Europe bounced back after a vituperative session Wednesday
FTSE CLOSE +58 (+0.78%) at 7558 – DAX +0.70% at 12248, CAC down +0.94%% at 5354 – U.K. stocks snap 5-day skid lower as energy and commodity shares rebound. Positive sentiment reappeared as Turkey’s currency crisis showed signs of easing, and as the prospect of new talks between the U.S. and China on trade gave some cause for optimism globally.
Kingfisher same-store sales at B&Q in the UK and Ireland rose 3.6% in the three months to 31 July. Comparable trade at Screwfix, which sells to professionals, rose by 5.5%. 1st Q sales hit by wet & snowy weather across Europe, were down 4%. Share closed down 4.8%
The UK’S ONS figures also showed that retail sales rose by 3.5% in the year to July. On the three-month measure for May to July, sales rose 2.1%, the strongest three months since February 2015.
Across on Wall Street –
DJIA +1.58%%, S&P 500 +0.79%%, NASDAQ +0.42% – They day belonged to retail
WALMART shares soar 10%, boosted by 40% US e-commerce sales growth More shoppers spent more per trip during the second quarter. Adjusted earnings per share: $1.29 vs. (E)$1.22. Revenue: $128.03bn vs. (E) $125.97bn * Same-store sales in the U.S. 4.5% vs. (E) 2.4%
JC PENNEY went on to the naughty step to join Macy’s with net sales for the 2nd quarter fell 7.5% to $2.76 billion, missing the $2.86 billion estimate The decline in sales was primarily due to 141 store closures in fiscal 2017. Shares down 24%!!
NORSTROM – Revenue climbed 7.1 percent to $4.07 billion from a year ago, ahead of an expected $3.96 billion in sales. Profit up from $110m to $162m – shares up 13%
In ASIA bourses showed signs of impairing its initial losses, though Shanghai remained in the doldrums – ASX +0.13, Shanghai -0.39%, Hang Seng +0.57%, Nikkei +0.34%
Bonds – Japan 0.10%, Germany 0.32%, France 0.68%, UK 1.24%, Spain 1.44%, Portugal 1.83%, US 3.05%, Italy 3.12%, Greece 4.26%
Cable $1.2716, €/£0.8948, €/$1.1381, $/Y110.84 – Gold $1183.10 – Nymex $65.45, Brent $71.41
Opening calls FTSE +2 at 7558, DAX -2 at 12235 , CAC -3 at 5346 , DJIA futures +62 at 25620
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