BUSINESS LIVE: Energy Crisis Hits British Pound; Upcoming earnings forecast updates
BUSINESS LIVE: Energy Crisis Hits British Pound; Upcoming earnings forecast upgrades; Investors are waiting for Evergrande’s interest payment deadline
The pound fell to its lowest level in eight months on Tuesday as the fuel crisis sweeping through Britain spooked investors, with the pound falling almost 1.3% to $ 1.35 from to the dollar. It is up slightly at the start of today’s session.
Next reported a 5.9% increase in first-half profits compared to the same period before Covid two years ago, raising its full-year profit forecast for the fourth time in six months.
The retailer has enjoyed strong trading since the end of coronavirus restrictions, making a pre-tax profit of £ 347million in the first half of the year.
Global investment markets are heavily focused on Chinese real estate developer Evergrande Group, which is now facing a deadline for the payment of a bond coupon to foreign investors.
Evergrande, who owes a total of $ 305 billion, was forced to sell some of its assets as it faces a bond interest payment of $ 47.5 million on its March 9.5% dollar bond. 2024.
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The energy crisis helped push the pound to its lowest level in eight months on Tuesday