Markets in the US and Europe moved lower on Thursday as technology-led declines continued on disappointment at the US Federal Reserve’s pledge to keep rates low for an extended period. In the UK, the Bank of England echoed the Fed by keeping interest rates near zero and warning of an ‘unusually uncertain’ recovery ahead. The FTSE 100 ended the session 0.47% lower at 6,049.92, sentiment ...

The FTSE 100 slipped lower on Thursday following the Federal Reserve’s announcement last night that it was likely to keep interest rates near zero for several years while the global economy recovers from Covid-19. At 11.25, the blue chip benchmark was 50.4 points, or 0.83%, lower at 6,028.11. Fed chair Jerome Powell said the central bank would ‘maintain an accommodative stance of ...

Retail bellwether Next (NXT) continued to rally on Thursday, the shares bid up 2.2% to £63.06 after the clothing-to-homewares colossus upped profit guidance for the second time in two months on the back of better than expected sales. Despite reporting a 97% pre-tax profit plunge to £9 million for a lockdown-impacted half to July, Next is now guiding to full year pre-tax profit of £300 ...

UK shares tracked declines on Asian stock markets in early trade on Thursday as the lack of new stimulus measures by the US Federal Reserve left investors disappointed ahead of a Bank of England policy meeting. The benchmark FTSE 100 and the mid-cap FTSE 250 were both sharply lower in opening deals with banks, miners and automakers leading the declines. The FTSE 100 was off by around ...

Homewares market leader Dunelm’s (DNLM) shares hit an all-time high on Tuesday after the cushions, quilts and kitchenware retailer said trading has been ‘materially ahead’ of management’s expectations in the new financial year thanks to strong summer sales. Nevertheless, the FTSE 250-listed bedding-to-curtains purveyor remained cautious in terms of the outlook, with management concerned ...

While clothing-to-homewares retailer Next (NXT) rallied after the high street bellwether reported (29 Jul) a better than feared second quarter sales fall and upgraded annual profit guidance, online sales, for so long the growth driver for Next, appeared to stall between mid-June and mid-July. This looks likely to be a short-term phenomenon. For the second quarter to 25 July, Next’s full price ...

Indecision gripped the FTSE on Wednesday, which closed almost flat ahead of the US Federal Reserve’s vote on interest rates this evening. No new policy announcements are expected from the meeting, with it widely believed the central bank is still trying to figure out its next step, and that the meeting in September will be the next point of action. But investors will still on the lookout ...

The FTSE 100 moved into positive territory by lunchtime after beginning the day in the red as investors wait for the latest update on US monetary policy from the Federal Reserve, due later in the day. The Fed’s chair Jay Powell has already made clear the US central bank isn’t in a rush to raise interest rates from their record low of 0.25%, but equally has stated that he doesn’t want to ...

Retail bellwether Next (NXT) rallied 9.2% to £57.46 on Wednesday after the clothing-to-homewares seller upgraded annual profit guidance and reported a second quarter sales fall that was far better than projections. For the second quarter to 25 July, Next’s full price sales fell 28% compared to the same period of 2019. While that was a significant slump, it was less than half the decline of ...

UK stocks traded sideways on Wednesday as investors waited to hear whether the US Federal Reserve would renew its monetary stimulus later today, potentially signalling a higher tolerance for inflation. Meanwhile US lawmakers are considering cutting weekly unemployment benefits for 30 million people by a third just as the economic recovery appears to be running out of steam. The dollar, which ...

Shares in once high-flying Boohoo (BOO:AIM) have fallen by 44% so far in July with professional fund managers and retail investors losing patience with the online fashion group’s poor ESG (environmental, social and governance) practices. Shares believes the Boohoo blow-up sets a precedent for how investors will react to the next company that messes up in terms of ESG factors. The ...

Shares in online fashion purveyor Boohoo (BOO:AIM) have plunged 45% from recent record highs to 230p following allegations of modern day slavery in supplier factories in Leicester. The negative backlash suggests that ESG-principled investors are turning their back on the company and that the shares have further to fall. Boohoo has started a review of its supply chain and is seeking to hire two ...

Shares in online fast fashion retailer Boohoo (BOO:AIM) remained in freefall on Wednesday, cheapening 19.2% to 211.12p with investors evidently not buying a comprehensive statement from the company in response to modern slavery allegations. Judging by today’s price action, the market can’t shake off concerns that sales for Boohoo’s brands will be impacted by the current media ...

Real estate investor LondonMetric Property (LMP) continues to have a good crisis as it said it would increase its quarterly dividend off the back of strong rent collection in the period. The shares were up 2.1% to 216.2p. The company, which is focused on logistics properties, said it will increase its first quarterly dividend for the financial year ending 31 March 2021. The dividend will be ...

UK stocks ended the week on the front foot along with other European markets, shrugging off previous concerns over a spike in global coronavirus cases. On the currency markets the pound was steady against the dollar at $1.24 while in commodities Brent crude traded slightly lower at $41 per barrel and gold traded sideways at $1,763 per ounce. The FTSE 100 index added 0.8% to 6,198 led by ...

Eyewear frames specialist Inspecs (SPEC:AIM) joined the stock market in February after raising £23.5m of new money by issuing stock at 195p. The Bath-based personal goods play got its IPO away before the coronavirus pandemic roiled equity markets and forced governments around the world to shut down their economies. Inspecs has an eye-catching growth story to tell, eventually expects to pay a ...

The property sector is facing its biggest test since the 2016 Brexit vote, with the coronavirus pandemic leading to a new wave of property fund suspensions, dividends being cut and a collapse in valuations. People have been left to question if investing in commercial property is still a viable option and whether it can be relied on for income in the same way as before. However, not all parts of ...

Clothing retail is one of the most difficult businesses to get right at the best of times. Low profit margins, intense competition, changing consumer preferences, the weather and any number of smaller challenges can upset the plans of even the best operators. The coronavirus has had a devastating short-term impact and in the long term retailers will have to adapt by improving their online ...

Shares in retailers Dunelm (DNLM), Marks & Spencer (MKS) and Next (NXT) jumped after the bank holiday on news that the government aimed to allow all ‘non-essential’ shops to reopen within the next month. In terms of timeline, outdoor markets and car showrooms are allowed to reopen from 1 June, while all retailers from small independents to department stores can open their doors from 15 ...

Shares in clothing and food retailer Marks & Spencer (MKS) were marked up 4% to 89.2p on Wednesday as the British high street institution accelerated its ‘Never the Same Again’ turnaround plan to cope with the fallout from the coronavirus crisis. Optimists peered past a 21.2% fall in annual profit, after clothing sales were crimped in the latter part of the financial year to March ...