Thursday,03 November 2022 17:07:59

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Thursday,03 November 2022 at 17:09

J Sainsbury’s has said that it is well placed for the crucial festive trading period despite reporting a slide in first-half profits as Britain’s inflation-fuelled cost of living crisis mounts.

Underlying pre-tax profits in the 28 weeks to September 17 were down 8 per cent to £340 million.

They fell despite a 4.4 per cent year-on-year increase in sales to £16.4 billion during the period, including a 39.5 per cent increase in revenues from fuel on the back of higher oil prices.

U.K. and European stocks pulled back as global markets reacted to further rate hikes from the U.S. Federal Reserve and the Bank of England.

U.S. stocks sank lower as Wall Street reeled from assertions by Federal Reserve Chair Jerome Powell that hopes for a policy pivot were “premature”.

Oil slipped as an increase to U.S. interest rates pushed up the dollar and heightened fears of a global recession.

Gold prices fell to a more than one-month low as the dollar and U.S. Treasury yields jumped.

Markets

At the close

FTSE 100 7,188 +0.62%

FTSE 250 18,109 (-0.59%)

DAX 13,130 (-0.95%)

At 17:00

Dow Jones 32,148 (-0.00%)

S&P 500 3,745 (-0.40%)

NASDAQ 10,445 (-0.75%)

Fixed Income

UK 10-YR YIELD 3.515

Exchange Rates

GBP/USD 1.118

GBP/EUR 1.147

Commodities

Gold $1,627 (-0.44%)

Brent $95.25 (-0.28%)

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.