Thursday,09 June 2022 16:59:07

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Thursday,09 June 2022 at 16:00

The John Lewis Partnership has named the first three locations for its move into housing as part of its plans to build 10,000 homes in the next ten years.

The retailer plans to build on Waitrose shops in Bromley and West Ealing in Greater London and to demolish a John Lewis warehouse in Mill Lane, Reading.

John Lewis first announced its plans to move into housing in February 2020, shortly after Dame Sharon White took over as chairwoman, but it took until last July to set out its clear intentions and a further year to submit planning applications on sites.

The retailer said that the rental homes would be built for different sized households, ranging from studio flats to four-bedroom houses, and short and long-lease tenants would have the option to have their homes furnished by John Lewis.

UK and European stocks fell sharply after the European Central Bank confirmed plans to begin hiking interest rates in July, while downgrading its growth forecasts and raising inflation projections.

U.S. stocks extended losses as bond yields charged forward.

Oil prices dipped but still hovered near three-month highs.

Gold priced lower.

Markets

At the close

FTSE 100 7,476 (-1.54%)

FTSE 250 20,073 (-1.17%)

DAX 14,198 (-1.71%)

At 17:00

Dow Jones 32,770 (-0.41%)

S&P 500 4,096 (-0.45%)

NASDAQ 12,033 (-0.44%)

Fixed Income

UK 10-YR YIELD 2.326

Exchange Rates

GBP/USD 1.252

GBP/EUR 1.175

Commodities

Gold $1,845 (-0.44%)

Brent $123.47 (-0.15%)

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.