Good morning from London where the FTSE100 is back below 7,500 points again this morning after JPMorgan downgraded British Airways’ parent company IAG. The airline group is the index’s biggest faller so far and JPMorgan is expressing caution about most of Europe’s big flag-carriers, given the potential for large capacity increases to bring yields down against a backdrop of low economic growth. The investment bank is much more upbeat on low cost airlines.
Frasers Group PLC (LSE:FRAS) (Frasers Group PLC (LSE:FRAS)) says its heading into the Christmas trading period with great momentum as it said strong trading at Sports Direct and in its international businesses had underpinned a strong first half. Away from the FTSE UK house prices nudged higher in November, according to figures from major high street lender Halifax. The latest figures from their own House Price Index showed prices rose by 0.5% in November, following a rise of +1.2% in October. On an annual basis, property prices are still down by 1.0%.
And the British Retail Consortium are reporting this morning that the use of cash has increased for the first time in a decade, with coins and banknotes accounting for nearly a fifth of all transactions in 2022. They attribute the increase to people trying to control their spending. That’s all for this morning, but stay tuned to proactive throughout the day for all the latest business news.
