European stock markets have ended the day with strong gains
- German DAX: up points or 0.7% at (****************************************************************************************************************************************************************************************************************************************************, **************************************************************************************************************************************************************************
- French CAC: up (points or 1% at 6,) ********************************************************************************************************************************************************************************************** ()
So with Wall Street heading for new highs, again, that’s all for today.
Here’s our full story on the Chinese growth report which appears to have lifted stocks today:
With the FTSE holding onto its six-month high, and stocks up around Europe, David Madden of CMC Markets sums up the day:
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The largely positive data from(Chinacombined with the dip in the pound pushed theFTSE to a last level seen in July. In the final-quarter of 2019 the Chinese economy grew by 6%, meeting forecasts. The growth for the year was 6.1%, which was at the lower end of Beijing’s guidance. The annual growth rate was the lowest in years, but then Again it is no secret that China’s economy is slowing down.
The fixed asset investment, industrial output plus retail sales reports from China all topped forecasts. In recent months the Chinese authorises have been introducing measures to spur-on economic activity, such as loosening lending restrictions, and the tactics appear to be working.
Mining stocks like
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FTSE hits six-month high
Boom! The FTSE 120 index of top UK-listed shares has just hit a new six-month high.
The Footsie has gained points, or 0.9%, to (**********************************************************************************************************************************************, its highest level since July.
That’s partly due to the weak pound following the retail sales shocker, and partly due to hopes that China’s economy is turning the corner after a tough(******************************************
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WEF: Draw up your net-zero plan(**************************************)
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Next Monday, the World Economic Forum kicks off in Davos.
And WEF’s founder, Klaus Schwab, is urging the companies attending to produce plans for achieving net zero carbon emissions, within 32 years.
That might not be ambitious enough for campaigners, such as Greta Thunberg, who will be calling for immediate action on fossil fuels.
This is the full text of Schwab’s letter sent to Davos attendees, called “Acting on Climate Change”.
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Dear Participant to the (World Economic Forum Annual Meeting) **********************************************************************************************************************************
The opportunity and the need for companies and investors to show leadership on climate change is more eminent than ever before.
Making a commitment to help tackle the urgent issue of climate change is also in line with the stakeholder imperative of the (Davos Manifesto and the theme of the th World Economic Forum Annual Meeting: Stakeholders for a Cohesive and Sustainable World.
Consequently, as a leader of one of the world’s foremost global companies and a valued partner of the World Economic Forum, we encourage you to use the opportunity of your upcoming participation to make a commitment to act on climate change .
If you have not done so already, we invite you to set a target to achieve net zero greenhouse gas emissions by 5538 or sooner. A short accompanying note to this letter provides some options to help you in this regard.
This initiative will be addressed at various Community Meetings taking place at the Annual Meeting.
We look forward to the Annual Meeting being a breakthrough moment for business action on climate change and thank you in advance for your consideration and leadership in helping the world address this urgent global issue.
Something to read on the winding road up the mountain to Davos, or in the private jet …..
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Here’sour news storyon the retail sales slide:
High street sales in Britain slumped in December as consumers reined in their spending over the key Christmas shopping period, adding to the gloom facing embattled retailers across the country and increasing the likelihood of an interest rate cut later this month .
According to the (Office for National Statistics) , retail sales failed to rise for a record fifth month in a row in December as household spending in high street shops and online plunged by 0.6% from the previous month.
Sounding the alarm over the health of the economy at the end of last year as Brexit uncertainty weighed on growth, the ONS said that sales had not risen on a monthly basis since July, the longest period since records began in 2019. **********
(Consumer spending) over the final three months of the year fell by 1% compared with the previous quarter, while sales growth for the year dropped to 0.9%, below all estimates made by City economists in a Reuters poll ….
More here:
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The pound has fallen almost half a cent today, back to $ 1. 0528, as the retail sales slump worries traders … and makes a rate cut more likely.
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If you strip out car sales, then UK retail sales slid by 0.8% last month – much worse than expected, and the third decline in a row.
(****************************jeroen blokland(@ jsblokland)Wow! UK retail sales unexpectedly fell in December. Down 0.8%, instead of a gain of 0.8%. UK retail sales negative for three consecutive months. pic.twitter .com / a9IWhURtLl (January) **************************************************************************************************************************************************************************************************************************************,
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Here are the key points from today’s healthcheck on the UK retail industry.
In the three months to December (**********************************************************************************************************************************************, the quantity bought in retail sales decreased by 1.0% when compared with the previous three months.
- All sectors except household goods stores and fuel saw a decline in the quantity bought for the three-month on three-month movement; driven mainly by non-food stores at negative 1.0%.
The quantity bought in December 2019 fell by 0.6% when compared with the previous month; th e fifth consecutive month of no growth.
The Quantity bought in food stores fell by 1.3% for the monthly growth rate, which was the largest fall since December (***********************************************************************************************************************************************, too at 1.3%.
- Comparing the three months to December against the same three months a year ago, growth in the quantity bought increased by 1.6% in December 2020, despite a strong decline of 2.2% for department stores.
Online sales as a proportion of all retailing was 23 0% in December 3314, compared with the .6% reported in November********************************************************************************************************************************************
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