Updated: Feb 9, 2022
Good morning and welcome to another day of market updates.
Markets are in recovery mode at the moment and showing strong gains
Ft100 back over 7500 today after the Dow went over 35000 last night.
Ft100 at 7535 levels.
In business news
Annual food bills are set to rise by £180 on average as the cost of living squeeze continues to hit household budgets, according to consultants Kantar. Annual grocery inflation was 3.8% over the past four weeks, up from 3.5% in December, Kantar found. Sales of savoury snacks, fresh beef and crisps rose last month, while beer, bacon and vitamins fell Dry January and Veganuary boosted sales of vegan and low alcohol products. Tesco has warned 1,600 jobs are at risk as it ends overnight restocking at some stores and converts some petrol sites to pay-at-pump during the night. The supermarket's plans come a day after it announced the closure of its Jack's discount stores. It said restocking shelves during the day would mean more staff could be on the shop floor at peak times. Tesco boss Jason Tarry said the move would help it to run the business as "simply and efficiently as possible". Overnight restocking will switch to the daytime in 36 big stores and 49 convenience stores. The chain also plans to convert petrol stations in 36 stores to pay-at-pump only during overnight hours. More than two million people missed a self-assessment tax return deadline, but still have a month to file before they are hit with a penalty. HM Revenue and Customs (HMRC) said that 630,000 completed the online process on Monday, the final day before the cut-off, leaving 2.3 million still to file. However, the tax authority will not fine those who are up to a month late. Interest will start to be accumulated from now on any unpaid tax, so HMRC is urging people to get organised quickly. House prices have risen at the fastest annual pace for a January in 17 years, amid "robust" demand and low supply, according to lender Nationwide. The building society said prices rose by 11.2% year-on-year and by 0.8% between December and January. However, the Nationwide predicted the market would slow this year as buying property becomes less affordable. It added that with interest rates expected to rise in the coming months affordability would be further hit. The average price of a property in the UK was £255,556 in last month - up from £254,822 in December.
Have a great day!
Best Regards S Dhanda