BP (LON:BP) announced soaring profits for the full year 2017, alongside a near 20 percent rise in production after a rise in oil prices. BP reported fourth quarter underlying replacement cost profit of $2.1 billion, up from $400 million the year before, with production for the quarter up 18.1 percent to 2,581 million barrels per day. Profit hit $6.2 million, almost three times last year’s figure of $2.6 billion, pushed up by strong earnings in the sector overall and an improvemeent in global oil prices. Chief executive Bob Dudley hailed it “as one of the strongest years in BP’s recent history”. “We enter the second year of our five-year plan with real momentum,” Mr Dudley said. “We are increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond.” Share in BP sunk on the news, however, trading down 1.43 percent at 465.15 (0828GMT).

The UK’s manufacturing sector slowed again in January, in contrast to the Eurozone figure which remained bouyant. The IHS Markit/CIPS PMI figure stood at 55.3 in January, the seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index (PMI ), its lowest level since June last year. New order intakes rose leading to higher production levels, which increased through robust demand from both domestic and export clients. Output and new orders increased across the consumer, intermediate and investment goods sectors, with January also seeing new export order inflows strengthen. UK manufacturers said they maintained a positive outlook going forward.

The Eurozone’s manufacturing figures were strong in January, continuing to hover around the near-record highs seen at the end of 2017. The final IHS Markit Eurozone Manufacturing PMI recorded a three-month low of 59.6 in January, down marginally from December’s record high of 60.6. It matched the flash estimate released beforehand, with the figure recording expansion in each of the past 55 months. The data demonstrated growth across the consumer, intermediate and investment goods categories, despite consumer goods being the only category to record growth during the latest survey month. “The euro zone’s manufacturing boom continued in full swing in January,” said Chris Williamson, chief business economist at IHS Markit.

Facebook shares fell sharply in after hours trading, after its fourth quarter results revealed a drop in daily user growth. Facebook now has 1.4 billion daily users, up 2.18 percent. This compares to the 3.8 percent growth to 1.37 billion users in the previous quarter. The site did record a growth in monthly active users, however, which increased by 14 percent to hit 2.13 billion. Facebook recorded a record profit for the quarter, hitting $4.26 billion, and its income from mobile advertising increased to 89 percent from 84 percent in the fourth quarter of 2016. CEO Mark Zuckerberg said user growth fell due to changes made to how Facebook shows viral videos, which “reduced time spent on Facebook by roughly 50 million hours every day.” “2017 was a strong year for Facebook, but it was also a hard one,” Zuckerberg said. “In 2018, we’re focused on making sure Facebook isn’t just fun to use, but also good for people’s well-being and for society. We’re doing this by encouraging meaningful connections between people rather than passive consumption of content. “Already last quarter, we made changes to show fewer viral videos to make sure people’s time is well spent. In total, we made changes that reduced time spent on Facebook by roughly 50 million hours every day. By focusing on meaningful connections, our community and business will be stronger over the long term.”

Capita (LON:CPI) shares fell nearly 40 percent on Wednesday, after announcing plans for a rights issue to raise £700 million to negate a fall in profits. The outsourcing company warned that 2018 underlying pretax profit was expected to be between £270 million and £300 million, after saying that it did “not expect to offset the above headwinds through the full year benefit of last year’s cost actions and new business”. It said that the divisional plans indicate that there is “likely to be a significant negative impact upon profits’ from contract and volume attrition, the dropping out of one-off items including contract and supplier-related profits.” Jonathan Lewis, Chief Executive Officer of Capita, said: “Firstly, we are pursuing “self-help” options, including the aforementioned cost actions and non-core disposals. “Secondly, the Board is not recommending the payment of a final dividend. Finally, the Board is planning to raise equity by way of a rights issue during this year.’ “The precise quantum has yet to be determined and the Company has entered into a standby underwriting agreement for up to £700 million with Citi Global Markets Limited and Goldman Sachs International.” This comes just after the collapse of competitor Carillion, which has endangered the jobs of thousands of workers. Capita shares are currently trading down 38.27 percent at 214.70 (0855GMT).