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Considering all the problems that Tesco is tackling at the moment, with its market share being eaten into, profit margins being squeezed and its competitors starting a price war, poor internal accounting issues was the last of its needs. A downgrade of 23% for its profit forecast is more than a minor issue, and has subsequently seen sellers force the share price down by over 8.5%. The food retailer has now suffered four profit downgrades in a row, and the more cynically minded investors will be asking how much more than the reported £250 million black hole the investigative accountants might find.
The continuing work on remodelling its outlets along with higher marketing costs have seen Moss Bros come in just under its previously stated first-half pre-tax profits.
A thin menu of economic data for the markets to feed from will ensure extra prominence is being given to European Central Bank president Mario Draghi’s speech this afternoon. Even with the impressive performance of Alibaba as it started trading on the US markets on Friday, the week ended on a bit of a damp squib.
Ahead of the open we expect the Dow Jones to start 31 points lower at 17,248.