Stock markets worldwide staged a new year rally thanks to economy-boosting moves in China, but the pound sank lower on ongoing Brexit uncertainty. The People’s Bank of China pumped $115billion (£87.6billion) into the country’s financial system to help reignite economic growth. The Dax in Germany finished 1% ahead and France’s Cac 40 lifted 1.1%. Across the Atlantic, the Dow Jones Industrial Average was nearly 190 points up at the time of close in London, with indices following Asia’s lead overnight after the Hang Seng Index jumped 1.3%. The closely-followed IHS Markit/CIPS purchasing managers’ index signalled the manufacturing sector shrunk at its fastest pace in almost seven-and-a-half years in December.
Tullow Oil (TLW) shares fell 7% after the oil explorer revealed disappointing drilling results for its well off Guyana. The group said it found oil, but that the reservoir it are drilling is smaller than first thought. In early trading shares dropped by more than a fifth, before paring back losses.
Team17 (TM17) was enjoying better fortunes after it announced a deal to snap up rival Yippee Entertainment for £1.4million. The Yorkshire-based company behind the popular Worms series said the deal would allow it to increase studio capacity and gain access to a new talent pool in the North West of England.
Bitter blow for retailers hoping for a positive end to a difficult year. Following a lacklustre two weeks before Christmas, footfall dropped by an average of 4% on all but one day between December 26 and January 1, retail analysts Springboard said. December 30 saw footfall increase across all destinations by 11.1% but this was likely to be because the day fell on a Monday rather than a Sunday in 2018, allowing for longer trading hours.
The late-night launch of Greggs (GRG) vegan steak bake was met with 20-minute queues, after over 300,000 people signed up to take part in Veganuary. KFC and Subway are also among a number of companies releasing snacks free from meat and animal products, as they attempt to emulate the huge success of Greggs’ vegan sausage roll last year. Wednesday night’s release event in Newcastle for Greggs’ new pastry – filled with pieces of meat substitute Quorn, diced onions and gravy – saw over 100 queue to be the first to try the product.
