FTSE 100 Live October 18: Chinese GDP disappoints, Bitcoin rebounds, Matt Molding sells Hut Group’s gold share

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Disappointing GDP figures in China have set a pessimistic tone as investors embark on a busy week which is also expected to feature UK inflation figures and a flurry of earnings updates.

The FTSE 100 index finished Friday at its highest level in 19 months, but traded lower after China’s 4.9% expansion fell short of expectations.

Shares of Hut Group THG jumped 8% after founder and CEO Matt Molding gave up his ‘golden stake’ in a bid to alleviate governance issues and pave the way for it. membership in the FTSE 100 index.

Live updates

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Deichmann strengthens UK shoe store base

Deichmann sells shoes in over 100 stores in the UK

/ Deichmann

Shoe retailer Deichmann has increased its stores’ presence in the UK even as lockdowns reduced revenue and disrupted business, according to the accounts.

The UK branch of the family business, headquartered in Germany, said seven new stores were opened last year, bringing the number of stores here to 116.

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Playtech embarks on a takeover approach

Shares of Playtech jumped nearly 60% today after Australian gaming group Aristocrat unveiled a £ 2.7 billion offer for the company.

Aristocrat is offering Playtech investors 680p per share, which is a 58% premium over Friday’s closing price. Playtech’s board of directors supports the approach. Shares rose 249p to 679p.

Aristocrat’s offer is his fourth offer for Playtech but the first to be made public. The Australian company initially made an unsolicited approach in April.

The deal comes as gambling companies rush to profit from the deregulation of the U.S. gambling market, which is expected to become one of the largest betting and gaming markets in the world.

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The force of the oil continues

The momentum behind oil prices showed no signs of abating today, although China’s electricity shortage problems have been exposed by disappointing GDP figures.

China grew 4.9% year-on-year, well below 7.9% in the previous quarter and below expectations as high as 5.2%, after disruptions ranging from regional plant outages to recent wave of regulatory repression from Beijing.

After opening to a 19-month high after its best week since April, the FTSE 100 Index lost 17.37 points to 7,216.85 amid weakness in several Asian-focused stocks. Fallers included Burberry, which fell 27.5p to 1845p, while Prudential lost 12.5p to 1442p.

But the fall in the FTSE 100 would have been much larger without the commodities heavyweights benefiting from the latest price hike. Despite weaker growth in China, Brent crude added 0.5% to a new three-year high at over $ 85 a barrel as traders bet on further surge in demand as travel resumes international airlines.

BP and Royal Dutch Shell shares both rose 0.5% while the broader commodities sector benefited from support after gains of over 1% for miners including Glencore and BHP. Silver miner Fresnillo was the biggest amount in the FTSE 100, with broker UBS removing its “sell” recommendation, triggering a gain of 2% or 20.2p to 865.8p.

Bitcoin’s price momentum also picked up today after a weekend in which the price briefly fell below $ 60,000. The cryptocurrency gained more than 5% to $ 62,100 at one point and is back in light of April’s record high amid speculation that US regulators will give the green light to two futures exchange funds related to digital currencies.

The FTSE 250 index was 19.90 points lower at 22,964.56, with National Express among the losers after the coach operator was given an extended deadline in mid-November to seal its takeover of Stagecoach. National Express shares fell 6p to 230.2p.

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Matalan Joins List of Retailers Pointing to Supply Chain Problems

Matalan saw higher sales in the second quarter

/ Matalan

Fashion and housewares chain Matalan has become the latest retailer to warn that it is “feeling the impact” of the supply chain disruption.

The company, which sells online and in its 228 stores in the UK, took stock and revealed revenue improved to £ 264.7million in the second quarter from £ 258million a year earlier.

Steve Johnson, executive chairman, warned: “Over the past few months we have felt the impact of disruptions in the supply chain of inbound products, delaying the flow of stock to the UK and adding costs. additional to the process. We are working closely with suppliers and partners to manage and mitigate the effects of this situation. “

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BLOOMBERG NEWS

The former Gucci boss has been appointed to lead the expansion of branded clothing vendor END under the leadership of its new private equity owner.

Patrizio di Marco, who worked for Dolce & Gabbana after leaving the Italian fashion house in 2014, will take over the presidency later this year.

END was started by college friends Christiaan Ashworth and John Parker, who saved £ 40,000 to open the first store in Newcastle in 2005.

It now operates primarily online and has partnerships with more than 500 brands, including Givenchy, the former Valentino and di Marco company, Gucci, selling in 100 countries.

The company, which has a flagship branch in Soho, was taken over by US takeover giant Carlyle earlier this year for £ 750million.

Ashworth, who remains co-CEO, said: “Patrizio brings extensive experience in the luxury, fashion and business world and with a proven track record in helping businesses grow will be a great asset. “

Carlyle is hopeful that di Marco can repeat the round of luxury brand Golden Goose, a previous acquisition that has grown 450% in value under his presidency.

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City bets on impending interest rate hike

CITY traders today confirmed their bet that UK interest rates will rise faster than previously thought in the face of soaring inflation, wage demands and supply chain issues.

Until very recently, economists and others in the city had expected rates to rise from historic lows of 0.1% in the first quarter of next year, at the earliest.

They now believe rates will have to rise before the end of the year and expect them to hit 1% by September of next year.

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Bitcoin nears record on ETF anticipation

Bitcoin continues to climb and is now a few inches from a new all-time high.

The world’s largest cryptocurrency rose 2.7% to $ 62,479 at 8:20 a.m. in London on Monday. Bitcoin hit an all-time high of $ 64,863 in April.

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Minors offer their support

The FTSE 100 index slipped 10 points to 7,223.98, although the decline would have been much larger without the support from mining and energy stocks.

With Brent crude now at $ 85.69 a barrel for its highest level since October 2018, shares of BP and Royal Dutch Shell are up about 0.5%.

And despite weak economic data from China, BHP Group and Glencore both rose more than 1% to the top of the FTSE 100 riser chart.

British Airways owners IAG and Burberry were the biggest losers after their shares fell about 2%.

The FTSE 250 index was broadly unchanged at 22,989.49.

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THG boss Matt Molding gives up his gold share

The company said the changes were part of a move to get a premium listing on the London Stock Exchange. Molding’s preferred share blocks a premium listing under current rules, which means THG cannot be included in the FTSE indices.

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LondonMetric increases the size of its domain in the capital

LondonMetric Property, the owner of the FTSE 250 warehouse, is looking to capitalize on the high demand for logistics space in the capital, with two purchases totaling £ 20.2million.

The company, led by Andrew Jones, said it had bought “last mile logistics assets” from Fulham and Tottenham.

The properties collectively total 44,000 square feet and were acquired in vacant possession. The new owner plans to refurbish them at a cost of £ 1.4million.


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