Spreadex Market Update

Another aimless open for Europe, Greggs swings to severe half-year loss



It was another fairly uninteresting start from Europe, which is making something of a habit out of these limp opens.

With gold retreating slightly from Monday’s record-breaking performance – the safe haven commodity neared, but didn’t quite reach, the mythic $2000 per ounce mark – there wasn’t much drama to digest after the bell.

The DAX continued to push back towards 12900, eking out another 0.2% increase, while the CAC found itself going in the other direction, slipping 0.3% as it drifted from 4950.

The FTSE added 0.4%, allowing the UK index to put of distance between it and 6100. The FTSE 250 was slightly stronger, climbing 0.6% in part thanks to a 3% rebound from TUI.

Greggs was the latest company to reveal the cost of covid-19 on Tuesday. The bakery chain cancelled both 2019 and 2020’s dividends after a performance that has been severely hit, obviously, by the pandemic killing high street football. So severely hit, in fact, that at the HY point, Greggs has swung from a £36.7 million profit to a £65.2 million loss year-on-year. The fact it has now bounced back to 72% of 2019 trade – healthier than many a retailer – appeared to mitigate the impact on its stock price.

Looking ahead and, on what is Day 1 of the Federal Reserve’s July meeting – the fruits of which won’t be revealed until Wednesday evening – the Dow Jones is currently heading for a fairly flat start this afternoon. Like its European peers, the Dow is waiting for a renewed sense of direction.

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