Spreadex Market Update

FTSE gains on strong corporate updates



Even with continued concerns from the US, China and Germany over rising inflation, the FTSE managed to perform well thanks to positive updates from M&S, ITV, and Halfords.

ITV made the largest gains in the FTSE 100 today by some distance, as it is currently up more than 14% as chief executive, Carolyn McCall, said they were on track for their highest advertising revenues in its history.

M&S and Halfords both made significant gains, thanks to more encouraging figures updates. This caused their shares to surge as much as 16%, and 19% respectively.

However, despite raising its forecasts, M&S did also warn investors of potential rising costs and disruptions due to supply chain issues in the run up to Christmas.

This would most likely affect the whole industry leading to lower-than-expected figures over the Christmas period.

US markets take another hit today after inflation figures were higher than predicted, as DOW and S&P both currently down 0.15%, and 0.12% respectively.

Consumer prices rose 6.2% in October, higher than the already high 5.8% expected figure. It also represents the fastest annual rise in consumer inflation, in the US, since 1990.

According to top executives at a range of blue-chip companies, it is likely that we are going to see major issues, regarding inflation, supply chain problems, and labour shortages, last much longer than policymakers are expecting.

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