Despite North Korea dispatching another ballistic missile over Japan and threatening to send it “into the sea” markets kept their cool. The Nikkei 225 pushed up +0.52% to 19,910.20 though the Hang Seng slipped -0.12%.
“There have been reports suggesting North Korea is preparing a missile launch, so this was by no means a surprise,” Hirokazu Kabeya, chief global strategist at Daiwa Securities told Reuters.
The yen was jolted but the dollar-yen pair traded at 110.48 at 7am, up +0.25%. The pound continues to recover, now breaching $1.34, up +0.06% while the euro was -0.04% against the dollar at $1.1913.
Today several crates of US market-moving data arrive shortly: retail sales, industrial production, business inventories plus the University of Michigan Confidence report – all this afternoon.
- UK FTSE 100 7,295.39 -1.14%
- Dow 22,203.48 +0.20%
- S&P 500 2,495.62 -0.11%
- Nasdaq 6,429.08 -0.48%
- Nikkei 225 19,924.22 +0.59%
- DAX 12,540.45 -0.10%
- CAC 40 5,225.20 +0.15%
- Gold 1,333.40 +0.13%
- Oil WTI 49.73 -0.32%
JD Wetherspoon warns on Brexit, suppliers and sales
We start with better full year numbers for JD Wetherspoon. Pre-tax profits climb +27.6% to £102.8m while there’s a +17.1% climb in operating profit to £128.5m. Earnings per share climb +16.1%. However some clouds lurk.
CEO Tim Martin thinks like-for-like sales of around 3-4% will be required to match last year's profit before tax. "Since the year end, Wetherspoon's like-for-like sales have continued to be encouraging and have increased by +6.1%. This is a positive start, but is for a few weeks only - and is very unlikely to continue for the rest of the year.”