Thank you for joining me. John Lewis attributes the two-year delay to its five-year turnaround plan to “inflationary pressures.”
Additionally, the retailer has reported another loss for the first six months of its financial year.
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Overnight Recap
Shares in Asia were mostly higher on Thursday following the release of a highly anticipated report showing a slight acceleration in US inflation for August.
The modest increase in prices alleviated concerns about the possibility of another interest rate hike by the Federal Reserve, leading to a 1.2% surge in Tokyo’s Nikkei 225 to 33,104.79.
In Hong Kong, the Hang Seng index slipped 0.2% to 17,969.38 due to renewed concerns about China’s property sector. Shares of major real estate developer Country Garden sank 4.6% ahead of a bond repayment deadline.
The Shanghai Composite index remained flat at 3,124.43, while Seoul’s Kospi gained 0.9% to 2,556.60. In Australia, the S&P/ASX 200 advanced 0.5% to 7,189.70.
On Wall Street, there was a mixed performance on Wednesday as fresh data revealed a slight acceleration in inflation last month, though not exceeding expectations by much.
The S&P 500 saw a 0.1% increase to 4,467.44, fluctuating between small gains and losses throughout the day. Meanwhile, the Dow Jones Industrial Average dropped 0.2% to 34,575.53, and the Nasdaq composite climbed 0.3% to 13,813.59.
In the bond market, the benchmark yield on the 10-year Treasury decreased from 4.27% to 4.26% following the release of the inflation report, after reaching as high as 4.34%.
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