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Retailers warn of inflation ‘storm’ as omicron hits restaurants

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gHello.

We start the day with the latest retail sales data from BRC and KPMG.

While trade received a much needed boost in December as buyers opened their portfolios despite omicron, the outlook is rather less bullish.

The BRC warned of a “storm ahead” as consumer spending threatened by rising inflation, soaring energy bills and rising national insurance in April.

Meanwhile, data from Barclaycard showed that while overall card spending rose 12.2% last month, trade in restaurants collapsed amid Covid fears.

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What happened during the night

Asian stocks mostly fell in cautious trading on Tuesday after a pullback on Wall Street.

Investors are monitoring the growing number of coronavirus cases, particularly in China, where a third city has locked up its residents due to a Covid-19 outbreak, bringing the number confined to their homes in China to around 20 million people.

Japan’s Nikkei 225 benchmark fell 0.9% to end at 28,222.48. South Korean Kospi took less than a point at 2,927.38.

The Australian S & P / ASX 200 fell 0.8% to 7,390.10. Hong Kong’s Hang Seng Index lost 0.5% to 23,624.11, while the Shanghai Composite Index fell 0.8% to 3,564.61.

Coming today

  • Business : Shoe zone (Annual results); Games workshop (Interim); B&M, Electrocomponents, Rathbone Group, MJ Gleeson, Robert Walters, SIG (Commercial update)
  • Economy: GDP (UK), BRC retail sales (UK)