergies.
These developments could provide a catalyst for the stock when it reports.
Legal & General: Insurance rally test
Legal & General's shares have gained nearly 16% over the past year, in line with a broader rally in insurance stocks. The company will report on Wednesday, and investors will be looking for continued momentum. In its last annual results, core operating profit rose 6% to £1.6 billion, supporting a £1.2 billion share buyback and a 2% dividend increase, bringing planned shareholder returns to £2.4 billion.
Beyond these five, other FTSE 100 names to watch next week include Diageo, Admiral Group, Harbour Energy, and Smith & Nephew.
For context on recent market moves, see our coverage of Lloyds' profit surge and Barclays' trading beat.
This article is for informational purposes only and does not constitute financial advice.
