Home Energy services Retailers warn of inflation ‘storm’ as omicron hits restaurants

Retailers warn of inflation ‘storm’ as omicron hits restaurants



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.

5 things to start your day

1) Developers risk ban on purchase aid without coating compensation system Michael Gove says home builders ‘have to pay’ to secure apartment buildings

2) Struggling Customers Should Eat Ginger and Star Skip to Lower Energy Bills, SSE Says Tips for eating porridge and cuddling will make “very little difference,” experts warn

3) KPMG misled watchdog over Carillion audits, boss admits Government contractor filed for bankruptcy in 2018 under the weight of £ 7bn debt

4) Russian software firm shares collapse after blunder in press release London-listed Softline suffers after mistakenly disclosing early deal

5) Truckmakers face damages of up to £ 13bn in price-fixing lawsuit Legal case targeting “cartel” demands massive compensation

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)