Monday,14 November 2022 16:39:10

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Monday,14 November 2022 at 16:42

The fashion retailer Joules is to appoint administrators after talks with investors about rescue financing failed, leaving its 1,600 staff at risk of losing their jobs.

The company said last week it was in negotiations with strategic investors about an emergency equity raise but said that it needed bridge finance to avoid defaulting on a bank loan at the end of this month.

Joules said today: “Discussions with various parties have not been successful and have now terminated.”

UK and European stocks were cautious as investors assessed recent U.S. inflation data alongside a warning from a top Federal Reserve official.

U.S. stocks started the week on a downbeat note as Wall Street hinges on another round of earnings from the retail sector.

Oil prices pared earlier gains and fell, dragged down by a firmer U.S. dollar and record high coronavirus cases in major Chinese cities.

Gold priced lower.

Markets

At the close

FTSE 100 7,388 +0.98%

FTSE 250 19,598 (-0.09%)

DAX 14,308 +0.60%

At 16:45

Dow Jones 33,721 (-0.13%)

S&P 500 3,975 (-0.43%)

NASDAQ 11,210 (-0.99%)

Fixed Income

UK 10-YR YIELD 3.374

Exchange Rates

GBP/USD 1.171

GBP/EUR 1.133

Commodities

Gold $1,768 (-0.18%)

Brent $94.45 (-1.40%)

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.