Week 37 2017

Week 37 2017

11 September – 15 September

 

11 September

 

The Turkish lira touched its strongest level in almost a year on Monday morning, as the country’s recent economic rebound continued with reports of solid expansion in the second quarter.

 

Gold retreated from its highest level in a year on Monday, in the first tangible sign of a pullback from a stellar run driven by a weaker dollar and lower expectations of tighter policy by the Federal Reserve.

 

Brazil’s Natura Cosméticos has secured a British male chief executive to take over from Jeremy Schwartz at the helm of The Body Shop, although it failed to name the successor.

 

Citigroup’s chief financial officer said on Monday that the bank expects trading revenues to fall about 15 per cent in the third quarter, compared with a bumper performance in the same period in 2016.

 

12 September

 

Inflation in Sweden eased back slightly in August but remained above the central bank’s target for the second month in a row, doing little to reduce pressure on the Riksbank to reverse its recent dovishness.

 

Easing weather and geopolitical risks have undermined commodities in Asia trading on Tuesday, with gold and oil prices edging lower.

 

After upsetting investors earlier this summer with the news that it was merely on track to meet expectations in its full-year results, JD Sports has returned to form by confirming that it expects growth to be at the upper end of forecasts in its latest trading update today.

 
 
The UK’s competition watchdog has approved Wood Group’s £2.2bn purchase of Amec Foster Wheeler, clearing a big hurdle for the pact that will create a large player in the UK oilfield services and industrial sectors.

 

13 September

 

For those eager to see a step change in the pace of eurozone integration, these are exciting times. Angela Merkel, Germany’s chancellor, is set for a seemingly unstoppable victory in the September 24 Bundestag elections. Emmanuel Macron, the French president, is embarking on the boldest domestic reforms seen in a generation.

 

The pound continued to march higher on Wednesday after hitting a one-year high against the dollar in the previous session as inflation data came in ahead of forecasts.

 

UK construction group Galliford Try has delivered on the upper end of its profits guidance for the year ending in June, at almost £59m.

 

A 5 per cent decline in sales is hardly fatal. But when it comes after more than a decade of continuous double-digit percentage increases, it can unleash an awful lot of soul-searching about the future of a company. 

 

14 September

 

The Australian dollar pushed back above the $0.80 mark on Thursday after data showed the country added more jobs than expected in August.

 

Stocks of US motor gasoline dropped by the most on record as suppliers drew from tank storage to replace gallons lost from oil refineries sidelined by hurricane Harvey.

 

Shares in Next rose almost 10 per cent on Thursday morning after the UK retailer said the sharp fall in the pound after last year’s Brexit vote had not pushed up prices as much as feared.

 

Interserve shed almost half its market value on Thursday morning after it became the latest British outsourcing group to warn on profits amid economic uncertainty and weak government spending.

 

15 September

 

Ireland’s headline economic growth figure bounced back in the second quarter after a weak start to the year, according to official data, but indicators of underlying demand in the domestic economy were more mixed.

 

Bitcoin was attempting a recovery on Friday after suffering its longest losing streak in a year as Chinese regulators cracked down on cryptocurrencies.

 

Profits at the John Lewis Partnership more than halved in the first six months of the year, marking the worst performance among three major UK retailers to give updates — tinged with varying degrees of pessimism — on the outlook for British consumer businesses.

 

Pub operator JD Wetherspoon has served up a healthy rise in full-year sales and profits but joined British retailers in striking a note of caution over future trading.