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Asos said that its full-year profits will be impacted by £47m of "transition costs" related to ongoing problems with its warehouse facilities in the US and Europe.
It will also incur £3.5m in restructuring costs.
Asos announced back in 2017 that it would open a new ecommerce fulfilment centre in Atlanta - the same year it opened a new warehouse in Berlin.
The retailer said that sales in the EU over the four months to 30 June rose by 5% after being affected by weaker availability of stock because of problems with new software.
It added that US sales growth of 12% was also held back because of stock issues.
In contrast, the UK performed strongly with revenue up 16%. Total sales across Asos rose by 12%.
Posted at 7:097:09
BREAKING
Asos warns on profits
Asos, the online fashion retailer, has warned that full-year profits will now be between £30m and £35m.
This is because of difficulties with new warehouse facilities in the US and Europe.
More to follow.
Stocks in EU drop before bell on trade war, earnings
Indexes at European exchanges were sharply lower in premarket on Thursday. Market participants were pessimistic regarding risk as corporate earnings season began with Novartis and SAP as the first two majors. Trade war concerns increased on reports that bilateral negotiations between the United States and China got stuck again over Huawei's controversial activity and allegations by the administration in Washington of national security issues.
Precious metals were stronger with the exception of gold. Its spot price slipped 0.24% to $1,422.94 per ounce at 8:02 am CET. The euro advanced just 0.15% to $1.12413 and 0.1% to £0.9037. The pound gained a mere 0.05% to $1.24396.
The FTSE declined 0.44% before the opening bell in London. The DAX was looking to open 1.03% lower and the French CAC 40 retreated 0.58%. The Euro Stoxx 50 dropped 0.55%.
Breaking the News / IT
The company is still making as much money today as it did yesterday.
Some analysts has done a projection on falling oil demand due to the introduction of electric cars. I personally believe electric cars are a hard sell so am anticipating disappointing sales in the near term at least.
Let’s hope Tullow make good use of next Wednesday to show the market the company is doing well and more worthy of a £2.50 share price than £2.
Oil trades higher as US stockpiles decline
Crude futures traded with gains on Wednesday, recovering some of the losses suffered during the previous session, after private data showed a decline in United States oil inventories.
The American Petroleum Institute (API) said on Tuesday that the country's crude stockpiles fell by 1.4 million barrels to 460 million barrels last week. Official weekly oil inventories figures from the US Energy Information Administration (EIA) are scheduled for release later in the day.
West Texas Intermediate (WTI) for settlements in August rose 0.68% to go for $58.01 per barrel at 7:01 am ET and international benchmark Brent for September delivery jumped 0.98% to sell for $64.97 per barrel.
Breaking the News / NP
Europe trades lower in premarket ahead of inflation data
Europe was lower in premarket trade on Wednesday as investors awaited inflation data from the European Union and the United Kingdom. Focus in politics remained on Brexit after the EU picked Ursula von der Leyen to be its new European Commission president. In her speech before MEPs on Tuesday, Von der Leyen said she would be willing to grant the UK a second Brexit extension, past October 31. Meanwhile, reports suggested Tory leadership race front runner Boris Johnson would like to hold a general election in the UK sometime in the next 12 months.
The DAX declined 0.10% at 8:52 am CET while the FTSE 100 in London fell 0.20% at 8:53 am CET. France's CAC 40 lost 0.19% at 8:53 am CET.
The euro declined 0.08% against the dollar to go for 1.12018 at 8:54 am CET. The pound fell 0.17% against the greenback to 1.23859 at 8:55 am CET as it fell further after hitting 2017 lows a day earlier.
Breaking the News / VP
But still some strange trading going on.
Crude currently up 1% while the six oil stocks I have listed are all down on the day.
Europe mixed ahead of crucial EU parlt vote
European markets traded mixed in premarket trade as investors awaited a vote on the new president of the European Commission in the European Parliament. German Defense Minister Ursula von der Leyen, who is the European Council's nominee for the position, will give a speech before MEPs this morning to lay out her vision for the EU. During the first hours of the trading day data on unemployment in the United Kingdom and the EU trade balance is set to be published.
The DAX was 0.12% higher at 7:48 am CET. Meanwhile, the FTSE 100 lost 0.04% and the CAC 40 was flat, declining 0.01%, both at 7:49 am CET.
The euro increased by 0.02% against the dollar to change hands for 1.1260 at 7:50 am CET. At the same time, the pound lost 0.04% compared to the greenback and went for 1.25109.
