Closing post
Time to recap
Online fast fashion retailer Shein has doubled its UK profits after bringing in more than £1.5bn of revenue last year.
Water companies in England and Wales must take a total of £157.6m off customer bills after being penalised for poor performance.
Regulator Ofwat reported that water companies are missing key targets on reducing pollution, leaks and supply interruptions, while customer satisfaction is falling.China has imposed new tariffs on imports of European brandy, in a apparent retaliation for tariffs added on Chinese electric vehicles by the EU last week, a move France has criticised as unacceptable.
Downing Street has dismissed concerns that a potential change to the borrowing rules in the Budget could trigger a Liz Truss-style meltdown….
…after UK borrowing costs climbed sharply in recent days, pushing the gap with Germany to the widest in more than a year.
UK engineering firm and aerospace parts maker Senior is cutting jobs and furloughing staff after being hit by the ongoing strike at Boeing, and production problems at Airbus.
The US trade deficit has narrowed, thanks to a rise in exports and a dip in imports
Snacks and fizzy drinks maker Pepsico has reported a drop in revenues and lowered its full-year sales outlook.
Shares in UK housebuilder Vistry are down by a quarter, after it underestimated how much it was going to cost to build hundreds of homes in the south of England.
UK grocery inflation has risen to 2% in the last month
Stocks have opened higher on Wall Street, after losses yesterday.
The S&P 500 share index is up 19 points in early trading at 5,715, a gain of 0.35%.
The tech-focused Nasdaq Composite has gained 0.6%, rising by 108 points to 18,032 points.
DOW JONES UP 128.53 POINTS, OR 0.31 PERCENT, AT 42,082.77 AFTER MARKET OPEN
— First Squawk (@FirstSquawk) October 8, 2024
S&P 500 UP 26.38 POINTS, OR 0.46 PERCENT, AT 5,722.32 AFTER MARKET OPEN
NASDAQ UP 90.43 POINTS, OR 0.50 PERCENT, AT 18,014.33 AFTER MARKET OPEN
Kathleen Brooks, research director at XTB, are showing a preference for mega cap stocks “as risk aversion bites”, adding:
Since the start of Q4, the S&P 500 has outperformed medium-sized companies on the Russell 2000 and it has also outperformed the Dow Jones.
Nvidia is higher by nearly 5% since the start of October, and futures markets are predicting a stronger open again on Tuesday. This is a trend that is worth watching. As interest rate expectations get recalibrated for the US and Fed rate cuts are priced out, this could hurt the broad stock market rally that we saw in Q3 as investors rush to the safety of mega cap stocks and their bullet proof balance sheets.
