Mood – On the wane (2/10)

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We’re dwindling and diminishing, with the UK economy shrinking 0.1% in March, the FTSE All Share down 2% today and cryptocurrency Ethereum losing 20% of its value in 24 hours. Corporates are trimming their wings, with Lloyds Banking Group shutting its commercial finance business in Asia, Chinese taxi app Didi shelving plans for major overseas expansion and Facebook owner Meta preparing cutbacks in its Reality Labs division. Goldman Sachs is said to be pulling out of working with most of the special purpose acquisition companies that it took public. The Royal Mail has admitted that one-in-five first-class letters and parcels fail to arrive the next day. Nearly one-third of baby formula products were out of stock at 20 major US retailers in April.

GATHERING PACE

We still need to be alert for matters arising, with NATO maybe gaining two more members and Saudi Aramco taking over from Apple as the world’s most valuable company. BT’s pre-tax profits are up 9%, while JD Sports’ like-for-like revenues are 5% ahead. On-the-go office workers will soon be able to do their work in Tesco as the supermarket group converts spare space to compete with WeWork. ‘Partygate’ fines issued by the Metropolitan Police have doubled to more than 100. As Edison launches a series of webinars on whether investing in real assets can provide sustainable, less correlated returns, read our reports on the direct technology investment sector and on revisiting IPOs in London.

 

NOT FUDGING OUR ISSUES

In Better Speech and Language Month, Michael Gove has been belittled for putting on a Liverpudlian accent. But it’s also National Limerick Day and the time of the year devoted to the enjoyment of nutty fudge.

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