Global Market Report - January 19, 2018

Global markets were generally higher on Friday, but a profit warning from UK-listed Carpetright saw its shares nearly halve

James Gard 19 January, 2018 | 10:52AM
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Asia

Markets in Asia-Pacific were broadly higher on Friday morning, despite some modest falls on Wall Street overnight. Japan’s market cap-weighted Topix was the best performer in the region in percentage terms, rising nearly 1%, while the Nikkei 225 inched higher without closing above the key 24,000 points level. Markets in Hong Kong and mainland China were also higher on Thursday’s close, maintaining their strong start to the year on optimism over the Chinese economy. Hong Kong's Hang Seng closed at a new record high.

Europe

The FTSE 100 inched higher as currency moves pulled in two directions: sterling made an advance towards the $1.40 level last seen before the Brexit vote, but the pound slipped against the euro. Share price moves were unremarkable in the FTSE 100, but this was not the case lower down the market, where profit warnings from Carpetright (CPR) and Dignity (DTY) pushed the shares down nearly 50%. Carpetright drastically lowered its profits forecasts for the year from around £14 million to as low as £2 million.

Retail sales figures for December reinforced the message that the retail sector remains a tricky one for companies to do business in. Retail sales, excluding fuel, were expected to have grown by 2.6% in December on the same month of 2016, but the figure came in at 1.3%.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Dignity PLC675.00 GBX-0.74
Netflix Inc493.37 USD1.38Rating

About Author

James Gard  is content editor for Morningstar.co.uk

 

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