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Thursday,16 June 2022 at 16:15

Asos has warned that profits could slump to as little as £20m this year, down from over £190m last year, as cash-strapped customers hit by rising inflation return more items to the online fashion retailer.

The warning, which was given in an unscheduled trading update, prompted a sharp sell-off of Asos shares, which hit a 12-year low. 

Fast fashion retailers enjoyed rapid growth during the pandemic when shoppers were forced to shop online and were saving money usually spent on commuting, travel and restaurants. However, those same companies have struggled as physical stores reopened and inflation put pressure on consumer finances.

UK & European stocks fell sharply as hawkish policy actions from central banks fuelled worries of a possible recession.

U.S. stocks sank as investors weighed the potential economic costs of the Federal Reserve's ongoing fight with inflation.

Oil prices erased early gains to head lower though tight supply limited losses.

Gold prices steadied, buoyed by another dip in the dollar as investors assessed the implications of policy tightening by central banks to fight inflation.

Markets
At the close
FTSE 100 7,044 (-3.14%)
FTSE 250 18,727 (-3.05%)
DAX 13,038 (-3.31%)
At 17:10
Dow Jones 29,916 (-2.44%)
S&P 500 3,668 (-3.21%)
NASDAQ 10,648 (-4.03%)
Fixed Income
UK 10-YR YIELD 2.518
Exchange Rates
GBP/USD 1.232
GBP/EUR 1.170
Commodities
Gold $1,845 +0.66%
Brent $118.02 (-0.63%)
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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