Wed. Dec 1st, 2021

Good morning.

We start the day with some major results, as Tesco reports on its trading for the first half of the year.

It’s good news for the supermarket giant, which has beaten analyst expectations for both sales and profit.

Tesco posted total revenue of £30.4bn, up 5.9pc on last year, while adjusted pre-tax profit was up 40pc at £1.5bn

As a result, the company hiked its profit forecasts for the year. It also announced a £500m share buyback.

5 things to start your day 

1)  Facebook covered up slide in young users, says whistleblower

Former employee Frances Haugen responsible for leaks tells senators the company had hidden the decline to protect its image and share price

2)  Putin blames ‘drastic’ switch to renewable power for energy crisis

The Russian president claimed that the power crisis gripping the West is being driven by an “unbalanced” and “drastic” move away from fossil fuels. 

3)  Sterling struggles as investors lose faith in Conservative competence

The fuel crisis along with shortages of goods and workers is undermining confidence in the Government’s economic management

4) Amazon takes on John Lewis with new electronics store

Called 4-star, the shop stocks about 2,000 of the company’s most popular products and is located in Bluewater

5) Markets bet inflation will hit 6pc

Money markets predict price rises will run far ahead of the Bank of England’s expectations by next spring

What happened overnight 

– Mark Zuckerberg on Tuesday night dismissed claims that Facebook prioritises profit over user safety as “just not true”. It comes amid a catastrophic week for the social media giant after a mass outage affected 3.5 billion users and knocked 5pc off its share price.

– Asian markets resumed their retreat on Wednesday despite a strong lead from Wall Street. Tokyo, Hong Kong and Seoul fell about 1pc with Sydney, Wellington and Taipei also in the red. Singapore, Manila and Jakarta posted gains. Shanghai is closed until Friday for a holiday.

Coming up today

Interim results

Tesco, Allied Minds

Trading update

 Imperial Brands, Ferrexpo, Topps Tiles

Economics

Construction PMI (UK); retail sales (EU); ADP employment change (US)

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Wizadclick | WAC MAG 2021