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“The FTSE100 tracked the downward trends in the US and Asian markets overnight as investors readied themselves for the US Federal Reserve's rate call tonight, followed by the Bank of England's tomorrow,” says AJ Bell Investment Director Russ Mould.
“Pub group JD Wetherspoon was one of the biggest FTSE250 faller in early trading after it warned that it expects higher costs in the remainder of the current year due to wages, business rates and repairs. Sales have been strong in the last few months but this has slowed in recent weeks. Another concern is uncertainty over its deals with suppliers in Europe when Brexit talks begin. The group’s shares were down by more than 3.3% in early trading.
“Retail giant Next has maintained its full-year forecasts despite a challenging third quarter. Full-price sales fell by 7% in August following a large end-of-season sale in July. But full-price sales have improved since September and rose in October. The group has lowered its full-year sales forecasts but is able to maintain profit guidance due to better-than-expected cost savings.
“Online food delivery service Just Eat has increased full-year revenue and earnings forecasts after a strong third quarter. Just Eat’s second quarter sales were constrained by unseasonably warm weather but the Indian summer had no detrimental impact on its latest figures with total like-for-like sales up 34%. In the UK, orders were up 28% in the quarter, despite a significantly warmer and dryer summer than 2015. Just Eat continues to invest in a number of technology and marketing initiatives and is starting to see the benefits of these in many of its markets.”
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