Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories.

After years of unusually high oil and gas prices, oil majors have been buying back billions of pounds of shares. But as things get back to normal, investors still want to be rewarded, and BP’s $1.75 billion buyback didn’t disappoint. 

That makes it a lucrative morning for FTSE 100 heavyweight shareholders, after a similar move by HSBC. Together, the pair account for about 10% of the blue-chip index by weighting. 

When it comes to BP’s results, it was a mixed set characterised by weak oil prices pressuring the balance sheet. Underlying profit fell on the industry-wide issue of slumping refining margins, though admittedly came in higher than analysts had anticipated.

Notably, debt rose to the highest since the start of 2022, showing BP’s dedication to buying back shares even without blockbuster earnings.

For oil watchers, minds turns to Shell, which is reporting on Thursday. It’s expected to divulge a similar quarterly performance due to weak oil prices, yet also keep buybacks in line with guidance.

What’s your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond.

As noted, HSBC is giving back: it announced a $3 billion stock buyback fuelled by better-than-expected earnings. For staff, their total bonus pool will be at least as big as last year’s decade high haul — if not more. That, of course, all comes one week after it laid out a major global overhaul. Change is afoot.

Education firm Pearson is starting to notice an AI boost. It noted double-digit billings growth in higher education products with AI tools, and is on track to achieve full-year guidance.

Hargreaves Lansdown expects its £5.4 billion private equity buyout to complete in the first quarter of 2025. Its assets under administration rose by £2 billion, driven by rising markets.

• Apple ships $6 billion of iPhones from India as it reduces dependence on China.
• US election speculation pushes Bitcoin past $71,000 for the first time since June. 
• Boeing shores up balance sheet and maintains credit rating with $21 million raise.

Here’s your daily snap analysis from Bloomberg UK’s Markets Today blog:

HSBC continued the run of strong reports from the UK’s banking sector this earnings season, with its division in the country performing well. But that optimism has been punctured in recent days by a revival of fears about motor finance.

A court ruling made on Friday has created significant uncertainty about the level of compensation banks involved in the sector could be facing. One analyst suggested the bill could be up to £18 billion, if the ruling that was just made sets a precedent. We’re not quite at PPI levels, but it’s certainly a major headache.

Shares in Close Brothers, which was involved in the ruling, wiped out 30% of their value. Lloyds, the biggest auto finance lender in the country, had its worst two-day run in more than four years. Yesterday, the UK arm of Spain’s Santander delayed its results because the range of potential outcomes is currently so wide.

After what has been a good season of results for the UK’s banking sector so far, this new overhang is likely to rumble in the background and spoil the mood somewhat.

— Sam Unsted

Check Bloomberg UK’s Markets Today blog for updates all day.

Blue chips Standard Chartered, GSK, Glencore and Next are due to report third quarter results tomorrow, alongside FTSE 250-listed Aston Martin. The latter has already said it expects earnings to be lower this year on continued weakness in China.

Chancellor Rachel Reeves will deliver her budget statement to the House of Commons tomorrow. Where does the name ‘budget’ come from?

Former Chancellor Jeremy Hunt delivering the last budget, in March. Photographer: Jessica Taylor

[Yesterday’s answer: Puerto Rican rapper Bad Bunny expressed support for Kamala Harris over the weekend, after a speaker at a Trump rally called the US territory a “floating island of garbage.”]

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