Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Tesco PLC
  6. News
  7. Summary
    TSCO   GB00BLGZ9862

TESCO PLC

(TSCO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Tesco : As Fed fallout fades, stocks left hanging near highs

06/18/2021 | 04:27am EDT

* Analysts ask if Bank of England will follow Fed

* Stocks remain close to this week's record highs

* Treasury yields rise; dollar near two-month highs

* Gold gains ground after earlier plunge

LONDON, June 18 (Reuters) - Stocks were stranded just below record highs on Friday, with investors left looking for direction after digesting the U.S. Federal Reserve's more hawkish stance.

The pan-European STOXX index of shares eased 0.19% to 458.50 points, barely below Monday's record high of 460.51.

"I would not expect too much of a change," Michael Hewson, chief market analyst at CMC Markets, said of the market.

"What has the Fed said that is particularly upsetting in terms of the outlook for interest rates and monetary policy? We are still talking 18 months' time. It suggests the economy is improving and that is a good thing," Hewson said.

The MSCI world equity index was off 0.13% at 713.97 points after hitting a record high of 722.32 on Tuesday, while Paris and Frankfurt were little changed.

Stocks in London fell 0.4% after data showed British retail sales fell unexpectedly last month as a lifting of lockdown restrictions encouraged spending in restaurants rather than shops, with Tesco down 1.8%.

Britain's biggest retailer reported a sharp slowdown in underlying UK sales growth in its first quarter, reflecting a tough comparison with the same quarter last year when consumers stocked up in the country's first COVID-19 lockdown.

The dollar was heading for its best week in nearly nine months as investors priced in a sooner-than-expected ending to extraordinary U.S. monetary stimulus.

Strength in the greenback pushed oil lower for a second straight session, while spot gold remained down around 5% for the week after the Fed dented the yellow metal's safe haven appeal.

No major data is expected and corporate news was thin, leaving investors to continue pondering what the Fed's comments will mean for the assets they hold in coming months.

INFLATION GENIE

While the Fed messaging indicated no clear end to supportive policy measures such as bond buying, signals of faster-than-expected rate hikes indicated its concern about inflation as the U.S. economy recovers from the COVID-19 pandemic.

"What is pretty obvious is that the inflation genie is starting to sneak out of the bottle, and that will be a major driver of interest rates in the short to medium term," said James McGlew, executive director of corporate stockbroking at Argonaut in Perth.

In Europe, analysts were already asking if the Bank of England, whose monetary policy committee meets next week, will follow in the Fed's footsteps and adopt a more bullish tone on the economy and what that would mean for the path of UK stimulus and interest rates.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was flat after falling for four sessions.

Chinese blue-chip A shares were also little changed, along with Japan's Nikkei.

Gold prices, which plunged following the Fed comments, edged higher but were still set for their worst week since March 2020. Spot gold was last up 1% at $1,790 per ounce.

Hopes for a strong U.S. recovery pushed technology stocks higher on Thursday, lifting the Nasdaq Composite up 0.87%. But worries about inflation and higher rates weighed on the broader market, with the S&P 500 edging down 0.04%. The Dow Jones Industrial Average fell 0.62%.

Higher expectations of inflation continued to lift long-dated U.S. Treasury yields. Benchmark 10-year notes yielded 1.4802%, off 0.031 from a close of 1.511% on Thursday.

The dollar pulled back against the yen to 110.02, and the euro was flat at 1.1914.

Oil prices took a hit from the strong dollar as concerns over demand and new Iranian supply also weighed.

Global benchmark Brent crude was down 0.68% at $72.63 a barrel after settling at its highest price since April 2019 on Wednesday. U.S. West Texas Intermediate crude, which touched its highest level since October 2018 on Wednesday, shed 0.42% to $70.74.

(Additional reporting by Andrew Galbraith and Tom Westbrook: Editing by Christopher Cushing, Edwina Gibbs and Alexander Smith)


ę Reuters 2021
All news about TESCO PLC
12:32aTESCO : Bank to Shut Down Current Accounts Due To Limited Activity
MT
07/26MARKETMIND : A China crackdown
RE
07/26Morrisons Chair Dismisses Boardroom Friction Claims Over Clayton Dubilier & R..
MT
07/23MARKETMIND : Lower forever for 'Generation T'?
RE
07/22Server Outage Paralyzes Several British Companies' Websites
MT
07/22UK to launch daily COVID tests in food sector to tackle 'pingdemic'
RE
07/22MARKETMIND : Expect ECB doves to coo
RE
07/22UK's Morrisons investors to vote next month on Fortress offer
RE
07/21Full Brexit checks risk becoming 'incendiary' in N.Ireland, M&S says
RE
07/21MARKETMIND : A rocky road
RE
More news
Financials
Sales 2022 59 200 M 81 838 M 81 838 M
Net income 2022 1 328 M 1 836 M 1 836 M
Net Debt 2022 11 165 M 15 434 M 15 434 M
P/E ratio 2022 13,1x
Yield 2022 4,00%
Capitalization 17 833 M 24 648 M 24 653 M
EV / Sales 2022 0,49x
EV / Sales 2023 0,47x
Nbr of Employees 300 000
Free-Float 97,9%
Chart TESCO PLC
Duration : Period :
Tesco PLC Technical Analysis Chart | TSCO | GB00BLGZ9862 | MarketScreener
Technical analysis trends TESCO PLC
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Last Close Price 232,40 GBX
Average target price 282,81 GBX
Spread / Average Target 21,7%
EPS Revisions
Managers and Directors
Ken Murphy Group Chief Executive Officer & Director
Imran Nawaz Chief Financial Officer
John Murray Allan Non-Executive Chairman
Guus Dekkers Chief Technology Officer
Antony John Hoggett Chief Operations Officer
Sector and Competitors
1st jan.Capi. (M$)
TESCO PLC-20.71%23 999
WALMART INC.-1.05%388 181
SYSCO CORPORATION-1.27%39 412
WOOLWORTHS GROUP LIMITED0.03%35 390
AHOLD DELHAIZE N.V.11.92%30 391
THE KROGER CO.25.28%29 299