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House price growth slows | Pernod Ricard rises

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10pm: Wall St reverses losses

The Dow Jones reversed its earlier losses as the major US indices wrapped up August in the red.

At the close, the Dow was up 0.46% and the S&P 500 added 0.3%, while the Nasdaq Composite shed 0.26%.


5pm: London sharply lower

The FTSE 100 took a hammering, falling 135.65 points (1.86%) to 7,148.50, as recession fears continue to weigh on investor sentiment.

Sterling continued to sink against the US dollar, falling below $1.15 (down 0.8%) for the first time since March, 2020.


7.15am: House prices

For sale, sold, homes, housing, property

Annual house price growth across the UK edged down from 11% in July to 10% in August, according to the Nationwide HPI.

Prices are rising by 0.8% month-on-month after taking account of seasonal effects, with the average house price soaring by almost £50,000 in two years.

Nationwide’s chief economist Robert Gardner said: “There are signs that the housing market is losing some momentum, with surveyors reporting fewer new buyer enquiries in recent months and the number of mortgage approvals for house purchases falling below pre-pandemic levels.”

However, he said this slowdown was “modest”, and combined with a shortage of stock on the market, has meant that price growth has remained firm.


7am: Pernod Ricard

Chivas Regal

Pernod Ricard, owner of Chivas Brothers whisky, Absolut Vodka and Martell cognac, posted a stronger-than-expected 19% organic rise in its full-year 2021/22 operating profit, driven by strong demand for its premium spirits in Europe, China and the United States and cost control.

The world’s second-biggest spirits group said that amid high inflation, the war in Ukraine and COVID lockdowns in China, it expected “dynamic broad based sales growth, on a normalising comparison basis, with a good start to the first quarter” which started in July.

Sales reached €10.701 billion, an organic rise of 17%, with sales up 8% in the key US market, 5% in China and 26% in India.

Pernod said it has benefited, like rival Diageo, from drinkers trading up to more expensive spirits since the beginning of the pandemic. Sales were also boosted by the reopening of bars and restaurants and a rapid recovery in travel, it said.


7am: SpaceandPeople

SpaceandPeople, the Glasgow-based retail, promotional and brand experience specialist, has announced that John Scott will join the board as a non-executive director with immediate effect.

Mr Scott has more than 25 years of retail and consumer services experience, particularly in the development and operation of international customer facing businesses.

He has held senior positions in high-street brands including Debenhams (2004-17) and TM Lewin (2017-20) where he was international director, focused on global strategic growth and business development.


Global markets

There were further heavy falls in US and Asian markets overnight, pointing to another volatile day in London with few signs that central banks will ease up on their interest rate plans.

Ex-dividends will also weigh on the FTSE 100 index, with Glencore, InterContinental Hotels, Admiral Group, Antofagasta and Endeavour Mining amongst the companies trading without entitlement to the dividend.

In the US, the Dow closed down 0.9%, the Nasdaq Composite lost 0.6% and the S&P 500 dropped0.8%.



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