Latest News

London pre-open: Stocks seen higher; shop price inflation ramps up


London pre-open: Stocks seen higher; shop price inflation ramps up By Sharecast

Breaking News


Stock Markets 7 hours ago (Nov 30, 2022 07:41)

London pre-open: Stocks seen higher; shop price inflation ramps up

Sharecast – The FTSE 100 was called to open 30 points higher at 7,542.

CMC Markets analyst Michael Hewson said: “The last two days have seen markets in Europe struggle for direction albeit with a slightly negative bias, though much of this could merely be down to some concerns over China’s future Covid policy, as well as some month end profit taking, after several weeks of strong gains.

“US markets have also struggled, probably for similar reasons, but also perhaps with one eye on this week’s payrolls report and today’s speech from Fed chair Jay Powell.

“Today the main focus is set to be on today’s flash CPI from the EU, which could set the scene as to whether we get 50bps or 75bps when the ECB meets in just over two weeks’ time.”

On home shores, industry data showed that shop price inflation ramped up in November, leaving retailers braced for an increasingly difficult Christmas.

According to the latest BRC-NielsenIQ Shop Price Index, annual inflation was 7.4%, compared to October’s 6.6% and the three-month average of 6.5%. Annual food inflation surged to 12.4%, up from 11.6% in October, while non-food inflation was 4.8%, against 4.1% in October.

For many retailers, the weeks leading up to Christmas are the most important of the year, as shoppers splash out on big ticket items like furniture as well as presents and festive food.

But Helen Dickinson, chief executive of the British Retail Consortium, said: “Winter looks increasingly bleak, as pressures on prices continue unabated.

“Food prices have continued to soar, especially for meat, eggs and dairy, which have been hit by rocketing energy costs and rising costs of animal feed and transport. Christmas gifting is also set to become more expensive than in previous years, with sports and recreation equipment seeing particularly high increases.

“Christmas cheer will be dampened this year, as households cut back on seasonal spending to prioritise the essentials.”

Mike Watkins, head of retail and business insight at NielsenIQ, said: “With prices still rising, the cost of Christmas will be higher this year, and shoppers will be managing their budgets more closely than at any time since the start of the cost-of-living crisis.”

In corporate news, specialist media publisher Future reported a rise in full-year profits, driven by strong revenue growth and contributions from acquisitions.

The company said pre-tax profit rose 58% to £170m on revenue of £825m, up 36%. It expects “modest” earnings growth in 2023.

Elsewhere, Elementis (LON:ELM) said it had agreed to sell its chromium business to Yildirim Group for $170m.

Chief executive Paul Waterman said: “Whilst chromium has been a part of Elementis for many years, our strategic review concluded that the interests of all stakeholders would now be best served by a sale of the business.

“Our Personal Care, Coatings and Talc businesses are focused on developing advantaged, high-value products to drive revenue growth and margin expansion. Going forward, I’m confident the focused implementation of our Innovation, Growth & Efficiency strategy positions us to deliver on our medium-term financial objectives and generate significant shareholder value.”


London pre-open: Stocks seen higher; shop price inflation ramps up

Airbus to settle French probe over Libya, Kazakhstan by paying 16 million euro fine – hearingBy Reuters – Nov 30, 2022

By Juliette Jabkhiro PARIS (Reuters) -Airbus and the French financial prosecution office have agreed to settle an investigation related to past Airbus dealings including bribery…

Without a cash infusion Carvana’s ‘equity value goes to zero’ – BofABy – Nov 30, 2022

By Sam Boughedda
Carvana Co. (NYSE:CVNA) shares were downgraded to Neutral from Buy with its price target cut to $10 per share from $43 by BofA on Wednesday, representing its…

Honda to develop advanced level 3 self-driving technology by 2029By Reuters – Nov 30, 2022

TOKYO (Reuters) – Honda said it would develop technology enabling its level 3 self-driving capability to function at any speed below legal limits on highways by the second half of…

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Malaysia PPI Inflation At 20-Month Low

Previous article

*Dutch Nov HICP Rises 11.2% On Year Vs. 16.8% In October

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News