BUSINESS LIVE: Oil prices up on conflict fears; JD Sports sales record
페이지 정보
작성자 Crystal 작성일 24-11-03 13:09 조회 168회 댓글 0건본문
The FTSE 100 is flat in afternoon trading. Among the companies with reports and trading updates today are JD Sports, AO World, Music Magpie and 유로247 Shepherd Neame. Read the Wednesday 2 October Business Live blog below.
> If you are using our app or a third-party site click here to read Business Live
13:47
Tesla misses third-quarter delivery estimates
Tesla delivered 462,890 vehicles in the three months ending September, a 6.4 per cent increase on the previous quarter.
This was around 7,000 below the average figure of 469,800 that Wall Street analysts expected the electric car giant to deliver.
The company was affected by greater competition in the United States, subdued consumer spending in China and a lack of subsidies in Europe.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: Even if today's number was closer to the 470k that some had hoped for, the impact on earnings is pretty small.
Taking a step back, deliveries returning to growth was the most important thing to come from today's numbers, especially given the major push on promotions and financing terms to stimulate demand in a tricky auto market.
13:27
M&S to recruit over 11,000 staff over Christmas
High street retailer Marks & Spencer is ramping up its festive recruitment with plans to hire more than 11,000 extra workers - 1,000 more than last year.
The group said the additional customer service staff will be hired to offer support in stores across the UK, from serving on the shop floor to stocking shelves and helping with the food-to-order service.
The vacancies span both its food and clothing and home division. The group will be recruiting from October 9 and new staff will be brought on from mid-November.
Sacha Berendji, operations director at M&S, said: "Our fantastic store colleagues play such a big part in delivering the magic of M&S at Christmas to our customers.
"And this year we're recruiting even more colleagues to ensure we're closer to customers."
He added: "With a range of roles and flexible working patterns available, anyone who is interested in being part of something special this Christmas should visit our careers website to apply."
13:01
Wizz Air shares top FTSE 350 fallers
13:00
Fidelity China Special Situations tops FTSE 350 risers
12:21
Shepherd Neame: Labour reforms will hike costs and reduce flexibility
Shepherd Neame has flagged concerns about the impact of proposed labour market reforms, as higher costs weigh on the brewer's growth outlook.
The Labour Government has vowed to reform zero-hours contracts, axe the three-day waiting period for statutory sick pay, and allow workers and employees to claim unfair dismissal from day one.
Shepherd Neame: Labour reforms will hike costs and reduce flexibility
Shepherd Neame has flagged concerns about the impact of proposed labour market reforms, as higher costs weigh on the brewer's growth outlook.
This is Money
11:57
Topps Tiles says DIY market 'very challenging' as yearly sales slow
(PA) - Topps Tiles has said households are still holding off on costly home renovation projects, as it reported a slowdown in sales this year.
The retailer said it had nonetheless managed to do better than the wider market.
It reported group sales of around £248million for the year to the end of September, in a trading update to investors following its fourth quarter.
This was 5.7 per cent lower than the previous year, when Topps reported record high revenues of £263million.
Compared like-for-like, which strips out the impact of new store openings over the past year, sales were 9.1 per cent lower than the prior year.
The company said the sales environment "remained very challenging across the whole year" with demand continuing to be weak across the repair and maintenance sector, especially for costlier projects.
Topps has been among retailers in the DIY sector to flag waning interest among households for home renovations, as the rising cost of living and higher mortgage costs had a knock-on effect on housing purchases.
11:13
Starling bank fined £29m for 'shockingly lax' financial crime controls
Starling Bank has fined £29million for ‘shockingly lax' financial crime controls, which ‘left the financial system wide open to criminals' over a four-year period.
Starling, which has grown rapidly since it was founded in 2014, also repeatedly breached a requirement to refuse accounts to high-risk potential customers, the Financial Conduct Authority said on Wednesday.
Starling bank fined £29m for 'shockingly lax' financial crime controls
Starling Bank has been fined £29million by the FCA for failings in its financial crime controls.
This is Money
10:40
The $1 trillion AI spending spree: Is it hype or a real revolution?
