Tesco shares fell as much as 3.3% before recovering to be up 0.9%, extending gains so far this year to over 20%.
British retail sales fell for a fifth straight month in September, the Confederation of British Industry said, and credit card lending data also pointed to a possible softening in consumer demand ahead of Brexit.
British shoppers grew more cautious about their spending in the three months to September despite enjoying real growth in their wages, raising concerns about the health of the economy in the run-up to Brexit.
British retail sales rebounded much more strongly than expected last month as the country gradually relaxed its coronavirus lockdown, but public borrowing hit a record high and debt passed 100% of economic output.
Britain’s high street faces more than 5,000 job cuts after two of its biggest names said that customers were unlikely to return to their old shopping habits after the coronavirus crisis, in the latest blow to the country’s ailing economy.
Global shares dipped on Friday as data out of China, the eurozone and the United States put a lid on expectations for a sustained global rebound, with traders already worried about a delay in US fiscal stimulus.
Chinese firms like Xiaomi are facing delays getting approvals from India’s quality control agency for their goods, five industry sources told Reuters, as the business environment deteriorates after a clash on their Himalayan border.
Abu Dhabi National Energy Company (Taqa), announced on Thursday its earnings for the second quarter of 2020. The company’s revenues reached Dhs3.3 billion for the quarter, reflecting the COVID-19 pandemic ongoing adverse impact on energy markets.