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Wednesday,18 January 2023 at 17:09

Currys, the British electricals retailer, has held its profit guidance for the current year after an “improved” performance in the UK offset weaker sales from its Nordics business.
 
Revenue in the retailer’s UK and Ireland business in the ten weeks to January 7 dropped by 5 per cent year-on-year but profits were stronger than expected, reflecting gross margin increases and continued cost savings.
 
Customer demand was high for microwaves, tumble dryers and mobiles but this was offset by weaker consumer electronics and computing revenues, while in-store sales outperformed online.
 
Air fryer sales increased by 500 per cent during the period as people looked to save money during the cost-of-living crisis.

UK and European markets closed cautiously higher as uncertainty persisted on the economic outlook, a topic high on the agenda at the World Economic Forum in Davos this week.

U.S. stocks turned lower as Wall Street continued to parse through corporate financial updates for signs of the “earnings recession” many analysts have warned about.

Oil prices rose to their highest since early December on optimism that the lifting of China’s strict Covid-19 curbs will lead to a fuel demand recovery in the world’s top oil importer.


Gold priced higher.

Markets
At the close
FTSE 100 7,830 (-0.26%)
FTSE 250 19,890 (-0.29%)
DAX 15,181 (-0.03%)
At 17:00
Dow Jones 33,553 (-1.06%)
S&P 500 3,956 (-0.86%)
NASDAQ 11,007 (-0.77%)
Fixed Income
UK 10-YR YIELD 3.318
Exchange Rates
GBP/USD 1.236
GBP/EUR 1.141
Commodities
Gold $1,906 (-0.102%)
Brent $86.77 +0.16%
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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