Good morning,
Asos took an up-to £94m hit to its sales from the cyber attack which targeted customer data last month, overshadowing the fast-fashion firm’s return to profit.
Meanwhile, traders will be searching for clues on the direction of future monetary policy moves from the Bank of England later today, with Threadneedle Street widely expected to lift rates for the first time in three years.
So, here’s everything you need to know this morning. We’ll be back in your inbox at noon with Midday Markets.
Charlie
Burnham’s Ten Year Plan: a Poundland in every postcode?
You may barely be over the excitement of the Budget, but brace yourselves: Andy Burnham’s Ten Year Plan for Britain is coming into view. Expect a ban on Smoky Bacon flavour crisps and a state-run Poundland in every postcode.
The PM’s ‘Brexit reset’ will see the UK sign up to all the latest EU rules on food packaging, meaning (among other things) that flavoured snacks won’t be able to refer to meat in their name if they don’t actually contain any. We may also have to say goodbye to sachets of ketchup in greasy spoons and pubs, since Brussels has banned them. It’s all to play for, writes City AM Editor-in-Chief Christian May.
Asos took hit of up to £94m from cyber attack
Asos took an up-to £94m hit from the cyber attack which targeted customer data last month, overshadowing the fast-fashion firm’s return to profit.
The London-listed retailer said its decision to pause some marketing and customer-related activity in the aftermath of the incident resulted in a “short-term disruption” to trading, estimated at between two and four per cent of the group’s gross merchandise value (GMV).
City searching for signals with Bank of England set to hike rates
City traders are searching for any signs the Bank of England could move faster in hiking interest rates in the coming months with policymakers widely expected to tighten monetary policy later today.
The Bank’s Monetary Policy Committee is set to lift interest rates from 3.75 per cent to four per cent in a bid to quell rising price pressures.
FTSE 100 Live: Stocks to gain ahead of interest rate decision
Global investors are still revelling in the US midterms, which have left stock markets across the world rallying.
The FTSE 100 looks poised to extend yesterdays 1.8 per cent gain this morning ahead the Bank of England’s interest rate decision.
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Andy Burnham says stockpile beans and tuna: Here’s the wine to pair with that
The government has advised us to stock up on tinned goods and bottled water for at least three days, but when you are hunkered up at home facing Armageddon then a bottle of Evian isn’t going to lift anyone’s spirits.
Here are the wines that can transform a sad can into fine cuisine.
Why Fifa and Infantino may face subpoenas after Democrats’ blitz
Fifa and Gianni Infantino face being issued with subpoenas over their ties to Donald Trump after Democrats routed the US President’s administration in the midterm elections.
The Democrats’ majority in the House of Representatives hands them legal powers to compel testimony after Fifa and Infantino ignored previous attempts to investigate the close relationship between football’s governing body and Trump.
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