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Friday newspaper round-up: Evergrande, furlough cost, digital lateral flow test
The troubled property company China Evergrande Group has come up with the money to pay a $83. 5m bond interest payment that it missed in September, according to reports. The company, which has debts of around $305bn, wired the $83. 5m payment and noteholders will receive it before Saturday, China’s state-backed newspaper Securities Times said on Friday, citing relevant channels, according to Bloomberg. - Guardian.
Week ahead: Autumn Budget, Corporate earnings in focus
The focus in financial markets over the coming week will be on the Autumn Budget on Wednesday, with the Chancellor facing a tricky balancing act given already high deficits, rising inflation and the end of the furlough scheme.
London close: Stocks manage higher finish as Evergrande fears fade
London stocks managed a positive finish on Friday, even after disappointing retail sales data and a slump in consumer confidence, as worries about China’s Evergrande eased and with the release of encouraging UK growth figures.
Europe close: Stocks stage relief rally on Evergrande news
European stocks finished higher on Friday with investors cheering news of an interest payment by debt-ridden China Evergrande Group and brushed aside a survey that showed growth in euro zone business activity slowed in October due to inflation fears.
Weekly review
The FTSE 100 ended the week 29. 48 points lower, closing at 7,204. 55 on Friday.
Broker tips: Barclays, Unilever
Analysts at Berenberg raised their target price on Barclays from 230. 0p to 245. 0p on Friday, telling clients that the lender's third-quarter numbers had confirmed that it was "well placed" to profit from a recovery among UK and US consumers.
Director dealings: Dunelm CEO makes share sale
Dunelm Group revealed on Friday that chief executive Nick Wilkinson had disposed of 93,196 ordinary shares in the FTSE 250-listed retailer.
US economic activity off to "encouraging" start in Q4 but no signs price pressures abating
Preliminary survey data revealed that the US economy got off to an "encouraging" start in the fourth quarter but price pressures showed no signs of abating.
FTSE 250 movers: National Express, Hochschild gain
London’s FTSE 250 was up 0. 1% at 22,930. 94 in afternoon trade on Friday.
MusicMagpie still considering options for new finance chief
Secondhand marketplace operator musicMagpie updated the market on its process to appoint a new chief financial officer on Friday.
Ironveld to get £5.6m investment from Grosvenor Resources
Ironveld announced a proposed new major investment by Grosvenor Resources on Friday.
Location Sciences sells business, contract to Digital Envoy
Location Sciences announced on Friday that it has agreed to sell its insights dashboard and four contracts pertaining to its location data and insights business toUnited States-based IP intelligence company Digital Envoy for up to $0. 7m in cash.
FTSE 100 movers: JD Sports rallies on acquisition; LSE under the cosh
London’s FTSE 100 was up 0. 6% at 7,231. 36 in afternoon trade on Friday.
UK retailers want human rights law to protect supply chain workers
More than 35 retailers, manufacturers and investors including Tesco, John Lewis, Primark, Asos and Unilever have called on the UK government to introduce a legal requirement for companies to carry out human rights and environmental checks on their global supply chains.
US open: Major indices mixed as social media stocks weigh on Nasdaq
Wall Street stocks were mixed early on Friday as losses in the tech sector weighted on the Nasdaq early in the session.
UBS stays at sell on Unilever, cites concern about 'deterioration' of market share
Analysts at UBS reiterated their 'sell' recommendation on shares of Unilever, expressing to clients their concern over the "quality" of the company's margins in the back half of the year, which they said implied a "substantial" reduction in its marketing spend.
Home Depot's supply chain boss set to depart
The man credited with reengineering Home Depot's supply chains is leaving after roughly 15 years in the job.
Beyond Meat cuts Q3 revenue guidance, shares tumble
Beyond Meat cut its revenue guidance for the third quarter on Friday as it cited a decline in retail demand, the impact of the Delta variant and operational challenges, sending shares in the plant-based meat producer tumbling.
American Express Q3 earnings beat expectations
Financial services company American Express reported third-quarter earnings that beat expectations on Friday thanks to an acceleration in spending throughout the period.
Honeywell downgrades FY guidance amid supply issues
Honeywell reported third-quarter earnings at the high end of its guidance range on Friday but downgraded its full-year guidance due to supply chain issues.