Good morning from London, where the FTSE 100 is up by around about 1% this morning, regaining its composure after slumping to three-week lows just yesterday.
The index has had a pretty lacklustre start to the year and today’s biggest casualty by far is Burberry, the share price is down nearly 10% after they admitted their results this year will come in below their own expectations against what CEO Jonathan Akeroyd calls a “backdrop of slowing luxury demand.”
The strongest performers this morning are a mixture of housebuilders and mining companies and its Endeavour Mining that’s top of the pile in terms of percentage gain. They’ve had a truly horrendous start to the year being forced to part ways with their CEO but today may be the day that the bleeding finally stops – they’re up around 3% on the day.
Zooming out slightly and some fresh figures from the ONS show that the UK economy continues to stubbornly refuse to enter recession and later today in the US, some of the big beasts of the US banking world will be kicking off the earnings season with Bank of America, JPMorgan and Citigroup among those reporting.
Here in London we’ll have plenty of interviews with some big names from the small cap space so look forward to those, and have a great end to the week.
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