Key market data as trading session comes to close
As today’s trading session draws to a close, here’s a look at today’s key market data.
Click through the buttons below to view the data.
Another afternoon fall for FTSE
The FTSE 100 has again lost steam late in the day, and is currently down 0.4% after having been flat an hour and a half ago.
The index also fell off late in the day yesterday. JD Sports and British Land, which both published results today, are among the biggest fallers.
US shares rise as investors hope for debt ceiling progress
US shares are off to a strong start today, as investors hope for progress in debt ceiling talks.
The Dow Jones is up 0.3% to 33123, while the S&P 500 is also up 0.3%, to 4123. The Nasdaq is up 0.4% to 12,387. The biggest risers of the day include airlines United and Delta on strong Chinese travel statistics, as well as reigonal lenders Comerica and Fifth Third.
Fallers included pharmaceuticals businesses Moderna and Abbvie.
How high street brands are using in-store experiences to keep shops busy
As online shopping continues to grow, brands are learning to be more creative with their bricks and mortar spaces.
With the focus firmly on digital platforms and delivery during the height of the pandemic, the ease and convenience of e-commerce has continued to prove a big hit with consumers.
Now, with declining footfall in-store, retailers have turned their attention inside.
900,000 households received £301 cost-of-living payment in early May
Around 900,000 households claiming tax credits received cost-of-living payments worth about £300 million in total in early May, according to HM Revenue and Customs (HMRC).
The payments of £301 were made by HMRC between May 2 and 9, in its first round of cost-of-living payments for 2023/24.
Mixed start expected on Wall Street
US shares are set for a mixed start, as mega-cap firms struggle but the remainder of US companies fare better.
Dow Jones futures are down 0.8% to 33146. Yet S&P 500 futures are up 0.4% to 4140 and Nasdaq futures up 0.2% to 13514.
Big risers include regional banks Western Alliance and PacWest, which have been extremely volatile in recent weeks amid feels aboout the country’s mid-sized lenders. Media behemoth News Corp is among the biggest premarket fallers.
ASOS shares jump as Ashley ups stake
Shares in ASOS have rebounded today, rising by 7.6% after it was revealed that Mike Ashley’s Frasers Group had increased its stake in the business to 7.4%.
The Frasers Group previously held a 5.1% stake.
ASOS’ share price had plummted over the past month, with the sharpest fall as it announced a £290.9 million loss last week. Since then, a number of funds have taken short positions against the fast fashion retailer, betting it will keep falling.
Sage boss says London listing ‘is not holding us back’
The boss of accounting software firm Sage said he is “very proud” to be listed in London, even as its North American arm grows to bring in almost half of the company’s revenue.
The comments came as Sage’s shares rose today after it revealed its revenue for the year is set to be higher than it had previously expected.
The Standard View: The Government must axe the tourist tax harming London
Ministers often stress that they are here to listen to business. A good place to start would be to axe the tourist tax on foreign shoppers before yet further damage is done to the capital’s global reputation — and economy.
The Evening Standard has long led the campaign against scrapping VAT-free shopping by the then chancellor, now Prime Minister, in January 2021.
This decision instantly made it 20 per cent more expensive for foreign visitors to shop in London.
And it represents a classic false economy — it made the capital more expensive and diverted high-spending tourists to other European cities.
‘Scrap the tourist tax that’s harming London’, say business leaders
Rishi Sunak has been urged by business leaders to take the “no-brainer” decision to scrap his tourist tax on foreign shoppers before irreparable damage is done to London’s global reputation.
There is growing alarm that over the first summer peak holiday season without any Covid restrictions millions of visitors will return to their home countries with the message that the capital is too expensive compared with rival destinations such as Paris, Milan or Madrid.
On Wednsday, the boss of luxury retailer Watches of Switzerland added his voice to the chorus of pleas calling for a change of heart from the Government “the sooner the better”.