One of the biggest spending sprees in corporate history is in full swing. Companies and investors are betting huge sums on generative artificial intelligence (AI) - the technology that promises to transform whole industries, economies and even societies.
Tech giants like Amazon, Google and Meta are leading the way on a splurge set to exceed $1 trillion in the coming years.
The $1 trillion AI spending spree: Is it hype or a real revolution?
Companies and investors are betting huge sums on AI - the technology that promises to transform whole industries, economies and even societies.
This is Money
10:07
FCA fines Starling Bank £29m for financial crime control failures
Starling Bank has been fined £29million by the City watchdog for shortcomings in the British digital lender's financial crime systems and controls.
The Financial Conduct Authority said Starling discovered last year its automated screening system had only been screening customers against a fraction of the full list of those subject to financial sanctions.
A subsequent internal review identified systemic issues in its financial sanctions framework and the bank has reported multiple potential breaches of financial sanctions to the relevant authorities.
Therese Chambers, joint executive director of enforcement and market oversight, said: 'Starling's financial sanction screening controls were shockingly lax. It left the financial system wide open to criminals and those subject to sanctions.
'It compounded this by failing to properly comply with FCA requirements it had agreed to, which were put in place to lower the risk of Starling facilitating financial crime.'
09:41
AO World agrees £10m takeover of MusicMagpie
AO World has agreed to buy MusicMagpie in a deal worth almost £10million in an effort to expand its mobile and consumer technology offering.
AO World will pay MusicMagpie investors about 9.1 pence for every share they hold, a 58 per cent premium to the firm's closing share price on Tuesday.
AO World agrees £10m takeover of MusicMagpie
Under the terms of the takeover, AO World will pay MusicMagpie investors about 9.1 pence for every share they hold, a 58 per cent premium to the firm's closing share price on Tuesday.
This is Money
09:19
Ashley knocked back by Singapore billionaires in battle for Mulberry
Mike Ashley faces stiff opposition from billionaire investors in Singapore as he battles to take control of Mulberry.
The tracksuit tycoon, whose Frasers Group is the second largest shareholder in the British fashion house with a 37 per cent stake, this week launched a bid to buy the whole company in a deal that would value it at £83million.
Ashley knocked back by Singapore billionaires in battle for Mulberry
Tracksuit tycoon Ashley (pictured) this week launched a bid to buy the whole company in a deal that would value it at £83m.
This is Money
08:57
Saga in talks with Ageas about insurance business partnership
Saga is in talks with Belgium's Ageas over a potential partnership for its insurance business.
The group, which specialises in holidays and insurance for people over 50, has been struggling with its insurance business and a rising debt pile.
Saga in talks with Ageas about insurance business partnership
Saga shares jumped over 9 per cent on Wednesday after the group confirmed it was in talks with Ageas amid a potential partnership for its insurance arm.
This is Money
08:21
JD Sports sales balloon to over £5bn but retailer warns of 'volatile' UK market
JD Sports sales balloon to over £5bn but warns of 'volatile' UK market
JD Sports saw its first half pre-tax profit beat analyst forecasts and maintained its annual guidance, new results show.
This is Money
08:19
Oil prices continue to climb
Brent Crude futures have continued their climb in early trading, adding another 2.2 per cent to $75.19 a barrel.
07:59
EU demand for electric cars 'on a continual downward trajectory'
Demand for electric cars across Europe is 'on a continual downward trajectory' after a 'spectacular' collapse in sales in Germany and France.
In the latest sign that the brakes have been slammed on the electric vehicle (EV) revolution, figures showed just 92,627 battery-only powered cars were registered in the European Union last month.
EU demand for electric cars 'on a continual downward trajectory'
In the latest sign the EV revolution has slammed into reverse, just 92,627 battery-only powered cars were registered in the EU last month.
This is Money
07:40
Jaguar Land Rover doubles down on Merseyside 'factory of the future'
Jaguar Land Rover is doubling its investment in a 'factory of the future' on Merseyside to build electric vehicles (EVs).
The UK's largest carmaker will plough a further £250million into its Halewood plant on top of the £250million spent over the past year.
