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UK Business Activity Falls at Fastest Rate in Two Years -Flash PMI
Date: January 24, 2023
By David Milliken LONDON (Reuters) – British private-sector economic activity fell at its fastest rate in two years in January, a survey showed on Tuesday, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown. The S&P Global/CIPS flash composite Purchasing Managers’ Index (PMI) dropped to 47.8 in...
Swatch Positive on Recovery in Luxury Demand From China
Date: January 24, 2023
By John Revill ZURICH (Reuters) – Swatch Group shares hit their highest level in nearly two-and-a-half years on Tuesday after the world’s biggest watchmaker said it expected a recovery in luxury demand from China. The maker of high-end Omega, Tissot and Longines timepieces as well as its eponymous mass-market plastic watches said sales in China...
Euro Zone January Business Activity Returns to Growth -PMI
Date: January 24, 2023
LONDON (Reuters) – Euro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge...
Primark Cautious on 2023 Outlook After ‘very Strong’ Christmas
Date: January 24, 2023
LONDON (Reuters) -Clothing retailer Primark reported better-than-expected trading over the Christmas quarter, parent Associated British Foods said on Tuesday, but cautioned economic headwinds may dent consumer spending in 2023. The group said Primark’s revenue was 3.15 billion pounds ($3.91 billion) in the 16 weeks to Jan. 7, up 15% on a constant currency basis as...
Honda to Create Division to Speed up Electrification Development
Date: January 24, 2023
TOKYO (Reuters) -Honda Motor Co said on Tuesday it would create a new division in a bid to strengthen and speed up its electrification business as part of an overhaul of its organisational structure. The shake-up is part of the automaker’s bid to catch up in the fast-growing market for full electric vehicles, led by...
Luxury Giants Bank on Chinese Return as Western Shoppers Sober Up
Date: January 24, 2023
By Mimosa Spencer PARIS (Reuters) -The focus of the luxury industry is shifting back to China, with hopes that its high-end spenders will once again splurge on designer goods during Lunar New Year festivities as Beijing relaxes COVID curbs after three long years. Quarterly results from LVMH and Europe’s other luxury goods companies will offer...