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FTSE100 🔺 0.45%
https://www.ig.com/uk/indices/markets-indices/ftse-100
https://www.baha.com/Europe-mixed-in-premarket-after-inflation-reports/news/details/61876617?internal=1
United States President Joe Biden called on the United States Trade Representative (USTR) to triple the current 7.5% tariff on Chinese steel and aluminum imports, citing unfair competition for American workers from "artificially low-priced Chinese alternatives produced with higher emissions." Biden also directed his administration to work with Mexico to prevent evasion of tariffs on steel and aluminum imported from Mexico into the US, including those from China.
The White House added that the USTR is launching an investigation into China’s "unfair trade practices" in shipbuilding, maritime and logistics sectors. The probe follows a petition filed by five US unions who claim China’s "drive to dominate the global shipbuilding, maritime, and logistics sector is built on non-market policies that are far more aggressive and interventionist than any other country," according to the statement.
Baha Breaking News (BBN) / DJ
United States House Intelligence Committee Chairman Mike Turner (pictured) on Tuesday highlighted the importance of passing legislation intended to provide additional funds for Ukraine "this week."
"Today, in a classified briefing, our Committee was informed of the critical need to provide Ukraine military aid this week. The United States must stand against Putin's war of aggression now as Ukraine's situation on the ground is critical," Turner said in the statement.
House Speaker Mike Johnson previously noted that separate bills on aid for its allies abroad, Ukraine, Israel, and Taiwan, could be put up for a vote in the coming days as the $96 billion security package hit a stalemate in the lower congressional chamber.
Baha Breaking News (BBN) / AB
Https://twitter.com/cookieninelives/status/1780209457764470789/photo/1
Inflation in the U.K. eased to 3.2% in March, the Office for National Statistics said on Wednesday.
That was slightly higher than the forecast of economists polled by Reuters of 3.1%, but was down from 3.4% in February.
Inflation in the U.K. eased to 3.2% in March, the Office for National Statistics said on Wednesday.
That was slightly higher than the forecast of economists polled by Reuters of 3.1%, but was down from 3.4% in February.
Https://twitter.com/cookieninelives/status/1780209457764470789/photo/1
The Mayor of Brussels has given an order to shut down the National Conservatism Conference
Nigel Farage and Suella Braverman are in there and will be removed by the police if they don't leave.
FINGING BRILLIANT
Stockopedia's Paul Scott opinion -
This sounds grim, and I won’t be tempted to catch this particular falling knife. DOCS clearly has lots of problems.
Is it likely to go bust, or need an equity raise? The last (Sept 2023) balance sheet showed only about £99m NTAV, and hefty net bank debt of c.£275m. So investors need to look carefully at the terms & covenants of the bank debt. Banks don’t like funding excessive inventories that aren’t selling, and DOCS will have to figure out how to shift its excess inventories (that means discounting, which lowers profit margins of course).
The trouble with holding shares like this, is the temptation to average down because it seems cheap. However, at £666m market cap with little asset backing, and a big profit warning today (FY 3/2025 profit could be up to two thirds down on FY 3/2024), I’d say it’s actually not cheap. DOCS looks like an opportunistic float at an over-valuation during the pandemic boom.
The CEO says he will step down and hand over to the COO this year.
I think it could take a year or two to sort out this business.
Overall, it’s a mess, so it’s an avoid for me at the moment
BBC News - Superdry to quit London stock market in huge restructuring
https://www.bbc.com/news/articles/cl7ledeq02wo
"Long-term sickness hits record high
The number of people out of work due to long-term sickness has hit a record high, official figures show.
There were 9.4m people economically inactive in the three months to February, according to the Office for National Statistics, which is the highest since 2012.
Of those, 2.83m said long-term sickness is the reason they are out of work. "
26% of Brits are obese.
BAN JUNK FOODS
FTSE100 🔻 1.2%
https://www.ig.com/uk/indices/markets-indices/ftse-100
https://www.baha.com/europe-lower-premarket-ahead-of-eu-trade-balance/news/details/61859212?internal=1
‼️BUCKLE DOWN - SEATBELTS ON - WILD RIDE‼️