Tesco warns of inflation as sales in the UK decline – live updates

MY NUMBER 1 RECOMMENDATION TO CREATE FULL TIME INCOME ONLINE: CLICK HERE

Mr.good morning

There are some early signs of how inflation is affecting retailers after Tesco warned that the crisis in the cost of living is forcing customers to cut.

Ken Murphy, CEO of Tesco, noted that the company is noticing “some early signs of a change in customer behavior due to the inflationary environment” during an “inappropriate” increase in the cost of living.

It came when the supermarket chain missed expectations for the first quarter as sales in the UK fell 1.5 per cent compared to strong closing trade last year.

Total sales rose 2 per cent to £ 13.6 billion, with Tesco saying it was 9.9 per cent ahead of pre-pandemic levels in 2019.

5 things to start the day

1) The Swiss franc is “better than gold” to beat inflation Currency recognized as a new safe haven after Switzerland caused a surprising rate hike

2) The world’s largest hedge fund worth € 6.9 billion has bet against Europe Santander and ING have found themselves in a mega-short as the eurozone faces a recession

3) Gatwick is forcing airlines to cancel 4,000 flights The airport is introducing daily restrictions that are expected to affect 800,000 holidaymakers in the coming months

4) The breakdown of cryptocurrency triggers madness for unemployed technological talent Businesses are trying to take advantage of the current crypto winter in the hope that newcomers will return to banking

5) Elon Musk tells Twitter staff to expect layoffs in first direct address The leader of Tesla wants to expand the social media platform to 1 billion users

What happened overnight

Tokyo shares fell sharply on Friday after falling on Wall Street as several central banks raised interest rates in an effort to tame runaway inflation, sparking fears of a recession.

The Nikkei 225 benchmark index fell 2.6 percent, while the broader Topix index slipped 2.4 percent.

Hong Kong shares opened new losses on Friday morning. The Hang Seng index fell 0.7 percent.

The Shanghai Composite Index fell 0.4 percent, while the Shenzhen Composite Index slipped 0.8 percent on another Chinese stock exchange.

He’s coming today

  • Company: Halfords (year-round results); Tesco (trading statement)
  • economy: Inflation (EU)industrial production (USA)

.

MY NUMBER 1 RECOMMENDATION TO CREATE FULL TIME INCOME ONLINE: CLICK HERE

Leave a Comment

error: Content is protected !!