Dr Martens shares sink as biggest investor cuts stake

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We are returning to the normal earnings cycle with a solid business update from Next, which raised its earnings and sales expectations for the full year.

The retailer said full-price sales were up 20% in the eight weeks to Dec. 25 compared to two years ago. It was £ 70million ahead of his previous forecast for the period.

As a result, he increased his forecast for pre-tax profits from £ 22million to £ 822million and said full-price sales would increase by 7 percent. He also declared a special dividend.

There were a few words of warning however, with the next warning growth would be “much weaker” after the first quarter due to strong comparative figures. It has also raised questions about the impact of rising inflation and a possible easing of pent-up demand on trade.

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What happened during the night

Asian stocks fell on Thursday, prolonging a global slump after minutes from the Federal Reserve meeting showed U.S. interest rates rising faster than expected amid concerns over continued inflation.

Concerns about higher U.S. rates combined with growing concerns about the rapid spread of the omicron coronavirus variant to weigh on riskier assets.

Asian stocks took inspiration from overnight losses on Wall Street. The Nasdaq plunged more than 3% on Wednesday in its largest single-day percentage decline since February and the S&P 500 fell the most since November 26, when news of the omicron variant hit global markets for the first time.

The MSCI’s largest Asia-Pacific stock index outside of Japan fell 0.95%, Australian stocks slipped 1.53%, and the Japanese Nikkei stock index fell 2.08 %.

Chinese blue chips fell 1.37% as a private sector survey showed activity in China’s service sector grew faster in December, but continuing Covid outbreaks weighed on perspectives.

Coming today

  • Business : Clarkson, Greggs, Made.com, Mattioli Woods, Next (Commercial update)
  • Economy: End services and composite PMI (UK), PMI services (China)inflation (Germany), jobless claims, factory orders, durable goods orders (WE)


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