This Indicator will Signify a Bull Market in Small Caps
This Indicator will Signify a Bull Market in Small Caps
Taking Stock: 11th January 2024
Companies discussed on “Taking Stock” today:
02:00 JD Sports Fashion #JD.
12:00 Belvoir #BLV
13:00 Cornerstone FS #CSFS
15:45 Marks & spencer #MKS
21:20 CyanConnode Holdings #CYAN
27:00 Eurasia Mining #EUA
28:58 Supply@Me Capital #SYME
29:40 MyHealthChecked #MHC
33:40 Abingdon Health #ABDX
35:24 Cellular Goods #CBX
37:25 Spectral AI $MDAI
39:00 & 49:25 Trust Pilot #TRST
48:00 S4 Capital #SFOR
48:50 WPP Plc #WPP
TOP BUSINESS STORIES
Bank of England may cut interest rate sooner after surprise inflation forecast
Forecasters at three leading institutions suggest inflation rate will halve to 2% by April
The Bank of England may be forced to bring forward the date of its first interest rate cut after three leading forecasters issued a surprise update suggesting the inflation rate will halve to 2% by April.
The Oxford Economics consultancy and analysts at Investec and Deutsche Bank have reassessed their outlook for inflation in 2024 and concluded that the consumer prices index (CPI), which dropped to 3.9% in November last year, will fall below 2% within four months.
Tesco and M&S report strong Christmas sales
Strong demand for festive treats has led both Tesco and Marks & Spencer to report higher-than-expected sales over the key Christmas trading season.
Tesco also raised its profit forecast for the full year, with sales boosted by strong demand for fresh goods and its premium Finest range.
M&S reported robust demand over the festive period, with both its food and clothing businesses doing well.
However, M&S warned of an uncertain outlook for the coming year.
While inflation - the rate at which prices are rising - has been falling in recent months, the past year has still seen big rises in food prices. This has pushed up the value of sales at all supermarkets.
M&S saw sales rise 8.1% over the 13 weeks to 30 December. Food sales were up 9.9% and its clothing and home section saw a 4.8% increase.
However, the High Street giant said the economic outlook for 2024 was uncertain, "with consumer and geopolitical risks".
"We also face additional cost increases from higher than anticipated wage and business rates related to cost inflation," it added.
The retailer also said more than 9,200 of its workers - the majority being customer service assistants - would get a payout from a share scheme.
The SEC has approved bitcoin ETFs.
The SEC has given the green light to 11 exchange traded funds for bitcoin, opening the door to cryptocurrencies for many new investors
The US securities regulator has approved the first US-listed exchange traded funds (ETF) to track bitcoin, in a watershed moment for the world’s largest cryptocurrency and the broader crypto industry.
Despite approving the new ETFs, the SEC said it was still deeply skeptical about cryptocurrencies and that its decision did not mean it approves or endorses bitcoin.
“Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” said Gary Gensler, the agency’s chairman.
Other commissioners expressed alarm that the SEC agreed to approve the funds.
“I am concerned that these products will flood the markets and land squarely in the retirement accounts of US households who can least afford to lose their savings to the fraud and manipulation that appears prevalent in the spot bitcoin markets,” Commissioner Caroline Crenshaw said in her dissent.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.