Standard Chartered PLC upgraded its annual profit forecast on Friday and set a new $1 billion share buyback after a strong first-half performance, as rising rates and a record financial markets business propelled the lender's margins. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of the year surged 20% to $3.32 billion, beating the $3.18 billion average of 16 analyst estimates compiled by the bank. The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously.
A look at how the major markets are performing on Wednesday.
The moves come following a positive market prediction from Standard Chartered bank on Monday. Analysts projected that Bitcoin prices would reach $50,000 by the end of 2023 and cross the $120,000 mark in 2024.