FTSE 100 Live 24 January: Burberry update, consumer confidence drops

Burberry contiguous hailed aboriginal advancement successful its turnaround aft 3rd 4th results boosted the retailer’s hopes that it volition offset the nonaccomplishment it made successful the archetypal half.

Revenues of £659 cardinal for the 13 weeks to 28 December were 7% little connected a reported ground and down 3% astatine a changeless currency level.

Sales successful the Americas roseate by 4% and fell by 9% successful Asia Pacific, with the wide effect boosted by its outperformance successful outerwear and scarves.

It said: “While we recognise we are inactive aboriginal successful our transformation, we are encouraged by the effect from customers and partners implicit the festive period.

“In airy of our Q3 performance, it is present much apt our second-half results volition broadly offset the first-half adjusted operating loss, notwithstanding the uncertain macroeconomic environment.”

A gloomy survey of UK user assurance contiguous revealed radical are reasoning much astir redeeming wealth arsenic they hole for “dark days ahead”.

GfK’s long-running user barometer fell 5 points to minus 22, with each 5 measures that marque up the header people little successful the month.

People are progressively pessimistic astir prospects for the UK economy, with their presumption of the adjacent 12 months down 8 points to minus 34.

The large acquisition scale fell 4 points to minus 20, portion a question connected people’s information to prevention wealth jumped 9 points to positive 30.

NIQ GfK user insights manager Neil Bellamy said: “This crisp summation is unwelcome due to the fact that it’s different motion that radical spot acheronian days up and are truthful reasoning of putting wealth speech for safety.”

The survey was conducted among a illustration of 2,007 individuals and took spot betwixt 2 January and 16 January.

Wall Street shares posted different affirmative league past night, with the S&P 500 scale finishing 0.5% higher for a archetypal grounds adjacent of the year.

The Dow Jones Industrial Average rallied 0.9% and the Nasdaq Composite roseate 0.2% amid a beardown commencement to the US net season.

In Asia, the Shanghai Composite and Hang Seng scale are sharply higher pursuing rises of 0.8% and 1.9% respectively,

The Nikkei 225 is somewhat down aft Japan’s ostentation complaint roseate to 3.6% and the country’s cardinal slope accrued its short-term involvement complaint by 0.25% to 0.5%.

The FTSE 100 scale is forecast to unfastened broadly unchanged, having risen 0.2% to 8565.20 successful yesterday’s session.