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Duty-free shopping to be reinstated for overseas visitors to the UK

SUFCESSEX

Lloyds will be back in favour next week the extra earnings will Push the share price over 50p

Sept 23 (Reuters) - British retailers reported a slide in sales this month and expect a further fall in October, a survey from the Confederation of British Industry showed on Friday.

The CBI's monthly distributive trades survey showed the retail balance - the difference between the percentage of retailers reporting rises and falls in sales volumes compared with a year ago - fell to -20% in September from +37% in August.

Pound slumps to fresh 37-YEAR low against the US dollar - under $1.12

Dr John Glen, CIPS Chief Economist said:

“Business activity across the UK private sector fell at the
fastest pace since January 2021 in September, with the
headline index posting in contraction territory for the
second month in a row. Nerves about the strength of the
UK economy impacted on new client wins as customers
affected by cost of living pressures scaled back spend.
Costs and prices charged remained elevated, and even
with rates of inflation moderating since August, they were
among the highest since the survey began in 1998.
“Services was the main driver of this weaker performance,
registering the first fall in activity since February 2021 as
the heat out of hospitality and holiday sales started to
dissipate. Manufacturing output nosedived again this
month, and though the fall was less severe than in August,
supply chain disruption remained with some components
remaining in short supply holding back recovery.
“These difficulties all combined to drag down business
sentiment, with the overall level of optimism about the year
ahead hitting the lowest since the start of the pandemic in
May 2020. The highest rise in interest rates for 14 years
also means borrowing costs are now the highest since
2008, so there’s too little in the reserves to make private
sector businesses look on the bright side as UK recession
fears grow.”

Commenting on the flash PMI data, Chris Williamson,

Chief Business Economist at S&P Global Market
Intelligence said:
“UK economic woes deepened in September as falling
business activity indicates that the economy is likely in
recession. Companies report that the rising cost of living,
linked to the energy crisis, and growing concerns about the
outlook are subduing demand and hitting output levels to
an extent not seen since 2009, barring the pandemic
lockdowns and initial 2016 Brexit referendum shock.
“Forward-looking indicators meanwhile deteriorated
further in September. Both the new orders and future
expectations gauges have descended to levels which have
rarely been weaker in the past, and are consistent with a
deepening downturn as we head into the fourth quarter.
“Inflationary pressures continue to run higher than at any
time in over two decades of survey history prior to the
pandemic. Renewed supply constraints, soaring energy
prices and rising import costs associated with the
weakened pound are adding to cost pressures, meaning
the overall rate of inflation signalled will remain of great
concern to policymakers at the Bank of England. However,
the detrimental impact of tightening policy into a recession
is becoming increasingly apparent, with the downturn likely
to intensify as we head into winter.”

UK business activity declines at quickest rate since January 2021, as cost
pressures remain high and demand wanes
Key findings:
Flash UK PMI Composite Output Index(1)at 48.4 (Aug:
49.6). 20-month low.
Flash UK Services PMI Business Activity Index(2) at
49.2 (Aug: 50.9). 20-month low.
Flash UK Manufacturing Output Index(3) at 44.4
(Aug: 42.7). 2-month high.
Flash UK Manufacturing PMI(4) at 48.5 (Aug: 47.3).
2-month high.
Data were collected 12-21 September
S&P Global / CIPS Flash UK PMI Composite Output Index

FTSE 100 expected to open higher this morning, looking to end the week on a brighter note after heavy losses yesterday, with attention in London focused on the mini budget due at 9.30am.

spread betting companies are calling London’s blue-chip index up by around 20 points.

Charlie Nunn just got an extra 281,955 shares over a 3 year period

UK Looks at QE Change to Avert £10 Billion Payout to Banks
Truss adviser says government has looked at reserves tiering
Policy would amount to ‘stealth tax’ on banks, industry says

https://www.bloomberg.com/news/articles/2022-09-21/uk-looks-at-qe-change-to-avert-10-billion-payout-to-banks?leadSource=uverify%20wall

Shares in Lloyds Banking Group PLC (LSE:LLOY) and other big UK lenders moved lower after analysts said mooted reports that the government may introduce "interest on reserves" was a potential risk for the sector.

Analysts at Barclays and Citigroup commented following a Bloomberg article quoting Gerard Lyons, "external economic advisor" to Liz Truss, on the possibility of introducing reserve tiering.

The issue of "interest on reserves" has risen up the agenda and the new government is "aware" of the financial benefit from potentially introducing tiering, the report stated.

It was also stated "the fact they are aware does not mean they are going to make it policy".

Citi analysts said: "The article also quotes BoE Governor Bailey as stating the arrangement would effectively be a tax on the banks and is therefore a decision for the Treasury."

Barclays said it was "highly uncertain" that it would be implemented, but limiting interest paid on cash held at the BOE "would present risks" to the outlook for UK banks' net interest income.

"However, its impact depends on the exact implementation of any such policy and banks' ability to reinvest elsewhere. Such a policy may also carry a number of broader unintended consequences."

https://www.proactiveinvestors.co.uk/companies/news/993439/lloyds-and-other-banks-face-risks-and-unintended-consequences-from-mooted-interest-on-reserves-policy-993439.html

Dead cats bounce this hasn't bottom out yet

Another rate hike great news for Lloyds investors this will get the share price over the 50p barrier

FTSE 100 expected to open sharply lower following heavy falls in the US after the Federal Reserve slashed economic growth forecasts as it raised interest rates for 75 basis points once again.

Spread betting companies are calling London’s blue-chip index down by 60 points.

Good day to Buy the dip

All of IAG’s subsidiary airlines will post profit this year, according to the group’s chief executive Luis Gallego.

“We foresee all the airlines of the group to make profits again this year,” the chief executive told journalists on Wednesday while refraining from elaborating on specific carriers.

IAG owns British Airways (BA), Iberia and Aer Lingus, among others.

https://www.cityam.com/iag-boss-guarantees-all-group-airlines-will-return-to-profit-this-year/

SUFCESSEX
1, September Share price 42.70
20, September Share price 49

Financial stocks are back in favour Lloyds Up 14.75% in 20days

US futures are in the red as Federal reserve is expected to hike rates 75 basis points tomorrow the third in a row

Gazz

"Where would we go, I know, let's camp out on your doorstep"

We got enough sweaty socks down here already my ears are still ringing from the weekend why is it when someone plays a bagpipes it's sounds like a dying cat

A positive update from travel group TUI has seen its shares fly higher, and also helped to boost the airline sector.

TUI, up 3.03%, said bookings for the peak summer months were at 94% of the 2019 figures, and it expected its winter programme to be close to normalised pre-pandemic levels.

Among the airlines, Wizz Air Holdings PLC (AIM:WIZZ) is up 3.3%, easyJet PLC (LSE:EZJ) has climbed 3.01% and British Airways owner International Consolidated Airlines Group SA (LSE:IAG) has added 2.68%.

jcb208
Stocks don't go up in straight lines, Lloyds is up 8.54% over the last month