Good morning, it’s Paul here, with Thursday’s placeholder.
Estimated time of completion today is 2pm – there are lots of announcements, so I might possibly defer a couple until tomorrow.
Middle East tensions – the risk of all-out war between USA amp; Iran seems to be receding. Tehrans’s “firework display” (as one newspaper put it) which doesn’t seem to have actually killed any Americans, allows it to save face amp; back down. No doubt lower level tensions amp; deniable attacks are likely to continue, but for now anyway this is going down my list of worries in respect of the stock market.
Early snippets
Marks and Spencer (LON:MKS) – Q3/Xmas update looks OK. Eked out +0.2% LFL sales. Full year guidance unchanged, which in current circumstances is not bad at all. Decent yield of almost 5%. Turnaround happening I think, but very slow. Shorts are wrong on this – I see MKS as a long-term winner, due to: strength of food offering (best there is), upside from Ocado partnership selling food online, highly cash generative still, store closures should greatly boost profits because of eliminating losses but also adds +20% sales to nearest…
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