Good morning from London where the FTSE 100 has fallen in early trading to extend Monday’s losses. And its discount retailer B&M European Value Retail SA (LSE:BME) that’s the biggest faller so far, dropping nearly 6% after JP Morgan cut its performance rating. The American bank believes that the entire European food retail sector is failing to prepare for a potential economic downturn next year, that would force heavy price cuts on the sector.
Also slipping early on was equipment rental company Ashtead Group PLC (LSE:AHT), which failed to convince investors with strong revenue and profit in the first quarter as it pointed to softening market conditions.
Packing firm DS Smith PLC (LSE:SMDS) is also down today, as quarterly trading in line with expectations was again overshadowed by murmurings of challenging conditions.
The British Retail Consortium says UK retail sales bounced back in August following a poor showing in July, reporting annual growth of 4.1% and a 1.8% monthly jump.
Elsewhere in the markets, Jet2 PLC (AIM:JET2) announced founder Philip Meeson will be stepping back from its board after fifty years of service.
Ex-Bank of England chief economist Andy Haldane has slated the bank for printing money for too long following the pandemic and subsequently being too slow to lift interest rates.
And finally in small caps, One Media iP Group PLC (AIM:OMIP) announced it had bought the rights to a 15,000-song-strong catalogue of music tracks, including ones from the likes of Louis Armstrong and Gloria Gaynor.