Jaguar Land Rover doubles down on Merseyside 'factory of the future'
The UK's largest carmaker will plough a further £250m into its Halewood plant on top of the £250m it has already spent over the past year.
This is Money
07:29
JD Sports shares fall despite profit beat
Adam Vettese, market analyst at investment platform eToro:
'Following on from Nike's disappointing numbers yesterday, JD Sports shares are also down this morning despite posting a profit ahead of estimates and reiterated guidance.
'JD Sports has a multi-brand strategy and is continuing to roll out new stores and make acquisitions globally, yet Nike's warning that the festive period may be littered with discounts could well have had some contagion effect this morning. Investors who have been in JD Sports for a while will be haunted by last year's disappointing Christmas figures which saw shares plummet in January and will be looking to avoid a repeat performance this year.
'That said, conditions for the retailer should be better than 12 months ago with inflation easing up and potentially another rate cut in between now and the end of the year. Shares have steadily climbed this ear paring those January losses but are still some 20% from the 12 month high.'
07:13
Defensive FTSE 100 opens higher
Susannah Streeter, head of money and markets at Hargreaves Lansdown:
‘A subdued tone has hit trading as markets brace for further repercussions from the Middle East crisis.
'The FTSE 100 has headed higher in early trade, partly because of its defensive nature, helped by strength in energy stocks as oil prices continue their march upwards.
'The uncertainty has made safe-haven assets like gold more popular, with demand for the precious metal ticking up close to record levels, as violence spills further across the Middle East, briefly climbing above $2,670 an ounce. Already sought after, amid concerns that inflationary pressures would persist, fresh geopolitical fracture has increased demand for gold.
'The dollar has steadied after gaining ground and US Treasuries proved more popular, indicated by falling yields, as investors have sought out trusted shelters amid the widening conflict.
'Oil prices are climbing, with Brent Crude approaching $75 a barrel, as supply concerns swirl again, sparked by heightened aggression. These worries are being mitigated by expectations that Saudi Arabia will turn on the taps more fully, and lower demand from China, but upwards pressure is likely to continue while uncertainty reigns about just how far conflict will spread.
'This has been accompanied by a rise in the Vix Index, the so-called ‘Fear Index', as speculation swirls about the extent to which the US could be drawn into the war, given its pledge to support Israel.'
07:08
Saga in talks with Belgium's Ageas for insurance partnership
Holiday group Saga is in talks with Belgium's Ageas for a potential partnership for its insurance business.
Saga, which specialises in holidays and insurance for people over 50, has been struggling with its insurance business and a rising debt pile.
The company has taken measures including increasing prices at its insurance underwriting business and reducing its workforce in an effort to control costs.
07:05
Higher oil prices risk halting global interest rate cuts
Naeem Aslam, chief investment officer at Zaye Capital Markets:
'The current surge in [oil] prices doesn't indicate that the conflict will expand significantly.
The current rally merely indicates that, similar to previous events, we may witness a larger-scale response from Iran, but beyond that, there will be no further developments.
'Essentially, oil traders are not currently factoring in the possibility of a full-scale war with Iran. This is because under such scenarios, oil prices would likely surge, with the only significant price level they could easily reach being the 100 dollar mark.
'It's crucial to remember that global central banks have only been able to lower interest rates due to stable oil prices. If oil prices start to rise, they will have no choice but to raise interest rates once more.'
07:01
JD Sports boosted by Nike and Adidas exclusives
Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
'After a tough period of volatile conditions and missing market expectations, JD Sports looks to be back on the front foot.
'Recent retail sector data had pointed to increased discounting at shops to help keep the tills ringing. While that's good news for customers, it's not typically good for retailers who tend to feel the effect of increased price cuts on their profit lines.
'But filling the racks in JD's stores are exclusive items from the likes of Nike and Adidas. JD is known for its strong brand relationships and is even Nike's single largest partner globally.
'Offering these ‘JD Exclusives' has helped to keep luring customers into stores and paying full price, so profitability has remained in good shape.
'Sales have improved throughout the first half, with double-digit growth in North America and Europe helping to keep full-year guidance on track, which points to pre-tax profits of between £955-1,035mn.'
