Aluminum hits 13-year high as easyJet collapses
Primark’s sales fell unexpectedly in the fourth quarter as ‘pingdemia’ forced thousands of Britons to self-isolate and deterred many from taking street trips, leading to lower attendance.
Like-for-like UK sales fell 24% in the first four weeks of the quarter compared to the same period before Covid, but improved to drop 8% in the past month, with Primark predicting a decline overall of 17% compared to 2019.
However, a third-quarter increase means second-half sales are expected to reach £ 3.4 billion, with the brand’s operating profit for the full year expected to exceed last year’s after the chain of retail benefited from lower labor and operating costs after stores reopened following repeated closings.
Owner Associated British Foods (ABF) said Primark’s operating profit margin remained “strong” despite last quarter’s “below expectations” sales, while its food and sugar business performed well, which leads ABF to raise its profit outlook for the year to September 18.
5 things to start your day
1) Britain set to delay customs checks again Companies have warned that the checks would further disrupt goods moving across the Channel and hit consumers with higher prices.
2) Confidence mounts over hopes the UK will tear up Brussels rules More than two-thirds of financial institutions believe London will not be overthrown as a result of its exit from the EU, according to a new study.
3) More corporate taxes, demands CBI chief Tony Danker urged ministers to spare companies from further sanctions as they face a ‘breathtaking’ tax increase on companies at 25pc.
4) Thatcher Rejects Privatization of Channel 4 Previously unreported newspapers have been discovered by the Daily Telegraph as the current government pursues privatization.
5) New buyers soar as the market continues to grow 24 pc more people registered with Knight Frank as potential new buyers in August, a sign that the housing market remains vibrant.
What happened during the night
The risk of a slower recovery from the pandemic weighed on global markets, and Chinese tech stocks collapsed under Beijing’s regulatory crackdown.
A Hong Kong gauge of Chinese tech names fell after a report that officials seek to dismantle Alipay from Ant Group Co. Chinese online platforms have also been ordered to protect workers’ rights in the industry. saying economy of odd jobs. The MSCI Asia-Pacific Index fell for the third time in four sessions.
Meanwhile, Hong Kong’s Hang Seng Index fell 2.14% in the turmoil.
“Buying lower Chinese stocks in this environment remains akin to grabbing a very sharp falling knife,” said Jeffrey Halley, senior analyst at the Oanda trading platform. “Asian stock markets start the week on a bitter note after a negative close on Wall Street. Typhoon Chanthu hits Shanghai, forcing the closure of schools, ports and flight cancellations and could dampen activity in continental markets today. “
Intermediate results: S4 Capital
Trade Update: Associated British Foods
Economy: Monthly Budget Statement (US)