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<\/p>\n#Brent #Stoxx50<\/b> It’s hard to feel irritated at the news a further tranche of bank branches are being closed. Growing up with the family business being retail, I think we all became inured to the odious task of depositing the takings at the bank, the thrill of dropping off 5 figure cash amounts on a Monday morning quickly becoming a job everyone tried to avoid. It wasn’t for security reasons or anything so sensible, just a case everyone hated the job and, to be fair, it’s probable the bank staff felt the same way. Thankfully, credit card readers quickly caught on, massively reducing the cash headache from the petrol stations and allowing the daily “bank run” to become a task for a couple of times a week.<\/p>\n
So when news broke the biggest bank branch in our local small town was closing, along with invitations to “sign” the inevitable petition, it was difficult to feel sympathy. Personally, with no requirement to visit the branch in person for at least five years, it was understandable why it was closing down. When previously visiting, there were plenty of signals it was going to be on a corporate hit list, not least being the fact it was only open half day for most of the week and even entirely closed on a Wednesday. The only big problem came, when the “cost of living” crisis erupted and we discovered a \u00a31,500 debt with our electricity company. As in, they’d been using estimates for a while and they owed us \u00a31,500, along with a substantial reduction in the monthly debit. Without delay, the company issued us a cheque, one we couldn’t deposit at the bank branch, ‘cos it’s now closed. A sign in the window directed us to the Post Office, an easy job as there’s a branch on the way home, one where the owner hasn’t been charged with theft. Of course, our local Post Office, in true highland style, didn’t have the correct pay in slips for Halifax, requiring another attempt in a couple of days. In Argyll, it’s writ large to never expect anything for the next day, the ferry requirement always adding 24 hours to any delivery. Or, if expecting a local tradesman…<\/p>\n
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Lloyds, due to release some figures this Thursday, should doubtless follow the example set by Natwest. But the car finance investigation risks biting them in the future as Black Horse are big in the car finance field. Quite what level of exposure they face is obviously unknown but the company shall invariably make an allowance in their figures, giving plenty of time for rumour and nerves to damage the share price. A glance at recent Lloyds movements tends suggest the presence of some optimism for the near term, above 43.35 suggesting the near term potential of a lift to an initial 45.15p. Our longer term secondary, should this level be exceeded, works out at 50.7p and visually, this is pretty attractive, creating the potential of a higher high, along with a break of the downtrend since 2019.<\/p>\n
For things to go pear shaped, Lloyds now needs below 40.25 to ring alarm bells, calculating with the potential of reversal to around 35p with secondary, if broken, now at 30.7 and hopefully a bottom.<\/p>\n
Our inclination is toward optimism for Lloyds.<\/p>\n
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FUTURES<\/p>\n
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