FTSE 100 Outperforms Led by AstraZeneca

Lloyds Banking Group reported Q3 earnings with a 19.5% return on tangible equity. Lending and deposits grew, though mortgage market competition persisted. Operating costs rose 1% YoY, while other income increased 10% YoY. Credit quality remained stable, and the CET1 ratio stood at 13.3%. The bank expects to exceed its full-year ROE target and meet cost and income growth objectives.

ExxonMobil, Chevron, BP, Shell, and TotalEnergies reported combined adjusted net income of $56.3 billion in Q3, driven by high fuel prices due to geopolitical conflicts. ExxonMobil and Chevron saw record refining profits, with ExxonMobil earning $9.05 billion and Chevron $4.93 billion. Companies resisted increasing share buybacks to avoid political backlash. ExxonMobil raised dividends and maintained $20 billion in annual buybacks, while Chevron focused on debt reduction.

Louisiana will receive $350 million from BP, resolving remaining coastal lawsuits and accelerating economic-damages payments from the 2010 Deepwater Horizon disaster. The state receives $23 million less than originally scheduled but gets the funds sooner. BP, Louisiana Governor Jeff Landry, and Attorney General Liz Murrill signed the agreement.

AstraZeneca reported 7% revenue growth and 14% core EPS increase for the first nine months of 2026. Oncology, Rare Disease, and R&I showed double-digit growth, while BioPharmaceuticals revenue declined 6%. The company announced 14 new molecular entities approved, with a goal of 20 by 2030. Key Phase III readouts in 2027 could bring over $20 billion in peak year revenue. The company also faces challenges, including a $2 billion restructuring cost and loss of exclusivity for some drugs.

BP PLC (BP) reported Q3 2026 earnings, highlighting debt reduction, refining strength, and a $4 billion writedown. CFO Kate Thomson discussed addressing Deepwater Horizon liabilities, Q4 financial obligations, and cost savings. CEO Meg O'Neill emphasized resilient financial framing, investment rigor, and portfolio optimization. The company aims to improve cost structure and maintain dividend commitments. BP also provided updates on asset sales and exploration plans.

BP reported a 282% rise in quarterly profits to £6.31 billion, driven by geopolitical tensions affecting oil supplies. This follows Shell's £8 billion profits in the same period. Critics accuse BP of profiteering while consumers face rising fuel costs.