Oil and gas giant beats expectations, as ECB expected to raise rates by 75 basis points to 2%
Shell, Europe’s largest energy company, has raked in more than $30bn in profits in the first nine months of the year, which could revive calls for a further windfall tax.
Rishi Sunak introduced a 25% energy profits levy earlier in the year when he was chancellor, which applies to profits made from extracting oil and gas. The Treasury expects it to raise £5bn this year.
We are delivering robust results at a time of ongoing volatility in global energy markets. We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working closely with governments and customers to address their short and long-term energy needs.
The ECB is still in catch-up mode. We think there is now a comfortable majority for taking rates into restrictive territory.
11am BST: UK CBI Retail sales for October (previous: -20)
1.15pm BST: European Central Bank interest rate decision((forecast: 75bps rate hike to 2%)
1.30pm BST: US GDP for third quarter (forecast: 2.4%, previous: -0..6%)
1.30pm BST: US Durable goods orders for September (forecast: 0.6%, previous: -0.2%)
1.45pm BST: ECB Press conference
3.15pm BST: ECB President Christine Lagarde speech
4.30pm BST: Bank of England Deputy Governor for Prudential Regulation Sam Woods speech