06:59
Reeves's gloom hits business as confidence slumps at fastest level since start of the pandemic
Manufacturers have suffered the sharpest drop in confidence since the start of the pandemic - in the latest evidence that Chancellor Rachel Reeves's doom-mongering is weighing on the economy.
Reeves's gloom hits business as confidence slumps
The purchasing managers' index for the sector showed that firms experienced the biggest decline in sentiment about the year ahead since March 2020.
This is Money
06:58
AO World eyes £10m Music Magpie takeover
AO World is set to buy used smartphones and electronic products retailer musicMagpie for just shy of £10million, in efforts to boost its mobile and consumer tech businesses.
The 9.07p-per-share offer represents a premium of 58 per cent to musicMagpie stock's closing price on Tuesday.
'With highly complementary business models, this acquisition will enable us to broaden our customer offerings while simultaneously advancing our sustainability objectives,' AO World non-executive chair Geoff Cooper said.
06:56
JD Sports sales hit record £5bn
JD Sports Fashion beat consensus forecasts for first-half profit amid record sales of £5billion, as the retailer said it was on track to meet annual guidance, showing its multi-brand strategy working at a time when Nike is struggling.
The FTSE 100-listed group, which sells Nike, Adidas, On, HOKA and other brands in Britain, Europe and the US, it would meet targets, despite what it called a competitive and promotional marketplace.
Nike on Tuesday posted disappointing quarterly sales growth and warned its holiday season would likely to be filled with discounts.
Boss Régis Schultz said: 'Our success is a direct reflection of the strength and agility of our global, multi-brand strategy, which allows us to adapt swiftly to fast-changing industry trends across the world, and our operational excellence.
'This ensures we continue to deliver an industry-leading customer proposition both in store and online.'
06:51
MARKET REPORT: Oil price soars as fighting intensifies in Middle East
Brent crude prices have spiked 4.8 per cent in the last 24 hours to $74.61 as investors fear further escalation of the conflict in the Middle East could restrict oil supply from the region.
MARKET REPORT: Oil price soars as fighting intensifies in Middle East
The price of Brent crude jumped to above $75 a barrel having earlier in the day been below $70. Shell rose 2.2% and BP gained 2.4%.
This is Money
> If you are using our app or a third-party site click here to read Business Live
13:47
Tesla misses third-quarter delivery estimates
Tesla delivered 462,890 vehicles in the three months ending September, a 6.4 per cent increase on the previous quarter.
This was around 7,000 below the average figure of 469,800 that Wall Street analysts expected the electric car giant to deliver.
The company was affected by greater competition in the United States, subdued consumer spending in China and a lack of subsidies in Europe.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: Even if today's number was closer to the 470k that some had hoped for, the impact on earnings is pretty small.
Taking a step back, deliveries returning to growth was the most important thing to come from today's numbers, especially given the major push on promotions and financing terms to stimulate demand in a tricky auto market.
13:27
M&S to recruit over 11,000 staff over Christmas
High street retailer Marks & Spencer is ramping up its festive recruitment with plans to hire more than 11,000 extra workers - 1,000 more than last year.
The group said the additional customer service staff will be hired to offer support in stores across the UK, from serving on the shop floor to stocking shelves and helping with the food-to-order service.
The vacancies span both its food and clothing and home division. The group will be recruiting from October 9 and new staff will be brought on from mid-November.
Sacha Berendji, operations director at M&S, said: "Our fantastic store colleagues play such a big part in delivering the magic of M&S at Christmas to our customers.
"And this year we're recruiting even more colleagues to ensure we're closer to customers."
He added: "With a range of roles and flexible working patterns available, anyone who is interested in being part of something special this Christmas should visit our careers website to apply."
13:01
Wizz Air shares top FTSE 350 fallers
13:00
Fidelity China Special Situations tops FTSE 350 risers
12:21
Shepherd Neame: Labour reforms will hike costs and reduce flexibility
Shepherd Neame has flagged concerns about the impact of proposed labour market reforms, as higher costs weigh on the brewer's growth outlook.
The Labour Government has vowed to reform zero-hours contracts, axe the three-day waiting period for statutory sick pay, and allow workers and employees to claim unfair dismissal from day one.
