Barclays reported better than expected 8% fall in Q1 profits, as it saw strong trading profits from market volatility caused by the Russia-Ukraine conflict. They posted a profit before tax of £2.2bn, above average analyst forecast of £1.3bn and below the £2.4bn it made in the same period last year. They have put share buyback plans on hold pending discussion with US regulators over a possible restatement of 2021 earnings.

Glencore cuts FY guidance for copper and cobalt but increases it for nickel and ferrochrome. They state that Q1 production was mostly in line with expectations, but they had temporary issues. They were hurt by COVID-19 absenteeism, particularly in Australia. Copper -14% YoY, cobalt +43%, zinc & lead -15%.

Sainsbury has warned of lower profits for the current year due to soaring inflation, taking the shine off more than doubling their profit for the 2021-22 year. They reported an underlying profit before tax of £730m, ahead of average analyst estimates of £703m.

Shell acquires a 25% stake in Atapu field in Brazil from Petrobras for $1.1bn.

Smith & Nephew beat analysts' expectations for Q1 sales, helped by an easing of supply chain constraints and a revival in elective surgeries that were delayed during the COVID-19 pandemic. Their revenue rose 5.9% to $1.31bn, above analysts' expectation of a 2.8% rise to $1.27bn.

Standard Chartered posts a quarterly statutory profit before tax up 7% to $1.5bn. They expect FY22 income growth to slightly exceed 5-7% range.

Unilever beat Q1 sales forecasts as they hiked prices by more than 8% to offset higher supply chain and energy costs, more than outweighing a dip in sales volumes. They expect to raise prices further due to raw material inflation and they now expect FY underlying sales growth to be towards the top end of its 4.5-6.5% guidance range, but FY underlying operating margin towards the bottom end of its 16-17% range.

Whitbread swung to an annual profit as holiday bookings regained momentum after Britain gradually eased its COVID-19 pandemic restrictions. They reported a statutory profit before tax of £58.2m, versus a loss of £1.01bn a year ago.

Wier Group CEO John Stanton states that they have had an excellent start to the year, generating record orders as Q1 group orders increased 15% YoY. They expect strong growth in constant currency revenue and profit in 2022. They have suspended all Russian activities and the business is to be wound down through 2022.

Bank of America Upgrades Lloyds to Buy from Neutral (10 Buys / 6 Holds / 1 Sell)