Spreadex Market Update
FTSE flat ahead of manufacturing and industrial production data; Sainsbury’s sees Q1 sales slide
Not that they will inspire much glee among investors; the former is forecast to slip from 0.1% to 0.0%, with the latter seeing a similar drop from 0.3% to 0.0%. That would continue the mockery made of George Osborne’s ‘march of the makers’ and further flag up the issues that have plagued the UK economy throughout 2016’s second quarter.
Earnings-wise Sainsbury’s was in focus this Wednesday. Having had such a traumatic time of it in the past 6 weeks, a period which saw the stock plunge from £2.88 to £2.46 on the back of weak full year figures, news of a CMA investigation into the Home Retail Group acquisition and its worst drop in sales for over a year according to Kantar Worldpanel, the supermarket bounced back with its Q1 results this morning. Rising over 2.5% Sainsbury’s saw like-for-like sales fall 0.8% for the 12 weeks to June, better than the 1.2% slide seen in the 12 weeks to May 22nd, alongside a 0.3% jump in total group sales.
Over in the Eurozone and the DAX and CAC were feeling a bit weary from Tuesday’s super surge, both giving up around half of the gains made by yesterday’s close. The region doesn’t have much to deal with this Wednesday, so may struggle to halt its slump.
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