![]() ![]() It came as sales fell 10pc on a constant currency basis to £1.8bn, but losses were also widened by stock write-offs, property impairments and the cost of warehouse closures, as well as moves to trim its office space.Īsos predicts that, assuming there is no pick-up in consumer spending conditions, sales will drop by a "low double-digit" over the full year, excluding the impact of its withdrawal from Russia.īut it said it is confident of returning to "sustainable profit" in the second half of its year. Shares in the online fashion business have slumped more than 20pc, sending it to the foot of the FTSE 250 and the FTSE All Share Index as it reported losses of £290.9m for the six months to February 28 compared with losses of £15.8m a year earlier. The retailer slumped to a hefty half-year loss amid a major restructuring and sliding sales, as cash-strapped consumers cut back on their spending. I leave you with these insights on the latest US inflation data:Īsos shares have sunk to the bottom of the FTSE after revealing a downturn in demand for online fashion as shoppers returned to the high street after the pandemic. Traders had priced in about an 80pc chance of a June pause just before the report. Meanwhile, inflation remains stubbornly high in the UK at 10.1pc, with the Bank of England expected to raise rates three more times this year to 5pc to bring it under control.įutures tied to the US Federal Reserve's policy rate now reflect a nearly 90pc chance of policymakers leaving rates at their current 5pc-5.25pc in June. It is the first time US inflation has been below 5pc in two years and is way down from the 9.1pc peak last June. Traders have upped bets on the US Federal Reserve ending its campaign of rate increases after the US consumer prices index (CPI) rose 4.9pc in April compared to a year ago, down from 5pc in March, according to the Labor Department. US inflation inched downwards last month raising expectations that the US Federal Reserve will pause its programme of interest rate rises just as Britain braces for several more hikes. The company added that it has been seeking to "reduce its reliance on pure bank deposits" and leverage the repo market instead.Ī repo, short for repurchase agreement, refers to when financial institutions use US Treasuries and other high-quality securities as collateral to raise cash, often overnight. They also include $1.5bn worth of bitcoin and $5.3bn worth of loans which the group said are "over-collateralized". Tether's reserves include $53bn of US Treasuries, up from $39.2bn at the end of 2022. Tether Holdings, the operator of world's largest stablecoin, said its reserves were worth $81.8bn at the end of the first quarter Wednesday, up around $14.8 billion from the previous quarter. Stablecoins are digital tokens designed to keep a one-to-one value with a less volatile asset like the dollar, typically by maintaining reserves of highly liquid investments that match the amount of tokens in circulation. Reserves held by asset-based cryptocurrency Tether reached above $80bn (£55.5bn), as investors flock to stablecoins amid the turbulence of the US regional banking crisis and a regulatory crackdown on crypto firms. The Bank forecast that the headline rate will drop to 3.9pc in the final three months of this year.įutures tied to the US Federal Reserve's policy rate now reflect a nearly 90pc chance of policymakers leaving rates at their current 5pc-5.25pc in June. Traders had priced in about an 80pc chance of a June pause just before the report. Some economists are also starting to openly question whether inflation will fall as quickly as the Bank of England expects. ![]() At the time CPI was running at 10.7pc, meaning the Prime Minister had to reduce inflation to nearer 5pc by the following December. Mr Sunak made it his first priority to half inflation in a speech in January 2023. The assessment is set out in the airline’s “plan of record” for 2023 within annual corporate filings published on Wednesday. Virgin Atlantic said it expected the consumer price index to fall to 6.5pc rather than the Prime Minister’s target of 5.3pc by the end of the year. ![]() Stubbornly high inflation means companies and economists are starting to express doubts about Rishi Sunak's ability to fulfil his pledge to halve the headline rate by the end of this year. Policymakers are expected on Thursday to lift the benchmark rate for the twelfth straight time to 4.5pc, from 4.25pc. Threadneedle Street policymakers expected to raise rates three more times this year to 5pc to bring it under control. ![]()
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