Breaking the News / VP
European equities slightly higher with Brexit in focus
European stocks were flat to higher on Monday during premaket trading with the United Kingdom's withdrawal from the European Union in focus. Boris Johnson, a favorite to become the next British prime minister, reportedly wanted to conclude a trade agreement with the United States within the first month of his tenure as it would encourage the conclusion of other similar deals with global partners. Meanwhile, UK's Chancellor of the Exchequer Philip Hammond said London wouldn't be able to control trade with the EU in case of a no-deal Brexit.
The FTSE 100 was flat at 7:43 am CET, while the DAX increased 0.17% at the same time. The CAC 40 rose 0.19%.
The euro and the pound were flat against the dollar at 7:43 am CET, changing hands for $1.12721 and $1.25675 respectively.
Breaking the News / MD
- 0.10% — $1.68. -$1413.52
High of the day $1419.79
Mizolgit, what’s your beef?
US oil rig count drops by four on weekly basis
There were 784 active oil rigs in the United States on Friday, Baker Hughes said in its regular report, noting the number dropped by four from seven days before. There were 172 units extracting gas or two less than last week while the number of miscellaneous facilities went to two from one. On an annual scale, the total in the three sections decreased by 79 and 17 and came in unchanged, respectively.
The update revealed the number of facilities in Canada mainly exploiting crude increased by five to 85 and that there were 32 gas rigs, compared to 40 one week earlier. The annual changes were 54 and 26 on the negative side, respectively.
Breaking the News / IT
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Crude currently $66.85
+ 0.85%. + $ 11.95. $1415.63
High of the day $1416.94
+ 0.43% + $0.29. $67.10
High of the day $67.14
Europe higher in premarket ahead of data
European stocks traded in the green in premarket on Friday as investors awaited industrial production data for the European Union as well as a speech by the Bank of England's Gertjan Vlieghe. In other news, the favorite to become the next British prime minister Boris Johnson asserted that the United Kingdom was "very robust with the US and will continue to be robust with the US" in the wake of the leak of comments made by the country's ambassador to the US Kim Darroch, which led to his resignation. Meanwhile, fellow contender Jeremy Hunt promised to strengthen the Royal Navy as it had been "run down too much" amid tensions with Iran in the Persian Gulf.
The CAC 40 was up 0.31%, the DAX advanced 0.36% and the FTSE 100 climbed 0.35%, all at 7:53 am CET.
The euro and pound were both up 0.18% against the dollar to go for 1.1273 and 1.2546 respectively at 7:54 am CET.
Breaking the News / DZ
+ 0.13%. + $1.97. $1405.72
High of the day $1410.07
Rate cut hopes boost EU stocks in premarket
Risk appetite was moderate on Thursday at major European equity exchanges before the opening bell. Major indexes closed lower yesterday as investors took shares on Wall Street to record highs after United States Federal Reserve Chair Jerome Powell remained determined to act to sustain economic growth amid heightened downward risks. Oil jumped with the increase in tensions between Iran and the West and a strong drop in commercial inventories in the US. In other news, German statistics showed the inflation measure harmonized according to European Union methodology strengthened by 0.1 percentage points to 1.5% last month compared to the 1.3% from the initial report.
Gold was up 0.08% at 8:26 am CET, changing hands for $1,420 per ounce. The euro rose 0.16% to $1.12684 and held flat at £0.89956. The pound was 0.18% above the flat line at $1.25262.
The FTSE 100 was 0.25% in the green in premarket trading in London. The German DAX advanced 0.31% and the CAC 40 gained 0.31%. The Euro Stoxx 50 moved 0.33% higher.
Breaking the News / IT
+ 0.72%. + $0.50 $67.22
High of the day $67.38
+ 0.24%. + $3.43 $1422.29
High of the day $1427.12
Oil eyes month-to-date high on US stockpile drop
Crude extended gains on Wednesday after the United States Department of Energy reported a surprising fall in stockpiles in the week through July 5. The Energy Information Agency said commercial inventories were reduced by a stunning 9.5 million barrels, though the volume at Cushing, Oklahoma, an important delivery hub, declined by just 310,000 barrels. The drop in gasoline in reserve by 1.5 million barrels also limited the surge in benchmark futures prices, against downward pressure from a rise of 3.7 million barrels in the distillates segment.
The usage of capacity at refineries jumped half a percentage point week over week to 94.7% and oil imports fell to a 7.3 million barrels per day on average or by 284,000 barrels. The shutdown of at least 15 offshore rigs in the Gulf of Mexico due to an upcoming storm and tensions between the United States and Iran underpinned market valuations.
West Texas Intermediate for settlement next month jumped 3.67% to $59.95 per barrel at 6:49 pm CET after touching $60 for the first time since July 1. Brent for delivery in September was up 3.77% at $66.59 per barrel, also a nine-day high.
Breaking the News / IT
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Crude currently
+ 3.18% + $2.04 $66.59
High of the day $66.64