Shepherd Neame: Labour reforms will hike costs and reduce flexibility
Shepherd Neame has flagged concerns about the impact of proposed labour market reforms, as higher costs weigh on the brewer's growth outlook.
This is Money
11:57
Topps Tiles says DIY market 'very challenging' as yearly sales slow
(PA) - Topps Tiles has said households are still holding off on costly home renovation projects, as it reported a slowdown in sales this year.
The retailer said it had nonetheless managed to do better than the wider market.
It reported group sales of around £248million for the year to the end of September, in a trading update to investors following its fourth quarter.
This was 5.7 per cent lower than the previous year, when Topps reported record high revenues of £263million.
Compared like-for-like, which strips out the impact of new store openings over the past year, sales were 9.1 per cent lower than the prior year.
The company said the sales environment "remained very challenging across the whole year" with demand continuing to be weak across the repair and maintenance sector, especially for costlier projects.
Topps has been among retailers in the DIY sector to flag waning interest among households for home renovations, as the rising cost of living and higher mortgage costs had a knock-on effect on housing purchases.
11:13
Starling bank fined £29m for 'shockingly lax' financial crime controls
Starling Bank has fined £29million for ‘shockingly lax' financial crime controls, which ‘left the financial system wide open to criminals' over a four-year period.
Starling, which has grown rapidly since it was founded in 2014, also repeatedly breached a requirement to refuse accounts to high-risk potential customers, the Financial Conduct Authority said on Wednesday.
Starling bank fined £29m for 'shockingly lax' financial crime controls
Starling Bank has been fined £29million by the FCA for failings in its financial crime controls.
This is Money
10:40
The $1 trillion AI spending spree: Is it hype or a real revolution?
One of the biggest spending sprees in corporate history is in full swing. Companies and investors are betting huge sums on generative artificial intelligence (AI) - the technology that promises to transform whole industries, economies and even societies.
Tech giants like Amazon, Google and Meta are leading the way on a splurge set to exceed $1 trillion in the coming years.
The $1 trillion AI spending spree: Is it hype or a real revolution?
Companies and investors are betting huge sums on AI - the technology that promises to transform whole industries, economies and even societies.
This is Money
10:07
FCA fines Starling Bank £29m for financial crime control failures
Starling Bank has been fined £29million by the City watchdog for shortcomings in the British digital lender's financial crime systems and controls.
The Financial Conduct Authority said Starling discovered last year its automated screening system had only been screening customers against a fraction of the full list of those subject to financial sanctions.
A subsequent internal review identified systemic issues in its financial sanctions framework and the bank has reported multiple potential breaches of financial sanctions to the relevant authorities.
Therese Chambers, joint executive director of enforcement and market oversight, said: 'Starling's financial sanction screening controls were shockingly lax. It left the financial system wide open to criminals and those subject to sanctions.
'It compounded this by failing to properly comply with FCA requirements it had agreed to, which were put in place to lower the risk of Starling facilitating financial crime.'
09:41
AO World agrees £10m takeover of MusicMagpie
AO World has agreed to buy MusicMagpie in a deal worth almost £10million in an effort to expand its mobile and consumer technology offering.
AO World will pay MusicMagpie investors about 9.1 pence for every share they hold, a 58 per cent premium to the firm's closing share price on Tuesday.
AO World agrees £10m takeover of MusicMagpie
Under the terms of the takeover, AO World will pay MusicMagpie investors about 9.1 pence for every share they hold, a 58 per cent premium to the firm's closing share price on Tuesday.
This is Money
09:19
Ashley knocked back by Singapore billionaires in battle for Mulberry
Mike Ashley faces stiff opposition from billionaire investors in Singapore as he battles to take control of Mulberry.
The tracksuit tycoon, whose Frasers Group is the second largest shareholder in the British fashion house with a 37 per cent stake, this week launched a bid to buy the whole company in a deal that would value it at £83million.
Ashley knocked back by Singapore billionaires in battle for Mulberry
Tracksuit tycoon Ashley (pictured) this week launched a bid to buy the whole company in a deal that would value it at £83m.
