UK RETAIL SALES
Nike stock plunges as gloomy sales forecast fans growth concerns
Nike faces stock woes and market challenges, prompting a potential shift in leadership under CEO John Donahoe's digital-focused strategy. The company's strategic pivots towards sustainability and product revamps aim to counter market pressures, signaling a critical phase for Nike's future direction and management dynamics.
Nike sinks over 18% as gloomy sales forecast fans growth concerns
Nike shares slumped 18.6% in early trade on Friday as a forecast for a surprise drop in annual sales amplified investor concerns about the pace of the sportswear giant's efforts to stem market share losses to upstart brands such as On and Hoka.
Biden bans US sales of Kaspersky software over Russia ties
The United States on Thursday banned Russia-based cybersecurity firm Kaspersky from providing its popular anti-virus products in the country, the US Commerce Department announced. "Kaspersky will generally no longer be able to, among other activities, sell its software within the United States or provide updates to software already in use," the Commerce Department said in a statement announcing the action, which it said is the first of its kind. da/des
Gold edges higher as weak US data lifts Fed rate-cut bets
Gold prices rose on Thursday amid expectations of a Federal Reserve interest rate cut, while investors awaited key data on retail sales, jobless claims, and inflation pressures.
Asian stocks rise on tech rally, Fed rate cut wagers
Asian shares rose to a three-week high driven by tech stock rally as the dollar struggled post soft U.S. retail sales data, hinting at potential Fed rate cuts.
Dollar steadies; sterling dips ahead of inflation test
The dollar weakened after soft U.S. retail sales data increased expectations of Federal Reserve rate cuts, while sterling dipped ahead of UK inflation data. Markets predict a 67% chance of rate cuts in September.
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Asia shares muted on mixed China data, euro pressure
Asian share markets softer on mixed Chinese economic data. European political uncertainty persists. Swiss National Bank may ease. Markets await U.S. retail sales and Fed speeches. French political risks weigh on euro. Gold and oil prices stable.
PNB plans to expand its overseas footprint, to open representative office in Dubai
State-owned Punjab National Bank is set to establish a representative office in Dubai, expanding its global presence. With board approval secured, regulatory clearance is underway. The bank aims to enhance profitability by focusing on various portfolios and increasing non-interest income while maintaining credit cost below 1%.
Over half of Aramco share sale allocated to foreign investors: Sources
Saudi Arabia placed over half of an $11.2 billion share sale in Aramco with foreign investors, two people with knowledge of the matter told Reuters on Saturday. Saudi Arabia has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet foreign investment has repeatedly missed targets.
Charting the Global Economy: New policies considered to be trade-restrictive hit a record in 2023
The world’s three dominant economies are entering a new, combative phase as the US increasingly uses trade weapons borrowed from China’s playbook.
Iconic British car brand Jaguar Land Rover plans to ride India's luxury boom
The luxury carmaker plans to launch at least half a dozen new models from the JLR stables, both ICE and EV (internal combustion engines and electric vehicles), as it seeks to capitalise on the growing number of high-net-worth individuals in the country. This is the most aggressive push by JLR since it entered the Indian market in 2009.
GIFT Nifty up 10 points; here's the trading setup for today's session
"Despite FIIs selling and India Vix at elevated levels, markets have stabilized and we expect a gradual up-move going forward. Key events to watch this week – UK inflation data, US Existing Home Sales number and FOMC meeting minutes," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial
Tesla doing damage-control, discounts for European fleet buyers
Tesla faces challenges in Europe as repeated price cuts hurt leasing companies' fleets and slow service alienates corporate customers. Tesla is offering unofficial discounts and addressing service complaints, but struggles with falling resale values and competition from Chinese and legacy automakers. Fleet customers demand better service and lower repair costs.
Big Funds bet the ‘anything but bonds’ trade is poised to end
US bond investors increase positions in long-dated high-grade corporate bonds, expecting gains from future interest rate cuts. Market attention is on upcoming bond sales and key economic data releases globally. The “anything but bonds trade” may now have run its course and long-duration debt is set for a comeback in the second half.
Vodafone Idea plans to open more retail outlets: Executive
Empowered by a recent infusion of equity funding, Vodafone Idea (Vi) aims to expand its network of retail outlets throughout this fiscal year. This strategic move is designed to bolster sales and enhance customer loyalty, essential for the financially constrained telecom operator to heighten its competitive stance against formidable adversaries like Reliance Jio and Bharti Airtel.
Tata Motors zips past Street in grand profit prix
The Street had forecasted profit of ₹7,200 crore for the March quarter. Revenue for the three-month period climbed 13%YoY to ₹1.19 lakh crore in line with market consensus of ₹1.2 lakh crore.
