ASOS sinks to loss | FTSE 100 trading lower
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4.30pm: London lower
The FTSE 100 closed 11.75 points lower at 6,924.99.
12.15pm: Truss committed to triple lock
Asked during Prime Minister’s Questions about increasing pensions in line with inflation, Liz Truss said: “I am completely committed to the triple lock and so is the chancellor”. Full story here
Profits plunge at ASOS
Shares in online fashion retailer ASOS jumped 13% despite the company reporting a swing to a pre-tax loss of £32m from a profit of £177m and adjusted pre-tax profit down 89% to £22m (2021: £193.6m).
New chief executive Jos é Antonio Ramos Calamonte, said he had to instigate changes to get the business back on track. Full story here
Artisanal in Korea breakthrough
The Artisanal Spirits Company, curator of single-cask and limited-edition whisky, and owner of The Scotch Malt Whisky Society, has signed a franchise agreement with FJ Korea in South Korea, opening up a new market for SMWS.
It is the tenth largest market within the global Ultra-Premium Scotch Malt Whisky sector, based on value, estimated to be worth c.$161 million in 2021, an increase of 65% compared with 2020.
Inflation at 10.1%
UK inflation came in at 10.1% for the year to September, slightly higher than analysts were predicting. Full story here
Japan’s Nikkei advanced 0.5% while Australia’s resources-heavy shares gained 0.3%, tracking Wall Street higher.
Better-than-expected quarterly results from Goldman Sachs, Johnson & Johnson and Lockheed Martin helped U.S. stocks rally. Both the Dow Jones and the S&P 500 gained 1%.
Brent crude futures for December settlement rose 46 cents, or 0.5%, to $90.49 a barrel by 0455 GMT.
US West Texas Intermediate crude for November delivery was at $83.69 a barrel, up 87 cents, or 1.1%.