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.”
Martin also expressed concern over Brexit and supplier risk: “EU negotiators are inevitably encouraging importers like Wetherspoon to look elsewhere for supplies."
Brexit has huge potential – Burberry
Meanwhile the creative boss of Burberry (and former CEO) Christopher Bailey says the potential for a post-Brexit Britain is huge. Bailey told the BBC growth possibilities are considerable.
However Burberry does not give detail on individual country sales making forecasts and projections difficult. But Bailey warned against an anti-immigration culture. "Being able to share ideas, to collaborate with people from other cultures and countries, is fundamental to any creative business," he said.
Burberry shares at 1,745p are up +16.7% year-to-date and up close to +40% on the year.
Breaking news: Online estate agency Purple Bricks is to launch in the US. At 9.30am the Office for National Statistics reveals new manufacturing data - impact of the weaker pound.