European markets lower as UK political turmoil continues; Retail stocks fell 4 percent

Sterling falls further as UK PM race begins

UK public sector debt rises to £20 billion

Public sector borrowing has been achieved £20 billion ($22.2 billion) in the UK in September, up from £11.8 billion in August. According to the Office for National Statistics.

It was the second-highest September loan figure since monthly records began in 1993.

This figure is £5.2 billion higher than the £14.8 billion originally predicted by the ONS.

– Hannah Ward-Glenton

Retail led the losses as the UK reported lower sales figures

Retail trade was down 2.9% in European markets this morning.

Britain’s retail sales figures were weaker than expected. Down 1.4% in September According to the Office for National Statistics.

This figure is 1.3% lower than the pre-Covid level in February 2020.

Retailers continue to raise prices and the Cost of living crisis For prohibiting sale. The Death of Queen Elizabeth II It also led to the closure of several retailers in September.

– Hannah Ward-Glenton

Adidas shares fell 7.2% after the profit warning

Adidas shares fell 7.2% in early trade after the company issued a 2022 profit warning.

Puma is also trading around 4% lower following the Adidas announcement.

– Hannah Ward-Glenton

European markets: Here are the opening calls

of England FTSE 100 It is set to open at 6,905, down 36 points, according to data from IG.

of Germany DAX France opened 119 points lower at 12,636 points CAC 51 points down to 6,026, Italy’s points MIB The index is expected to fall 205 points to 21,398.

– Hannah Ward-Glenton

CNBC Pro: Goldman Sachs says these stocks are increasingly likely to beat the recession

“The macro picture is more challenging than it has been for some time,” says Goldman Sachs, which supports a barbell strategy for recessionary jitters.

The bank has named a number of buy-rated stocks that it believes could outperform in the current macro backdrop.

Pro subscribers can Read more here.

– Javier Ong

U.S. Treasuries present top of new decade

United States of America 10 Year Treasury The yield rose to 4.272%, then rose to 4.2% For the first time since 2008.

Policy sensitivity 2 Year Treasury The yield rose to 4.639%, a 15-year high.

yield on that day 30 Year Treasury It rose to a fresh 11-year high of 4.266%.

Yields and prices move in opposite directions and one basis point equals 0.01%.

Jihye Lee

CNBC Pro: Stay invested in chip stocks, one fund manager reveals how he’s trading the sector

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