M&S and Tesco shares fall as inflation risks dampen festive cheer

Good morning.

There are bullish investing statements out from Marks & Spencer and Tesco this morning, with both firms hailing bumper product sales around Christmas.

M&S reported food sales increased 12.4pc against pre-Covid levels in the 13 months to Jan. 1, beating market forecasts of 10pc growth. Clothes and household income also exceeded anticipations.

Tesco reported an 8.8laptop rise in festive product sales in contrast to two a long time ago, reaching its major current market share in four years.

Each companies reported full-year earnings would fulfill or exceed previous anticipations.

5 factors to start your day 

1) Peers cast doubt on ‘Britcoin’ project  Lords committee warns that Bank of England officials have overstated the prospective positive aspects of a central lender electronic currency

2) HSBC accused of hypocrisy around charity lender account charges  A Leeds treasurer claimed he was “shocked” that the loan company would “select on modest charities to try and elevate its earnings”

3) Ovo to cut quarter of workforce amid energy crisis  Provider to announce restructuring programme as element of price-preserving steps

4) Hinkley Issue developer hit by new setback with French nuclear reactor  EDF downplays hazard of related issues at Hinkley Stage C and Sizewell C

5) Buyers eliminate endurance with Unilever’s moral dilemma  Marmite maker’s sustainability generate is proving as divisive as the unfold among shareholders

What took place overnight 

Asian markets had been combined on Thursday as traders fought to preserve the previous day’s upward momentum. Hong Kong, Sydney, Taipei and Manila rose, when Singapore and Wellington have been flat.Tokyo finished the early morning decreased as a much better yen weighed on exporters, with Shanghai, Seoul and Jakarta somewhat off.

Coming up right now

  • Company: Asos, Dunelm, Halfords, Hilton Foodstuff Team, John Wood Team, Marks & Spencer, Persimmon, Safestore Holdings, Taylor Wimpey, Tesco (Investing update)
  • Economics: RICS residence price balance (British isles), Lender of England credit score conditions survey (United kingdom), trade balance (China), producer selling price index (Uk), jobless promises (British isles)