Burberry set for worst day since March 2020
Hotel Chocolat soars as Mars to takeover co
Indexes slip after threeday run of gains
FTSE 100 down 0.4, FTSE 250 off 0.9

Nov 16 Reuters UK39;s bluechip FTSE 100 index fell on Thursday after a threeday run of gains as Burberry tumbled after it said it would struggle to meet revenue targets if a slowdown in luxury spending continued.

Burberry39;s shares slid 8.1, on track for their biggest oneday percentage loss since the height of pandemicdriven selloff in March 2020, and dragged on European luxury peers including LVMH and Kering.

The company reported a sharp slowdown in comparable storesales growth in its second quarter to 1, down from 18 in the first, as growth in China evaporated.

Burberry39;s warning off the back of a sharp slowdown in sales is the latest sign the luxury goods sector is not immune to an uncertain economic backdrop, noted Russ Mould, investment director at AJ Bell.

All it can do right now is protect and invest in its brand and wait for an improvement in the backdrop.

The FTSE 100 dropped 0.4. The index had scaled a near onemonth high on Wednesday after easing inflation figures in October fuelled hopes that the Bank of England may not have to tighten monetary policy further.

Investors added to their bets on BoE rate cuts next year, with three 25basispoint reductions by December 2024 almost fully priced in.

The midcap FTSE 250 index dropped 0.9 after rallying to a twomonth high a day earlier.

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