Spreadex Market Update
European futures are pointing to a lower open
Equity desks this morning will likely be busy with news that Tesco have understated the previous H1 profit warning and is likely to be taken the worst way it can by the market; the bad news just gets worse. Not only are both the top and bottom line contracting, but their management are being seen to be incompetent in reporting accounts. The company advises investors the amount by which they have overstated is around GBP 250M. Shares closed on Friday at 229.6p.
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