This is Money
08:57
Saga in talks with Ageas about insurance business partnership
Saga is in talks with Belgium's Ageas over a potential partnership for its insurance business.
The group, which specialises in holidays and insurance for people over 50, has been struggling with its insurance business and a rising debt pile.
Saga in talks with Ageas about insurance business partnership
Saga shares jumped over 9 per cent on Wednesday after the group confirmed it was in talks with Ageas amid a potential partnership for its insurance arm.
This is Money
08:21
JD Sports sales balloon to over £5bn but retailer warns of 'volatile' UK market
JD Sports sales balloon to over £5bn but warns of 'volatile' UK market
JD Sports saw its first half pre-tax profit beat analyst forecasts and maintained its annual guidance, new results show.
This is Money
08:19
Oil prices continue to climb
Brent Crude futures have continued their climb in early trading, adding another 2.2 per cent to $75.19 a barrel.
07:59
EU demand for electric cars 'on a continual downward trajectory'
Demand for electric cars across Europe is 'on a continual downward trajectory' after a 'spectacular' collapse in sales in Germany and France.
In the latest sign that the brakes have been slammed on the electric vehicle (EV) revolution, figures showed just 92,627 battery-only powered cars were registered in the European Union last month.
EU demand for electric cars 'on a continual downward trajectory'
In the latest sign the EV revolution has slammed into reverse, just 92,627 battery-only powered cars were registered in the EU last month.
This is Money
07:40
Jaguar Land Rover doubles down on Merseyside 'factory of the future'
Jaguar Land Rover is doubling its investment in a 'factory of the future' on Merseyside to build electric vehicles (EVs).
The UK's largest carmaker will plough a further £250million into its Halewood plant on top of the £250million spent over the past year.
Jaguar Land Rover doubles down on Merseyside 'factory of the future'
The UK's largest carmaker will plough a further £250m into its Halewood plant on top of the £250m it has already spent over the past year.
This is Money
07:29
JD Sports shares fall despite profit beat
Adam Vettese, market analyst at investment platform eToro:
'Following on from Nike's disappointing numbers yesterday, JD Sports shares are also down this morning despite posting a profit ahead of estimates and reiterated guidance.
'JD Sports has a multi-brand strategy and is continuing to roll out new stores and make acquisitions globally, yet Nike's warning that the festive period may be littered with discounts could well have had some contagion effect this morning. Investors who have been in JD Sports for a while will be haunted by last year's disappointing Christmas figures which saw shares plummet in January and will be looking to avoid a repeat performance this year.
'That said, conditions for the retailer should be better than 12 months ago with inflation easing up and potentially another rate cut in between now and the end of the year. Shares have steadily climbed this ear paring those January losses but are still some 20% from the 12 month high.'
07:13
Defensive FTSE 100 opens higher
Susannah Streeter, head of money and markets at Hargreaves Lansdown:
‘A subdued tone has hit trading as markets brace for further repercussions from the Middle East crisis.
'The FTSE 100 has headed higher in early trade, partly because of its defensive nature, helped by strength in energy stocks as oil prices continue their march upwards.
'The uncertainty has made safe-haven assets like gold more popular, with demand for the precious metal ticking up close to record levels, as violence spills further across the Middle East, briefly climbing above $2,670 an ounce. Already sought after, amid concerns that inflationary pressures would persist, fresh geopolitical fracture has increased demand for gold.
'The dollar has steadied after gaining ground and US Treasuries proved more popular, indicated by falling yields, as investors have sought out trusted shelters amid the widening conflict.
'Oil prices are climbing, with Brent Crude approaching $75 a barrel, as supply concerns swirl again, sparked by heightened aggression. These worries are being mitigated by expectations that Saudi Arabia will turn on the taps more fully, and lower demand from China, but upwards pressure is likely to continue while uncertainty reigns about just how far conflict will spread.
'This has been accompanied by a rise in the Vix Index, the so-called ‘Fear Index', as speculation swirls about the extent to which the US could be drawn into the war, given its pledge to support Israel.'
07:08
Saga in talks with Belgium's Ageas for insurance partnership
Holiday group Saga is in talks with Belgium's Ageas for a potential partnership for its insurance business.
