UK house prices increase in January & mixed US big tech updates
Macro & Overnight
UK house prices rose by 0.7% in January, according to Nationwide.
US big tech posted share price declines as quarterly earnings updates that failed to keep up with recent positive momentum.
Microsoft’s still managed net income growth of 33% to $21.9 billion in the three months through December, powered by more widespread adoption of AI. However, Google missed on ad sales but still recorded $65.5 billion of total advertising sales in Q4, an increase of 11%. Both tech giants continued their strong growth in cloud computing.
UK Company News
Alpha Financial, the software provider for the asset finance industry, reported strong Q4 performance that was consistent with Q3 and a robust late-stage pipeline.
Somero updated strong trading in H2 driven by a healthy North American market, a meaningful contribution from Europe, and continued growth in Australia. It expects 2024 to be another highly profitable year with healthy cash generation, comparable revenues to 2023, and EBITDA reflecting modest incremental investment.
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