20/05/2022

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M&S and Tesco raise profit guidance despite inflation threat

2 min read

Good morning.

There are bullish trading statements out from Marks & Spencer and Tesco this early morning, with the two companies hailing bumper sales about Xmas.

M&S reported foodstuff income enhanced 12.4pc against pre-Covid levels in the 13 weeks to Jan. 1, beating current market forecasts of 10pc growth. Clothes and dwelling income also exceeded anticipations.

Tesco documented an 8.8pc rise in festive profits when compared to two many years back, reaching its greatest market share in four yrs.

Both firms claimed complete-yr gains would exceed earlier anticipations.

5 items to start your day 

1) Peers cast question on ‘Britcoin’ project  Lords committee warns that Bank of England officials have overstated the likely benefits of a central financial institution electronic currency

2) HSBC accused of hypocrisy more than charity lender account charges  A Leeds treasurer mentioned he was “stunned” that the financial institution would “select on little charities to attempt and elevate its revenue”

3) Ovo to reduce quarter of workforce amid strength crisis  Supplier to announce restructuring programme as component of cost-saving measures

4) Hinkley Level developer strike by new setback with French nuclear reactor  EDF downplays danger of identical difficulties at Hinkley Position C and Sizewell C

5) Investors reduce tolerance with Unilever’s ethical dilemma  Marmite maker’s sustainability drive is proving as divisive as the distribute among shareholders

What transpired overnight 

Asian marketplaces were blended on Thursday as traders fought to sustain the prior day’s upward momentum. Hong Kong, Sydney, Taipei and Manila rose, while Singapore and Wellington were flat.Tokyo ended the morning reduced as a more robust yen weighed on exporters, with Shanghai, Seoul and Jakarta slightly off.

Coming up now

  • Corporate: Asos, Dunelm, Halfords, Hilton Food Team, John Wooden Group, Marks & Spencer, Persimmon, Safestore Holdings, Taylor Wimpey, Tesco (Trading update)
  • Economics: RICS household price tag balance (Uk), Financial institution of England credit history situations survey (Uk), trade balance (China), producer value index (United kingdom), jobless statements (United kingdom)