Must read: FTSE 100 lags, inflation, Nvidia, retail sales

ii’s head of investment rounds up the morning’s big news.

9th December 2025 09:15

by Victoria Scholar from interactive investor

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GLOBAL MARKETS

European markets have opened mostly higher with the DAX up 0.5% while the FTSE 100 is flat. Unilever (LSE:ULVR) is trading up over 12% after it announced plans to consolidate shares in an 8-to-9 ratio following the demerger of its ice cream business.

Meanwhile, British American Tobacco (LSE:BATS) has slumped to the bottom of the FTSE 100 following a disappointing trading statement. HelloFresh SE Bearer Shares (XETRA:HFG) shares have fallen sharply after Morgan Stanley downgraded the stock from equal weight to underweight, while Renault SA (EURONEXT:RNO) is enjoying a boost after announcing a partnership with Ford Motor Co (NYSE:F).

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Figures from Worldpanel by Numerator said British grocery inflation hit 4.7% in the four weeks to 30 November. However, chocolate prices have soared 18.4% year-on-year. Ocado Group (LSE:OCDO) and Lidl are the fastest growing grocers, but Tesco (LSE:TSCO) remains the market leader with 28.3% market share. It calculates that the cost of a Christmas dinner for four is £32.46, marginally cheaper than last year.

Frankfurt shares of NVIDIA Corp (NASDAQ:NVDA) have opened higher after Donald Trump announced it will be able to sell the more advanced H200 chips to China. The move has been criticised by Democrats including one senator who described it as a ‘colossal economic and national security failure’. Elsewhere, Paramount’s $108 billion hostile bid for Warner Bros. Discovery Inc Ordinary Shares - Class A (NASDAQ:WBD) threatens Netflix Inc (NASDAQ:NFLX)’s takeover attempt.

Oil prices are under pressure with WTI trading below $59 and Brent crude heading down towards $62 as oversupply concerns and a weak demand outlook take their toll.

All eyes on the start of the Fed’s two-day policy meeting with expectations for the third rate cut this year on Wednesday.

BRC RETAIL SPENDING

Data from BRC and KPMG revealed that total retail sales in the UK grew by a lacklustre 1.4% in November. This was the weakest reading in six months as ‘pre-budget jitters’ deterred consumers from spending in the shops, despite Black Friday discounts on offer.

They said nervousness about the economy and rising costs hit shopping appetite, with weak demand for clothing and footwear. The lead up to the Budget saw much speculation around the potential for a rise in income tax. Although this didn’t ultimately materialise, consumers took a cautious stance towards spending in the build up, nonetheless.

Today’s retail spending figures paint a gloomy picture of the UK consumer. It looks like Budget uncertainty and the looming festive season meant that shoppers were holding back in order to save up for extra spending on Christmas food, drinks and presents this month instead.

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