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BUSINESS LIVE: UK retail gross sales rose in August

Among the companies with reports and trading updates today are Ashtead Group, Michelmersh Brick Holdings, DS Smith, Oxford Nanopore Technologies, and Watches of Switzerland Group. 

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Harrods trains staff to fight against sexual harassment

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Ashtead expects annual profits to be ‘in line’ with expectations

Ashtead Group said it expects yearly results to be ‘in line’ with expectations despite a dip in first quarter profits.

The equipment rental company, which leases machinery like battery-powered saws and forklift trucks, saw its profit before tax fall 7 per cent – or $544million (£414million) – for the first quarter to 31 July.

Retail sales tipped 1% higher in August amid good weather

UK retail sales rose last month as warm weather encouraged Britons to buy food for social occasions, new figures revealed.

The British Retail Consortium revealed retail sales volumes increased by an annual rate of 1 per cent in the four weeks ending 24 August, compared to 4.1 per cent growth in August 2023.

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Car makers build green vehicles ‘no one wants’ to meet eco targets

Car makers are being forced to build vehicles drivers ‘don’t want’ to meet green targets, one of the country’s biggest dealership chains has warned.

Under rules brought in by the previous Tory administration, 22 per cent of new cars sold next year must be zero emission. This threshold is set to rise to 80 per cent in 2030.

Eurozone battered by German slump with manufacturing ‘going downhill’

The crisis engulfing Germany’s economy deepened yesterday as carmaker Volkswagen said it could close down factories in the country for the first time in its 87-year history.

VW said major cost-cutting measures were needed – as separate figures revealed the eurozone’s wider manufacturing sector was ‘going downhill and fast’.

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Retail sales rose 1% in August

Retail sales volumes increased by an annual rate of 1% in August, according to the British Retail Consortium.

Growth was driven by warm weather and the Paris Olympics encouraging Britons to purchase food for social occasions, as well as stronger demand for clothing, health and beauty products.

Linda Ellett, UK Head of Consumer, Retail & Leisure at KPMG, said: Consumer sentiment is gradually starting to improve, but there still remains some nervousness around potential tax rises and the cost of putting the heating back on when the cooler weather arrives.

The fragile nature of consumer confidence means shoppers will continue to be driven by price and value, moving from brand to brand to find the best price benefit and we are likely to see retailers using promotional activity to seek to win at this.

Footsie opens higher amid strong retail sales figures

Matt Britzman, senior equity analyst at Hargreaves Lansdown, comments on the markets this morning:

The FTSE 100 has opened a touch higher as investors digest several corporate releases plus fresh retail data that suggests consumer spending power is just about sticking in there.

BRC data covering August showed a meagre 1% rise in non-food retail sales and Barclays card spending showed a similar rise, as consumers gear up for next month’s energy bill increase and the potential for tax hikes from Labour’s first budget.

US markets took a day off yesterday, with futures trading suggesting a weaker opening later today. There are some tough seasonal trends ahead, as September has historically been a poor month for the S&P 500.

Couple that with political and geopolitical uncertainty, and investors are likely in for a choppy month. US non-farm payroll figures on Friday are the highlight of the week, which could have a meaningful impact on the size of the first Fed cut later this month.