07:55 , Graeme Evans
The Canadian dollar has fallen more than 0.8% to a four-and-a-half year low, with the Mexican peso also sharply lower against the US dollar this morning.
The reverses follow Donald Trump’s vow that one of his first executive orders will be to hit Mexico and Canada with a 25% tariff on all products.
He added that China would face an additional 10% tariff, a comment that contributed to weakness in Asia stock markets earlier today.
IG Index said: “Trade-sensitive currencies and equities, including Japan’s export-heavy Nikkei, declined amid fears of tariff impacts.
“Gold stabilised after its sharp drop yesterday, while oil prices also came under pressure on reports of progress on a ceasefire between Israel and Lebanon.”
07:42 , Graeme Evans
Halfords has urged the Government to accelerate Apprenticeship Levy reform as a way to offset the “particularly acute” cost impact of National Insurance increases in last month’s Budget.
CEO Graham Stapleton said: “Critical to our success, and what really stands us apart from the competition, are more than 12,000 fantastic colleagues.
“We continually prioritise investment in their training – with skills and capability our number one focus.
“The cost implications from the recent UK Budget are particularly acute for a specialist retailer that provides expert advice and assistance to customers, face to face.
“While we will work hard to mitigate these costs, we urge the government to consider alternative ways of supporting businesses like ours, including the acceleration of Apprenticeship Levy reform, which would help us to upskill existing colleagues and offset some of the new headwinds.”
The company said measures announced in the Budget add about £23 million of direct labour cost, of which £9 million was already included in next year’s planning assumptions and fully mitigated.
Halfords, which today reported a 1.3% decline in half-year profits to £21 million, said the impact on consumer behaviour and the trajectory of its end-markets is still unclear.
07:18 , Graeme Evans
Catering giant Compass today reported a “year of strong operational and financial performance”, with underlying profits up 16% to $3 billion (£2.4 billion).
The FTSE 100-listed group, which employs 580,000 people in more than 30 countries, said that net new business growth accelerated in the second half as expected.
Organic revenues grew 10.6% in the year to 30 September, with the underlying operating margin up by 30 basis points to 7.1%.
