08:11 , Graeme Evans
The FTSE 100 index is up 14.93 points at 8187.95, despite today’s setback for Asia markets.
The Shanghai Composite closed 2.7% lower and the Hang Seng index fell by 2.4% after China’s Caixin manufacturing purchasing managers’ index fell to 50.5 from 51.5 in November.
The FTSE 250 index has opened the new year with a rise of 25.18 points to 20,647.79.
08:04 , Graeme Evans
Discount supermarket chain Lidl today said sales topped £1 billion in the four weeks to December 24, an increase of 7% year-on-year.
The record figure represents more solid growth for the retailer, which lifted its share of the UK grocery market in 2024 as it attracted more shoppers and opened more stores.
The grocer’s festive sales were supported by strong demand for its party food and champagne.
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07:58 , Graeme Evans
Tasty, the operator of 36 restaurants under the dim t and Wildwood brands, today gave a downbeat assessment of conditions over the festive period.
The AIM-listed company said in a brief trading update: “Trading in the second half of 2024 continued to be challenging, and in particular, the key December period has been disappointing.
“In these uncertain times, the board is maintaining a cautious outlook.”
Tasty said the casual dining market faced several adverse factors, including a decline in consumer confidence and a discernible decline in discretionary spend.
It also highlighted inflationary pressures on food, as well as increases in the National Minimum Wage and National Insurance contributions from April.
07:23 , Graeme Evans
House prices ended 2024 on a strong footing after building society Nationwide recorded a rise of 0.7% in December.
The UK average of £269,426 came in 4.7% higher than December 2023 and just below the all-time high recorded in summer 2022.
All regions saw growth in the year, with Northern Ireland the best performing area for the second year running after prices rose 7.1%.
Nationwide chief economist Robert Gardner said: “Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers.”
He added that upcoming changes to stamp duty are likely to generate volatility, as buyers bring forward their purchases to avoid the additional tax.
This is likely to lead to a jump in transactions in the first three months of 2025 and a corresponding period of weakness in the following three to six months, as occurred in the wake of previous stamp duty changes.
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This will make it more difficult to discern the underlying strength of the market.
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07:10 , Graeme Evans
Asia markets have fallen sharply during the first trading session of the year.
Hong Kong’s Hang Seng index is down 2% and the Shanghai Composite 2.8% lower after China’s Caixin manufacturing PMI figure for December came in below expectations at 50.5.
The FTSE 100 index is also set for a downbeat start to the new year, having risen 0.6% during Tuesday’s shortened session.
The top flight ended 2024 at 8173.02, an increase of 5.7% over the year.
Despite a weaker December performance, the Dow Jones Industrial Average still finished the year 13% higher and the S&P 500 index up by 24%.