More disappointing figures from China’s Covid-hit economy contributed to a downbeat start to the trading year today.
Factory activity contracted in the world’s second largest economy for the fifth month in a row, with new orders and export sales both in decline.
Last night, electric car maker Tesla reported an increase in production and deliveries for the fourth quarter. In 2022, vehicle deliveries grew 40% year-over-year to 1.31 million.
Cineworld says it was not in talks to sell its theatres to AMC
07:51 , Michael Hunter
Cineworld, the movie theatre chain which is in bankruptcy protection in the US, has denied that it has been in talks over the sale of its cinemas with rival AMC.
Reports about initial discussions between Cineworld’s lenders and AMC circulated before Christmas, before AMC said they ended without progress. Responding today, Cineworld said neither the company itself nor its advisers had been involved in the talks.
It added that it was focused on “focused on proposals for the group as a whole,” and any separate sale of parts of the company or restructuring “will result in a very significant dilution of existing equity interests in Cineworld and there is no guarantee of any recovery for holders of Cineworld’s existing equity interests.”
Cineworld, which has its flagship multiplex at Leicester Square, sought protection from creditors in the US in September.
China factory activity weakens, FTSE 100 seen higher
07:43 , Graeme Evans
London traders are braced for a mixed session, with the FTSE 100 index set to open marginally higher after outperforming other global benchmarks during the last year.
The FTSE 100 index was marginally higher in 2022, whereas the S&P 500 endured its worst performance since 2008 after losing almost a fifth of its value.
Deutsche Bank reported today that only nine out of the 38 non-currency assets in its coverage made gains over 2022 as stronger-than-expected inflation caused central banks to embark on their most aggressive tightening cycle in a generation.
Ahead of today’s session, China’s Covid-hit manufacturing sector reported a decline in activity to the lowest point since September. The PMI reading of 49 is the fifth fall in a row, with new orders and export sales among the measures in decline.
According to IG, the FTSE 100 index is set to open 11.8 points higher at 7,463.54.
Hotel Chocolat seeks to turn around Japanese expansion woes with new partnership
07:39 , Simon Hunt
Hotel Chocolat today reaffirmed its committment to its Japanese expansion despite taking a £30 million hit from earlier plans, after announcing that it has signed a new strategic partnership agreement with Tokyo-based Eat Creator Corporation.
Under the partnership, Eat Creator will operate 21 branded Hotel Chocolat stores while Hotel Chocolat will hold 20% equity in the venture, with brand royalty revenues going to Hotel Chocolat PLC.
It comes after the Hertfordshire-based chocolate maker was forced to write off almost £30 million after its Japanese business went through insolvency. The firm blamed the collapse on pandemic restrictions in Japan and supply chain woes and said it was seeking to localise supply chains in the country through working with local manufacturers.
Hotel Chocolat boss Angus Thirlwell told the Standard: “We thought we should take that on the chin and write the cost off and change the way we approach international opportunities and contain the capital spend and work with partners rather than try to do it ourselves.
“Nobody gets international right the first time straight out of the blocks – it’s very much a case of adapting and taking the learnings and making your work smarter as you go on.”
Read Again https://news.google.com/__i/rss/rd/articles/CBMiS2h0dHBzOi8vdWsuc3BvcnRzLnlhaG9vLmNvbS9uZXdzL2Z0c2UtMTAwLWxpdmUtY2hpbmEtZmFjdG9yeS0wNzI4MDMzMDQuaHRtbNIBU2h0dHBzOi8vdWsuc3BvcnRzLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvZnRzZS0xMDAtbGl2ZS1jaGluYS1mYWN0b3J5LTA3MjgwMzMwNC5odG1s?oc=5Bagikan Berita Ini
0 Response to "FTSE 100 Live: China factory activity weakens, Tesla deliveries boost - Yahoo Eurosport UK"
Post a Comment