Greggs Q3 Two-year LFL Sales Up 3.5%; Sees FY Outcome Ahead Of Prior Guidance
Greggs PLC (GRG.L) said the Group has continued to trade well over the third quarter with two-year like-for-like sales in company-managed shops rising by 3.5 percent when compared with the same period in 2019. The Group noted that the growth was particularly strong in August when a ‘staycation’ effect was evident and remained in positive territory in September, with two-year like-for-like growth of 3.0 percent in the four weeks to 2 October.
Greggs stated that it has not been immune to the pressures on staffing and supply chains and has seen some disruption to the availability of labour and supply of ingredients and products in recent months. However, the Group projects full year outcome to be ahead of its previous expectations.
Gold Dips Amid Dollar Strength
Gold prices fell on Tuesday as the dollar rose amid inflation worries and rising tensions between China and Taiwan.
Also, reduced expectations of stimulus and the prospect of interest rate hikes lifted bond yields, weighing on gold.
Spot gold fell 0.8 percent to $1,756.43 per ounce, after having hit $1,770.41 on Monday, its highest since Sept. 23. U.S. gold futures were down 0.6 percent at $1,756.45.
Concerns over China’s property sector continued after Fantasia Holdings failed to make $205.7 million payment that was due to bondholders on Tuesday.
U.S. debt ceiling showdown also weighed after President Joe Biden blamed Republicans for not supporting Democratic attempts to raise the ceiling by the October 18 deadline.
Senate Republican leader Mitch McConnell sent a letter to Biden indicating that the GOP would not vote for an increase in the debt ceiling.
Elsewhere, Taiwan has urged Beijing to stop “irresponsible provocative actions” after a record number of Chinese warplanes entered its air defence zone.
“Taiwan must be on alert. China is more and more over the top,” Premier Su Tseng-chang told reporters in Taipei. “The world has also seen China’s repeated violations of regional peace and pressure on Taiwan.”
Beijing views Taiwan as a breakaway province. However, democratic Taiwan sees itself as a sovereign state.
Sensex rallies 446 points; Nifty reclaims 17,800-mark
IndusInd Bank was the top gainer in the Sensex pack, followed by Bharti Airtel, HCL Tech, Reliance Industries, Titan and Asian Paints.
Equity benchmark Sensex rallied 446 points on Tuesday, propelled by index heavyweights Reliance Industries, TCS and Infosys amid a largely positive trend in global markets.
Despite opening on a weak note, the 30-share Sensex ended 445.56 points or 0.75% higher at 59,744.88. Similarly, the NSE Nifty surged 131.05 points or 0.74% to 17,822.30.
IndusInd Bank was the top gainer in the Sensex pack, jumping nearly 5%, followed by Bharti Airtel, HCL Tech, Reliance Industries, Titan and Asian Paints.
On the other hand, Sun Pharma, ITC, PowerGrid, UltraTech Cement and Nestle India were among the laggards.
"Domestic equities continued to show resilience and extended gains amid mixed global cues as expectations of strong September quarter earnings lifted investors’ sentiments," said Binod Modi, Head-Strategy at Reliance Securities.
IT and energy stocks witnessed strong recovery, while financials (excluding PSU banks) also witnessed modest rebound, he said, adding that heavyweight Reliance Industries continued to move higher and supported the market rally.
Elsewhere in Asia, bourses in Seoul and Tokyo ended with losses, while Hong Kong was positive. Shanghai was closed for holidays.
Stock exchanges in Europe were trading with gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 0.47% to $ 81.64 per barrel.
Denver weather: Warm, clear Tuesday in October
Denver will be warm, dry and clear on Tuesday, making for an unremarkable weather day.
According to the National Weather Service in Boulder, Denver will reach 82 degrees under sunny skies on Tuesday. Winds could reach 10 mph on a mostly clear day as temperatures dip to 49 degrees overnight.
There will be a 10% chance of showers and thunderstorms after 3 p.m. on Wednesday. It will be mostly sunny, with a high of 78 degrees. Winds could gust over 22 mph and into the evening as temperatures drop to 48 degrees while the storm threat disappears after 9 p.m.
Thursday will be mostly sunny, with a high of 78 degrees and a low of 49 degrees.
U.S. Factory Orders Jump More Than Expected In August
A report released by the Commerce Department on Monday showed new orders for U.S. manufactured goods jumped by more than expected in the month of August.
The Commerce Department said factory orders surged up by 1.2 percent in August after climbing by an upwardly revised 0.7 percent in July.
Economists had expected factory orders to increase by 0.9 percent compared to the 0.4 percent rise originally reported for the previous month.
The report showed orders for durable goods shot up by 1.8 percent, while orders for non-durable goods rose by 0.6 percent.
Meanwhile, the Commerce Department said shipments of manufactured goods inched up by 0.1 percent in August after jumping by 1.5 percent in July.
Inventories of manufactured goods also climbed by 0.6 percent in August, matching the increase seen in the previous month.
The inventories-to-shipments ratio was 1.47, unchanged from July.
Rush Street Interactive Shares Gain 7%
Shares of online casino company Rush Street Interactive Inc (RSI) is rising over 7% Tuesday morning, despite no company-related news that could be attributed to today’s stock movement.
The stock, which has been trading between $9.47 and $26.55 for the past one year, is currently trading at $20.15, up $1.43 or 7.64%, with trading volume of over 807K versus an average volume of 1.76 million shares.