The British economy stagnated in the third quarter, according to new data from the Office for National Statistics. Gross domestic product growth was flat from July to September, exceeding expectations of a 0.1% decline.
At 7360.55, the FTSE 100 declined by 95.12 points at the close. Today’s trading updates and reports include those from Warpaint, Diageo, Redrow, and Chemring. Read the Business Live blog post from Friday, November 10th, below.
What Is Behind Bitcoin’s Significant Increase this Year?
Bitcoin’s value has more than doubled in 2023 after a turbulent journey over the past few years.
After reaching an all-time high of $69,000 in late 2021, the cryptocurrency’s value plummeted by over 75% in the following twelve months.
Burberry Faces Sales Performance Challenge Amidst Competitor Slowdown
(PA) – Investors in Burberry are anticipating the London fashion house’s financial update next week, during which it will aim to address concerns about a potential slowdown in the demand for luxury products.
Analysts have noted that the luxury fashion industry has seen relatively resilient spending over the past two years, despite challenges posed by increased prices and disruptions in the supply chain.
Burberry shares remained high in the initial months of 2023, surpassing pre-pandemic levels, despite security restrictions on its retail locations, particularly in China.
However, increased economic concerns and a slowdown in China have caused the company’s stock to steadily decline since May.
On Thursday, the organization is expected to address concerns about consumer demand during its half-year update for shareholders.
Burberry reported in its July update that its sales had significantly increased in recent months due to a revival in Chinese consumer activity following the Covid-19 pandemic and strong demand for its signature trench coat.
Between April and June, group revenues increased by 18% compared to the same period last year.
Analysts at Deutsche Bank and Jefferies, on the other hand, have predicted that this growth may have stalled in the second quarter due to more challenging conditions.
Waitrose Stays with Self-Service Tills, Unlike Booths
Waitrose confirmed today that, unlike Booths, which eliminated most of its self-service tills, it will not return to fully staffed checkouts.
Booths, often referred to as the “northern Waitrose,” stated that it removed the machines because it believes manned checkouts offer a better customer experience.
Investor Claims CoStar Is “Undervalued” on the Market
The impending acquisition of AIM-listed property portal OnTheMarket by American real estate firm CoStar does not appear to please all.
OnTheMarket, an online marketplace that has faced competition from Rightmove and Zoopla, released the official scheme documents for its agreed absorption by CoStar via a cash acquisition at 110p per share earlier this week.