UK PMIs disappoint and add pressure on the Bank of England
|UK PMI data disappointed today coming in below expectation for both the service and manufacturing sectors. While results remain in positive territory (above 50), figures were not only below expectations but also below the previous readings indicating a further slowdown in the economy as it deals with rising costs and supply issues faced by businesses. With this being the fourth consecutive drop, it will certainly be something to consider for the UK central bank and could be an indication of the direction the economy is heading if corrective measures are not implemented. Despite yesterday's FED decision to remain cautious, the Bank of England could feel more pressured to take action in the near future as it continues to monitor economic activity and post pandemic recovery.
DFS results point to excellent performance and steady growth
DFS Furniture preliminary results proved to be quite positive, with improvements seen across the board indicating a strong recovery from the pandemic. The company not only saw growth in revenue from continuing operations, but also a significant boost in market share and an increase in online revenue of 184.3% y/y. While it will be reinstating dividends, today’s results illustrate the resilience of DFS in a difficult environment and showed the company's ability to remain competitive by adapting its strategy through time.
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