Retail trade group says UK consumer confidence ‘remains weak’
Shoppers visit the York Christmas Market ahead of Black Friday on November 25, 2024 in York, England.
Ian Forsyth | Getty Images News | Getty Images
UK consumer confidence remains weak after Labor government takes power Landmark first budget October, according to a November survey by the British Retail Consortium.
The BRC-Opinium poll found that people’s views on the state of the economy have worsened slightly, while people’s assessments of their own financial situation have improved slightly. Personal spending remained stable in October.
BRC chief executive Helen Dickinson said: “Consumer confidence has changed little since the Budget and many are worried about the economy ahead of Christmas.”
“The last month has clearly had no positive or negative impact on households, but the same can’t be said for the retail sector. With the Budget leading to additional costs of over £7bn by 2025, retailers will have no choice but to raise prices or reduce their impact on jobs and shops. investment.
Labour’s sweeping reforms have sparked a negative reaction from the UK business community, who say Higher taxes and upcoming changes to employment rights Putting pressure on employers.
—Jenny Reed
Rémy Cointreau’s first-half profit falls less than expected
A bottle of Rémy Martin XO Excellence Cognac is pictured at the Rémy Cointreau SA Headquarters Club in Cognac, France on Friday, December 9, 2016.
Bloomberg | Bloomberg | Getty Images
French spirits group Rémy Cointreau First-half operating profit fell 12.9% to 147.3 million euros ($155.3 million), the report said, a smaller drop than forecast in a company-compiled analyst survey.
Analysts had expected operating profit to fall 20.6%.
CEO Éric Vallat said that the company maintained stable profit margins in the first half of the year through “strict cost management” and implemented a full-year savings strategy of 50 million euros. The beverage maker is grappling with weak demand in the United States and Asia-Pacific and, along with other brandy producers, Higher tariffs on Chinese exports among China-EU trade dispute.
Consolidated sales declined 15.9% organically during the period.
The company does not expect growth to return to growth in the Americas until the fourth quarter at the earliest, and sales to worsen in the Asia-Pacific region “given the continued lack of visibility on the timing of the recovery in the U.S. and deteriorating market conditions” in China.
The company forecast that overall organic sales for the full year will fall by 15% to 18%, updating the “double-digit decline” forecast released in October.
Rémy Cointreau share price.
European Markets: Here are the opening calls
European markets are expected to open higher on Thursday.
British FTSE 100 The German stock index is expected to open 16 points higher at 8,291 German DAX Index France rises 72 points to 19,334 CAC Up 30 points to 7,173 points, Italy FTSE MIB It rose 98 points to 33,310 points, according to IG data.
There are no major earnings reports on Thursday, but the data released includes inflation in Spain and Germany and economic sentiment data in Europe. Business confidence data from Italy and Spain will also be released.
— Holly Elliot
Bitcoin rebounds above $96,000 as investors focus on upcoming $100,000 milestone over Thanksgiving holiday
Bitcoin Gold prices were back above $96,000 on Wednesday, recovering slightly from this week’s retracement to record highs.
The price of the flagship cryptocurrency recently rose nearly 6% to $96,676.70, according to Coin Metrics, while ether It rose more than 9% to $3,636.46. The broader crypto market to Coin table 20 The index rose 7%.
Although Bitcoin is widely viewed as a store of value and a digital alternative to gold, the cryptocurrency typically trades in tandem with the stock market. On Wednesday, however, it decoupled from the tech-heavy Nasdaq, which fell 0.6%. The Dow Jones Industrial Average and S&P 500 also fell.
Coin library The stock rose more than 6% as Bitcoin and other cryptocurrency stocks rose.
— Tanaya Machel
CNBC Pro: 5 tech stocks in supply chain management that could benefit from Trump’s tariffs, says Redburn Atlantic
According to Redburn Atlantic, President-elect Trump’s proposal to impose high tariffs on imported products could create winners in the stock market, especially companies that help companies manage their supply chains.
Citing U.S.-China trade tensions in 2018-2019, analysts at Redburn said these technology stocks outperformed the market during “a period of supply chain uncertainty.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
The number of S&P 500 stocks last year above its 200-day moving average indicates a “robust” market
% of total stocks S&P 500 Index The percentage above the 200-day moving average is currently 77% and has remained above at least 60% over the past year. Chris Verrone, head of technical and macro research at Strategas, said this was evidence that the market’s fundamentals “remain solid.”
strong moving averagewhich smooths out short-term fluctuations to show the underlying trend in the stock price, “illustrate the persistence of good internal structure,” Verone wrote to clients on Wednesday.
“Historically, it’s not unusual for early December to be a plateau for the stock market, but the market is still in the middle of its best three-month run ever,” he said. 31 to January 31.
——Scott Schniper
CNBC Pro: Are U.S. stocks too expensive? Morningstar executive reveals where he’s investing
Attractive returns and a wide range of opportunities are among the reasons why U.S. markets have historically dominated among investors.
However, one market observer believes U.S. stocks are expensive and is now looking for opportunities in other, cheaper markets.
“We believe markets outside the U.S. are more attractive from a valuation perspective than in the U.S.,” Morningstar CEO Kunal Kapoor said, revealing that the market has “attractive opportunities.”
CNBC Pro subscribers can read more here.
— Amala Balakrishna
