Thursday’s market wrap: Carrefour & WPP dip on earnings – Euro stocks fall – U.K. retailers suffer

by | 1 Mar, 2018

European shares are falling Thursday after a series of disappointing earnings from major companies as well as lingering worries about interest rate hikes in the U.S. and elsewhere. Advertiser WPP fell over 13 per cent on the FTSE100 after reporting its worst year for growth since 2009, while French supermarket retailer Carrefour slipped nearly 7 per cent on the CAC40 due to slower sales growth and declining profits.

On the DAX, skincare giant Beiersdorf gave a cautious outlook after weak earnings and fell 2.8 per cent.

Asian stocks looked weak too except for in China. The Shanghai Composite Index gained 0.44 per cent after a private survey showed the nations factory growth rose to a 6-month high, lifting investor sentiment.

U.K. PMI data disappoints while retailers struggle

The latest manufacturing PMI for the U.K. inched down a little to 55.2 in February from 55.3 the previous month. It was the second-lowest reading since the Brexit vote in June 2016. The slowdown is happening at a time when manufacturers elsewhere in Europe are enjoying an upswing due to a recovery in global demand.

It’s also been a tough week for British retailers. 2 of the best known – Maplin and Toys R Us U.K. have collapsed into administration putting 5,500 jobs at risk.

Today Carpetright, another high street classic, issued its third profit warning in 4 months as it nears the brink of disaster. Some analysts think higher inflation for consumers has contributed significantly to these firms crashing out of the market, as people rein in their spending.

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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