Apple shock and weak data drag down Wall Street – business live
Asian markets fall following phonemaker’s warning of lower revenue
Some more good news for Next: stockbroker Liberum has upgraded its recommendation from “hold” to “buy” in light of the stronger sales growth.
Liberum analysts Tom Musson, Wayne Brown and Adam Tomlinson write:
We think is an excellent performance considering how bad November was for the sector and the scale of the downgrades we have seen elsewhere in fashion and clothing.
A spike in sales in the last three weeks of December helped save Christmas for the fashion chain Next but a surge in costly web orders will hit annual profits, writes Zoe Wood.
The high street bellwether is among only a few retail chains that resist pre-Christmas discounting and it was expected to have suffered as struggling rivals slashed prices to attract shoppers as Brexit jitters weighed on consumer confidence.Continue reading...