Oil giant Shell surprised markets with profits that came in more than £1bn higher than analyst estimates.
Adjusted net income, its preferred measure of profits, hit $7.7bn (£6.1bn) in the first quarter, which was down from $9.7bn (£7.7bn) in the same period last year but well ahead of expectations of $6.3bn (£5bn).
5 things to start your day
1) Shell to close Chinese green power generation business | Decision comes amid wider Western exodus from communist country
2) PwC partners in the Middle East accused of blocking first woman boss | Firm faces backlash from own staff over result of vote for senior partner
3) HSBC investors demand greater focus on Asia under new boss | Bank should consider candidates with more experience in the region, say shareholders
4) Labour waters down late-night work email ban championed by Angela Rayner | Party no longer plans to incorporate ‘right to switch off’ into law
5) Black cab drivers sue Uber for £250m over illegal London licence claims | More than half the capital’s cabbies seeking £25,000 in compensation
What happened overnight
Asian markets wobbled after a mixed finish on Wall Street with the Federal Reserve delaying cuts to interest rates.
Tokyo’s Nikkei 225 index opened with a decline, then climbed 0.1pc to 38,299.71.
The Japanese yen surged as much as 2pc in early Asia hours, driven by speculations of another round of yen-buying intervention by Japanese authorities.
Later, the yen reversed its course and erased the previous gains. By midday, the dollar was trading at 156.04 yen, up from 154.91 yen.
In South Korea, the Kospi edged 0.1pc lower to 2,688.80, after official data showed the country’s consumer prices in April reached 2.9pc year on year, a slower pace compared to the data in March.
Hong Kong’s Hang Seng index added 2.3pc to 18,178.43. Other markets in China remained closed for the Labor Day holiday.
Elsewhere, Australia’s S&P/ASX 200 advanced 0.5pc to 7,603.80.
In America, the S&P 500 fell 0.3pc, to 5,018.39, after the Fed held its main interest rate at its highest level since 2001, just as markets expected. The index had rallied as much as 1.2pc in the afternoon before giving up all the gains at the end of trading.
The Dow Jones Industrial Average rose 0.2pc, to 37,903.29, and the Nasdaq Composite index lost 0.3pc, to 15,605.48.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