Saga, which specialises in holidays and insurance for people over 50, has been struggling with its insurance business and a rising debt pile.
The company has taken measures including increasing prices at its insurance underwriting business and reducing its workforce in an effort to control costs.
07:05
Higher oil prices risk halting global interest rate cuts
Naeem Aslam, chief investment officer at Zaye Capital Markets:
'The current surge in [oil] prices doesn't indicate that the conflict will expand significantly.
The current rally merely indicates that, similar to previous events, we may witness a larger-scale response from Iran, but beyond that, there will be no further developments.
'Essentially, oil traders are not currently factoring in the possibility of a full-scale war with Iran. This is because under such scenarios, oil prices would likely surge, with the only significant price level they could easily reach being the 100 dollar mark.
'It's crucial to remember that global central banks have only been able to lower interest rates due to stable oil prices. If oil prices start to rise, they will have no choice but to raise interest rates once more.'
07:01
JD Sports boosted by Nike and Adidas exclusives
Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
'After a tough period of volatile conditions and missing market expectations, JD Sports looks to be back on the front foot.
'Recent retail sector data had pointed to increased discounting at shops to help keep the tills ringing. While that's good news for customers, it's not typically good for retailers who tend to feel the effect of increased price cuts on their profit lines.
'But filling the racks in JD's stores are exclusive items from the likes of Nike and Adidas. JD is known for its strong brand relationships and is even Nike's single largest partner globally.
'Offering these ‘JD Exclusives' has helped to keep luring customers into stores and paying full price, so profitability has remained in good shape.
'Sales have improved throughout the first half, with double-digit growth in North America and Europe helping to keep full-year guidance on track, which points to pre-tax profits of between £955-1,035mn.'
06:59
Reeves's gloom hits business as confidence slumps at fastest level since start of the pandemic
Manufacturers have suffered the sharpest drop in confidence since the start of the pandemic - in the latest evidence that Chancellor Rachel Reeves's doom-mongering is weighing on the economy.
Reeves's gloom hits business as confidence slumps
The purchasing managers' index for the sector showed that firms experienced the biggest decline in sentiment about the year ahead since March 2020.
This is Money
06:58
AO World eyes £10m Music Magpie takeover
AO World is set to buy used smartphones and electronic products retailer musicMagpie for just shy of £10million, in efforts to boost its mobile and consumer tech businesses.
The 9.07p-per-share offer represents a premium of 58 per cent to musicMagpie stock's closing price on Tuesday.
'With highly complementary business models, this acquisition will enable us to broaden our customer offerings while simultaneously advancing our sustainability objectives,' AO World non-executive chair Geoff Cooper said.
06:56
JD Sports sales hit record £5bn
JD Sports Fashion beat consensus forecasts for first-half profit amid record sales of £5billion, as the retailer said it was on track to meet annual guidance, showing its multi-brand strategy working at a time when Nike is struggling.
The FTSE 100-listed group, which sells Nike, Adidas, On, HOKA and other brands in Britain, Europe and the US, it would meet targets, despite what it called a competitive and promotional marketplace.
Nike on Tuesday posted disappointing quarterly sales growth and warned its holiday season would likely to be filled with discounts.
Boss Régis Schultz said: 'Our success is a direct reflection of the strength and agility of our global, multi-brand strategy, which allows us to adapt swiftly to fast-changing industry trends across the world, and our operational excellence.
'This ensures we continue to deliver an industry-leading customer proposition both in store and online.'
06:51
MARKET REPORT: Oil price soars as fighting intensifies in Middle East
Brent crude prices have spiked 4.8 per cent in the last 24 hours to $74.61 as investors fear further escalation of the conflict in the Middle East could restrict oil supply from the region.
MARKET REPORT: Oil price soars as fighting intensifies in Middle East
The price of Brent crude jumped to above $75 a barrel having earlier in the day been below $70. Shell rose 2.2% and BP gained 2.4%.
This is Money
- 이전글Bergabunglah di MACAUSLOT88: Situs Slot Gacor Anti Rungkad dengan Keistimewaan Akun VIP
- 다음글If the Tracker Supports This Extension
댓글목록
등록된 댓글이 없습니다.