European futures are pointing to a mixed to lower open after the FTSE 100 snapped a six-day winning streak on Thursday.
China has been attempting to restore investor confidence, stimulate its economy and boost the yuan by reducing foreign currency reserve requirements for banks, and by announcing support for its ailing property sector.
Focus today is on the US jobs report for clues into the strength of the labour market stateside as well as the Federal Reserve’s next move.
UK NATIONWIDE HOUSE PRICE INDEX
Nationwide UK house prices fell by 5.3% year-on-year, the steepest fall since July 2009 and down from a drop of 3.8% in July. On a monthly basis, house prices fell by 0.8%, also accelerating from a decrease of 0.3% the previous month.
The 14 consecutive rate hikes from the Bank of England have made mortgages considerably more expensive, dampening demand and prices in the housing market. However, with wage growth at record levels and a chronic shortage of housing, Nationwide is expecting a ‘soft landing’ rather than a full-blown crash.
Nonetheless, there is a perfect storm facing many individuals and families, forced to make the tough decision between paying extortionate rental costs or paying hefty monthly mortgage repayments.
Superdry (LSE:SDRY) reported a full-year adjusted loss before tax of £21.7 million on revenues up 2.1% to £622.5 million. However, the fashion retailer said first quarter revenue dropped 18.4% and warned it is not expecting significant revenue growth this year. It comes after a difficult year for the business and market conditions, especially in wholesale.
Earlier this week shares were suspended after Superdry missed its deadline for reporting its annual accounts. The company blamed the delay on the fact it had switched auditors.
Shares in Superdry have fallen out of favour among investors, falling sharply so far this year. The cost-of-living crisis, weak consumer spending and a rainy summer have weighed on demand. And missing its accounts publication deadline hasn’t been a great look either. Focus now will be on controlling costs in order to return the business to a position of better margins and profitability.
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