Market Report
Target Q1 earnings fall short of expectations
US retail giant Target posted quarterly earnings that fell well and truly short of analysts' expectations on Wednesday as the firm suffered heightened freight costs, bigger markdowns, and lower-than-expected sales of discretionary items.
Young's appoints Mark Loughborough as retail director
Pub chain Young’s said on Wednesday that it has appointed Mark Loughborough to the newly-created role of retail director with effect from 30 September.
Another 28 Lloyds branches to be closed, union claims
Another 28 Lloyds Banking Group branches are on the chopping block, it was revealed on Wednesday, with the UK’s second-largest union branding the move as “inexcusable”.
US pre-open: Dow futures in the red following third-straight day of gains
Wall Street futures had stocks opening lower ahead of the bell on Wednesday after the blue-chip Dow Jones registered its third-straight day of gains in the previous session.
London midday: Stocks steady, pound down after inflation data
London stocks were still little changed by midday on Wednesday after data showed that UK inflation hit a fresh 40-year high in April.
Europe midday: Shares listless as UK cost-of-living crisis grows
European shares struggled for direction at midday on Wednesday as record UK inflation hit sentiment.
Euro area CPI unchanged in April
The cost of living in the euro area was unchanged last month, contrary to a preliminary estimate.
RBC Capital Markets upgrades Convatec to 'sector perform'
Analysts at RBC Capital Markets upgraded medical products and technologies company Convatec from 'underperform' to 'sector perform' on Wednesday, stating further earnings downgrades appeared to be already priced in.
RBC Capital upgrades Reckitt to 'outperform'
RBC Capital Markets upgraded Reckitt Benckiser on Wednesday to ‘outperform’ from ‘sector perform’ and lifted the price target to 7,000p from 5,900p.
Asia report: Stocks rise as Japan's economy shrinks less than expected
Stocks in Asia were mostly higher by the end of trading on Wednesday, after fresh data out of Tokyo showed Japan’s economy shrank at a slower rate than anticipated in the first quarter of the year.
UK house price growth slows to 9.8% in March
Average UK house prices increased by £24,000 in the twelve months ended 31 March, according to the Office for National Statistics, a slight slowdown when compared to the previous month.
Ninety One warns of worsening conditions after record year
Ninety One reported record earnings and assets under management in its final results on Wednesday, with the latter growing 10% year-on-year to £143. 9bn, while warning of worsening economic conditions going into the new financial year.
N Brown FY earnings rise despite revenue dip
Online retailer N Brown said on Wednesday that full-year adjusted pre-tax profits had grown in the twelve months ended 26 February despite reporting a dip in annual revenues.
TBC Bank maintains guidance after 'solid' first quarter
TBC Bank reported a “solid start” to the year on Wednesday, with first quarter net profit rising 46% year-on-year to GEL 224m (£61. 04m).
JPMorgan upgrades WHSmith to ‘overweight’, hikes price target
JPMorgan Cazenove upgraded WHSmith on Wednesday to ‘overweight’ from ‘neutral’ and hiked the price target to 1,900p from 1,760p, saying it sees both an inflection point for the business and consistent momentum in the recovery data.
Redde Northgate trades in line with upgraded FY expectations
Vehicle rental group Redde Northgate said on Wednesday that it had continued to trade well across and that its full-year performance was expected to be in line with upgraded expectations.
Mitchells & Butlers swings to profit but warns over cost headwinds
Pub group Mitchells & Butlers said on Wednesday that it swung to a first-half profit as sales continued to recover, but warned over cost headwinds.
London open: FTSE little changed as inflation hits fresh 40-year high
London stocks were little changed in early trade on Wednesday after data showed that UK inflation hit a fresh 40-year high in April.
Experian hails 'significant' progress in consumer services as FY profits rise
Credit-checking firm Experian reported a jump in full-year profit and revenue on Wednesday as it highlighted significant progress in consumer services.
Vesuvius YTD sales 'stronger than expected'
Engineered ceramics company Vesuvius said on Wednesday that it had delivered a "stronger than expected" sales performance in the first four months of 2022.