Tata Motors shines in Q4, anticipates debt-free status; JLR posts record profit
Tata Motors Surpasses Expectations with Tripled Profit in Q4, Eyes Debt-Free Status. India's largest automaker reported a net profit of Rs 17,528 crore in Q4, thrice the previous year, aided by a deferred tax credit. The company's revenue for the period climbed 13% YoY to Rs 1.19 lakh crore. For the full FY24, Tata Motors delivered record profit and revenue, with JLR generating a net profit of £2.5 billion. The company continued deleveraging efforts, aiming for net automotive debt-free status in FY25. JLR expects consistent demand, though some stress is noted in the UK market.
Behind ghost shopping malls, a new consumer trend glimmers
Ghost shopping malls with a vacancy rate of 40% or higher in 2023 are on the rise, with a 59% year-on-year increase in top 8 metros, resulting in 13.3 million sqft of retail space remaining vacant. The loss in value amounts to $800 million. High-grade malls are thriving due to premiumisation and a focus on consumer experience, leading to larger store sizes and better shopping experiences. New factory outlet malls are also set to surge in India.
Paris, Milan become the new favourite shopping destinations for travellers after London's 'Tourist Tax'
After Brexit, the UK discontinued tax-free shopping incentives, leading thousands of tourists to redirect their shopping to Paris, Milan, and Madrid. Despite lobbying efforts, the UK remains steadfast in its decision. The shift has resulted in increased spending per person, particularly in France and Italy. While some argue the policy negatively impacts tourism, the UK government asserts it benefits public finances.
Wet wipes containing plastic to be banned from sale in UK
The devolved regions of Northern Ireland, Scotland and Wales are expected to follow on with their legislation later in the year to make it a UK-wide ban as part of an aligned approach.
Repair or replace? Insurers in this country sending electric cars to junk yards due to mechanic shortage
Electric car sales in the UK face challenges due to a shortage of trained technicians for complex EV repairs. The scarcity of repair technicians poses a threat to exacerbate this situation, particularly in the UK, where consumer adoption has remained stagnant for nearly two years. The lack of mechanics trained to handle advanced EV repairs is contributing to the escalation of repair costs.
All in a day! Gold sees sharp decline on Friday, but ends with weekly gains
The metal lost buying momentum after hitting a fresh record high of $2431 to settle lower. The yellow metal closed with a loss of 1.37% at $2344 Friday.
UK retail sales rise after 10 months of falls, CBI says
British retail sales rose slightly in March following a 10-month decline. However, sales are expected to decrease in April. The CBI's monthly retail sales balance improved from -7 to +2 in February, indicating a potential stabilization in the sector.
Consumer spending underwhelming, UK retailers turn to 'extreme bargains'
Matches' woes are the latest sign that retailers' trouble is spreading across the Atlantic amid weaker consumer spending. Shops have been pushed to the breaking point after inflation has boosted their expenses and weighed on consumer spending, and even heavy discounting isn't enough to save them.
UK retail sales rise by most in nearly three years, suggesting recession will be short-lived
In January, British retail sales surged by a robust 3.4%, surpassing economists' expectations and marking the largest increase since April 2021, following a sharp 3.3% decline in December, the steepest since January 2021. Analysts suggest this signals a diminishing impact of higher interest rates on consumer spending, indicating a potential exit from recession soon.
Nikkei charges toward all-time high, dollar under pressure
Nikkei surged 1.4% to 38,678 points, just within a whisker of the all-time high of 38,957 points hit in 1989 that marked the peak of Japan's so called "bubble economy."
Dream Theatre eyes $5 million in retail sales from Maradona-branded merchandise
The company has secured the rights to launch the Maradona Consumer Products programme in India from Podium Icons, a division of Podium Brands Group in the UK.
Black Friday fails to bring cheer: Weak holiday season start for retailers in UK
Christmas is off to a weak start for retailers relying on the crucial period to boost their sales. Festive spending is forecast to drop 13% to £20 billion ($25 billion) this year, according to a separate survey by PwC that was also released Tuesday. "The cost-of-living crisis has taken its toll on Christmas spending for many households, and the continued economic conditions are testing consumer resilience," said Paul Martin, UK head of retail at KPMG.
UK retail sales slide again in October in new blow for economy
British retail sales volumes dropped 0.3% in October, a new warning sign for the economy, as consumers stayed at home. The figures fit the darkening outlook for Britain's economy, with economic growth stagnant and strong price pressures fading slowly. Retailers suggest cost of living, reduced footfall, and wet weather contributed to the fall.
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