Airline Slashes Flights As Covid Keeps Thousands Of Staff At Home

Good morning.

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

While trading was given a much-needed boost in December as shoppers opened their wallets despite omicron, the outlook is rather less rosy.

The BRC warned of a "storm ahead", with consumer spending under threat from rising inflation, soaring energy bills and April's National Insurance hike.

Meanwhile, Barclaycard data showed that while overall card spending increased 12.2pc last month, trading at restaurants slumped amid Covid fears.

5 things to start your day 

1) 

Developers risk Help to Buy ban without cladding compensation scheme  Michael Gove says housebuilders 'must pay' to make apartment blocks safe

2) 

Struggling customers should eat ginger and do star jumps to cut energy bills, says SSE  Advice to eat porridge and cuddle will make 'very little difference', experts warn

3)

KPMG misled watchdog over Carillion audits, boss admits  Government contractor went bust in 2018 under the weight of a £7bn debt pile

4)

Russian software firm's shares sink after press release gaffe  London-listed Softline suffers after mistakenly revealing deal early

5)

Truck makers face damages of up to £13bn in price-fixing lawsuit  Legal case targeting ‘cartel’ seeks massive compensation payout

What happened overnight 

Asian shares mostly declined in cautious trading Tuesday following a retreat on Wall Street.

Investors are keeping an eye on rising numbers of coronavirus cases, especially in China, where a third city has locked down its residents because of a Covid-19 outbreak, raising the number confined to their homes in China to about 20m people.

Japan's benchmark Nikkei 225 fell 0.9pc to finish at 28,222.48. South Korea's Kospi picked up less than one point to 2,927.38.

Australia's S&P/ASX 200 dipped 0.8pc to 7,390.10. Hong Kong's Hang Seng shed 0.5pc to 23,624.11, while the Shanghai Composite index sank 0.8pc to 3,564.61.

Coming up today

  • Corporate: Shoe Zone 

    (Full-year results); Games Workshop 

    (Interims); B&M, Electrocomponents, Rathbone Group, MJ Gleeson, Robert Walters, SIG 

    (Trading update)

  • Economics: GDP 

    (UK), BRC retail sales

     (UK)

    Source : https://www.telegraph.co.uk/business/2022/01/11/ftse-100-markets-live-news-pound-energy-price-inflation/

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