Thanks for joining us. Barclays plans to return at least £10bn to shareholders over the next two years despite a fall in profits.
The lender said it would make about £1bn of gross efficiency savings this year and a total of £2bn in savings by 2026.
Income increased 2pc to £25.4bn, primarily driven by higher interest rates but pre-tax profits dropped by 12pc to £6.6bn.
5 things to start your day
1) Foreign investment in China tumbles to 30-year low | Sharp drop-off comes as tensions between Beijing and the West continue to rise
2) London Stock Exchange owner to double chief executive’s pay | Concerns grow over City bosses being lured to deep-pocketed US rivals
3) Surging wages to pull Britain out of recession, say economists | Household spending power enjoys a resurgence as pay rises faster than inflation
4) US private equity giant poised to take control of Southend Airport | Airport remains at the centre of a restructuring battle between Esken and Carlyle Group
5) Ben Marlow: Currys’ fate shows the future of shopping is Chinese | The rise of China’s e-commerce industry mirrors the sad decline of British retail
What happened overnight
Mainland China’s shares fell as its central bank announced a record cut to a benchmark lending rate in a bid to boost its struggling economy.
The Shanghai and Shenzhen exchanges were buoyant Monday after the Lunar New Year, leading gains in most Asian markets, thanks to a holiday boost that pushed spending above pre-pandemic levels.
But both were down on Tuesday, as the People’s Bank of China announced it was lowering the five-year loan prime rate (LPR), used to price mortgages, from 4.2pc to 3.95pc.
Beijing’s measures are aimed at rallying dwindling growth and countering rate hikes in other major economies, as the world’s second-largest economy battles a prolonged property-sector crisis and a global slowdown.
Tokyo stocks closed lower as profit-taking weighed on the market. The benchmark Nikkei 225 index slipped 0.3pc, or 106.77 points, to 38,363.61, while the broader Topix index ended down 0.3pc, or 7.39 points, at 2,632.30.
Meanwhile, Hong Kong shares were higher and Sydney’s shares were down, along with Seoul and Wellington.
World shares struggled to gain ground on Monday as fading chances for early interest rate cuts globally soured the mood and Chinese markets returned from holiday with only muted gains.
A holiday for US markets made for thin trading, while the latest surge in tech stocks is set to be tested by results from AI star Nvidia on Wednesday.