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Retail sales figures have kept the UK economy in focus after yesterday’s knife-edge rates decision by the Bank of England. The Federal Reserve also paused this week but its hawkish tone has left Wall Street fearing a longer run of high interest rates. Elsewhere, Microsoft’s Activision deal has moved a step closer to clearance by the the UK’s Competition and Markets Authority.
FINANCIAL advice group Brooks Macdonald saw funds under management rise by more than £1 billion to £16.8 billion this year and chief executive Andrew Shepherd says more and more people will rely on his services. While there are “short-term macroeconomic headwinds” the longer-term future looks bright, says the group. The John Lewis Partnership fell to another big loss of £59 million for the half-year as Dame Sharon White admitted her “transformation” plan will take two years longer to execute than previously claimed.
A change in Campari Group’s voting structure has sparked fresh chatter about the spirits major’s possible M&A options.
The FTSE 100 index is within sight of its lowest close of the year after a grim week for global stock markets. London’s top flight fell again today, leaving it down by 3% since Monday as worries mount globally over higher-for-longer interest rates. Rising borrowing costs have added to pressure on the retail sector, resulting in today’s 1.2% fall in sales during washout July.
Concerns over China’s debt-laden property sector today meant a downbeat start to the week for global stock markets. Shares in Country Garden slumped in Hong Kong to a new record low after it suspended trading of 11 onshore bonds, adding to the ongoing fears about China’s economy. West End property investment business Shaftesbury Capital today took a new step to bear down on its heavy debt burden after securing a £200 million loan.