![]() Valero shares are flat year to date, but are up 124% over the past three years versus Phillips' 88% gain. Phillips shares are up about 13% year to date, while Marathon Petroleum has gained nearly 29% over the same period. ![]() "Over the past three years, as Phillips 66 has fallen further and further behind, its stock has meaningfully underperformed these peers," wrote Elliott partner John Pike and portfolio manager Mike Tomkins in the letter. The activist investor said in the letter to Phillips' board that the company's performance has declined in recent years because it has shifted its focus away from its refining segment. Personal Loans for 670 Credit Score or LowerĮlliott's push for the board seats comes as Phillips has underperformed its competitors Marathon Petroleum and Valero. Personal Loans for 580 Credit Score or Lower Figures from the Insolvency Service show an uptick in redundancies in the coming months, while higher mortgage rates will begin to squeeze, Dickens added.Best Debt Consolidation Loans for Bad Credit The outlook for retail is mixed, Dickens said, with households avoiding a 1% hit to disposable income because of the ongoing government-funded energy bill cap and suspension of an increase in fuel taxes, as well as rises in the state pension and living wage.īut they will still be affected by other tax measures and by the withdrawal of the energy bill grant program. The figure for the three months leading to February was also down 0.3% on the previous three months. The print came in above a consensus expectation of 0.2% and surpassed the 0.9% rise of January.įebruary retail sales were nevertheless down 3.5% year-on-year. retail sales rose by 1.2% on the month in February, according to national figures also published Friday. ![]() economist at Pantheon Macroeconomics, in a note. The slight recovery benefited retailers in February, said Gabriella Dickens, senior U.K. "The headline consumer confidence score is still severely depressed and the mood as well as the economy remain a long way off pre-lockdown levels, but a little consumer resilience might be what we need to soften any downturn in 2023," Joe Staton, client strategy director at GfK, said in the release. households became more optimistic in February, with improvements in five measures that it records, including views of future financial situations, the ability to fund major purchases and the broader economic picture. Federal Reserve hiking by 25 basis points.Ī monthly consumer confidence survey from GfK showed U.K. Both decisions come in the shadow of the U.S. The Swiss central bank raised its own benchmark interest rate by 50 basis points. The Bank of England hiked its base rate by 25 basis to 4.25% on Thursday in a move that was priced in by markets after U.K. "Underlying sentiment is still cautious and in this environment no one wants to go into the weekend risk-on," said Nordea chief analyst Jan von Gerich, quoted by Reuters. ![]() Oil and gas stocks closed 2.8% lower, construction stocks were down 3.1% and industrials dropped 2.5%. UBS, Societe Generale, Barclays and BNP Paribas were among the banks to fall sharply. Citigroup this week downgraded the European banking sector to "neutral" from "overweight," citing the effects of continued monetary policy tightening.ĭeutsche Bank pared earlier losses to close 8.5% lower, extending a 3.2% fall on Thursday after its credit default swaps, a form of insurance for bondholders, pushed higher. She also said the ECB toolkit was equipped to provide liquidity to the financial system if needed.īut banks dropped 3.8% despite the reassurances. Markets slightly trimmed losses after European Central Bank President Christine Lagarde told EU leaders the euro area banking sector was resilient due to strong capital, liquidity positions and post-2008 reforms. Personal Loans for 670 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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