FTSE slips ahead of US Fed meeting March 17, 2021 The FTSE 100 dipped slightly this morning as investors awaited the outcome of the US Federal Reserve’s policy meeting for signs about upcoming interest rates. London’s blue-chip index opened 0.25 per cent down, with mining stocks including Rio Tinto, Anglo American, Evraz and BHP Group falling between 0.5 per cent and 2 per cent. BT [...]
Government should crack down on Uighur forced labour in business supply chains, MPs say March 17, 2021 The government should toughen its anti-slavery measures to ensure that forced labour plays no part in the supply chains of major businesses, MPs have said. A report from the Business, Energy and Industrial Strategy (BEIS) committee said that there was “compelling evidence” that major retail, media, and fashion companies are “complicit” in the forced labour [...]
Corona Impact Series: How a small Wandsworth womenswear boutique embraced click-and-collect March 16, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. This week: how a small Wandsworth womenswear boutique is bouncing back from the third lockdown thanks to the world wide web. Pre-pandemic, independent stores were thriving – popping up on local high [...]
Wall Street and FTSE 100 push higher as markets shrug off Astrazeneca saga March 16, 2021 Wall Street rose to record highs this afternoon as tech stocks gained momentum ahead of a two-day policy meeting for the Federal Reserve. The S&P 500 was up 0.27 per cent to an all-time high while the tech-heavy Nasdaq jumped 1.17 per cent, extending a rebound in stocks following last month’s sell-off. The Dow Jones [...]
Central London to get ‘half a dozen’ new Greggs stores following rent bonfire March 16, 2021 Half a dozen new Greggs stores will open up in zones one and two in central London, including in the City of London, after falling rents in the capital made London spaces more attractive. Greggs reported its first annual loss today since listing on the stock exchange in 1984, after coronavirus restrictions forced store closures [...]
City A.M. TV: Daily Market Snapshot (video) March 16, 2021 With the Fed decision and press conference looming tomorrow and with various markets at key levels, this is an important week for equity markets. The S&P500, for example, is attempting to push to new record highs, US 10 year bond yields have stalled at around the 1.60 per cent yield level, while the UK’s FTSE100 [...]
Will rising commodity prices prompt a shift for equity investors? March 16, 2021 A number of different factors are coming together to support rising commodity prices. Such price rises could have a profound effect on the type of companies equity investors want to own. After years of being out of favour, suddenly commodity-related stocks – which are often found at the value end of the spectrum – may [...]
Iceland to launch new convenience store format Swift this week March 15, 2021 Iceland is preparing to unveil a new convenience store format, with the first branch set to open this week. The frozen food retailer will launch the Swift store concept in Newcastle on Thursday, according to reports. The store will be in a converted Iceland branch and will sell “the full spectrum of grocery” with a [...]
H&M sales pick up in March as some markets allow stores to reopen March 15, 2021 H&M announced that sales began to pick up in the first half of this month as coronavirus pandemic restrictions have lifted in some markets. Sales between 1 and 13 March were up 10 per cent in local currencies as many countries, including single-biggest market Germany, began to lift restrictions, allowing the retailer to open hundreds [...]
Central London retail footfall records double-digit growth weeks before stores reopen March 15, 2021 Central London retail footfall jumped last week as lockdown fatigue grew ahead of the date when restrictions will begin to ease. The number of shoppers visiting central London increased 14.3 per cent, ahead of other UK cities which recorded a more modest uplift of 2.3 per cent on average. Despite the double digit increase in [...]