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Friday,14 January 2022 at 16:56

Today Currys lowered annual guidance as it reported a fall in sales over the peak Christmas period as uneven customer demand and supply disruption hit revenues.

Revenue for the ten weeks to January 8th fell 5% year on year but rose 4% versus 2019 before the Covid pandemic struck.

Alex Baldock, the Chief executive, said that Oculus Quest 2 and Playstation 5’s were the stars as consoles flew off the shelves in what he described as a gamers Christmas, but overall the UK tech market was down 10% compared with Christmas 2020.

Currys said it expected to deliver a full-year adjusted pre-tax profit of about £155m, compared with £156m in 2020-21.

UK and European stocks pulled back following global momentum as a fresh round of hawkish comments from Federal Reserve officials resurfaced expectations for imminent policy tightening.

U.S. stocks declined at the end of a volatile week, with investors monitoring a mixed set of bank earnings and a bigger-than-expected drop in U.S. retail sales.

Oil futures rose and were set for a fourth week of gains, boosted by supply constraints and a weaker dollar, though an imminent release of crude reserves from China looms.

Gold prices were holding near a more than one-week high, supported by a retreating U.S. dollar and lower Treasury yields as markets awaited economic data to gauge the pace of upcoming U.S. rate increases.

Markets
At the close
FTSE 100 7,542 (-0.28%)
FTSE 250 22,743 (-0.94%)
DAX 15,867 (-1.02%)
At 16:50
Dow Jones 35,794 (-0.88%)
S&P 500 4,637 (-0.48%)
NASDAQ 14,790 (-0.11%)
Fixed Income
UK 10-YR YIELD 1.154
Exchange Rates
GBP/USD 1.366
GBP/EUR 1.197
Commodities
Gold $1,817 (-0.27%)
Brent $85.14 +1.26%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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