BUSINESS LIVE: UK retail sales rose in August; Ashtead Group names new CFO; Michelmersh's profits slump

BUSINESS LIVE: UK retail sales rose in August; Ashtead Group names new CFO; Michelmersh's profits slump
By: dailymail Posted On: September 03, 2024 View: 103

Among the companies with reports and trading updates today are Ashtead Group, Michelmersh Brick Holdings, DS Smith, Oxford Nanopore Technologies, and Watches of Switzerland Group. 

Car makers build green vehicles 'no one wants' to meet eco targets

Car makers are being forced to build vehicles drivers 'don't want' to meet green targets, one of the country's biggest dealership chains has warned.

Under rules brought in by the previous Tory administration, 22 per cent of new cars sold next year must be zero emission. This threshold is set to rise to 80 per cent in 2030.

Eurozone battered by German slump with manufacturing 'going downhill'

The crisis engulfing Germany's economy deepened yesterday as carmaker Volkswagen said it could close down factories in the country for the first time in its 87-year history.

VW said major cost-cutting measures were needed – as separate figures revealed the eurozone's wider manufacturing sector was 'going downhill and fast'.

The AI bubble may be about to burst after Nvidia shares plunge

Listening to a chief executive deliver a corporate report on his quarterly earnings is not most people’s idea of a great party.

Except when the company concerned is Nvidia, the US computer chip designer otherwise known as The Most Important Stock on Planet Earth.

Retail sales rose 1% in August

Retail sales volumes increased by an annual rate of 1% in August, according to the British Retail Consortium.

Growth was driven by warm weather and the Paris Olympics encouraging Britons to purchase food for social occasions, as well as stronger demand for clothing, health and beauty products.

Linda Ellett, UK Head of Consumer, Retail & Leisure at KPMG, said: Consumer sentiment is gradually starting to improve, but there still remains some nervousness around potential tax rises and the cost of putting the heating back on when the cooler weather arrives.

The fragile nature of consumer confidence means shoppers will continue to be driven by price and value, moving from brand to brand to find the best price benefit and we are likely to see retailers using promotional activity to seek to win at this.

Footsie opens higher amid strong retail sales figures

Matt Britzman, senior equity analyst at Hargreaves Lansdown, comments on the markets this morning:

The FTSE 100 has opened a touch higher as investors digest several corporate releases plus fresh retail data that suggests consumer spending power is just about sticking in there.

BRC data covering August showed a meagre 1% rise in non-food retail sales and Barclays card spending showed a similar rise, as consumers gear up for next month’s energy bill increase and the potential for tax hikes from Labour’s first budget.

US markets took a day off yesterday, with futures trading suggesting a weaker opening later today. There are some tough seasonal trends ahead, as September has historically been a poor month for the S&P 500.

Couple that with political and geopolitical uncertainty, and investors are likely in for a choppy month. US non-farm payroll figures on Friday are the highlight of the week, which could have a meaningful impact on the size of the first Fed cut later this month.

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