Bank note printer, De La Rue, has taken a pounding after issuing a profit warning. The company, which also manufactures passports, has cut its profit forecasts in the past and I wouldn’t be surprised if it cut profit outlook again in the future.
The UK supermarket sector is the biggest weekly loser on the London market. High-street names like Tesco and Sainsbury’s often engage in price wars, and it seems the only price war they are involved in is a share price war, and so far Tesco is winning the race to the bottom.
Sports Direct is being dragged lower by Tesco after the sports retailer backed the troubled supermarket using an options contract. European stock has been rattled by the prospect of a Russian retaliation as the sanctions dispute continues. Anytime traders feel that Putin is angry they grab their tin hats. The miners are standing still for the first time this week. It has been a volatile week for the mineral extractors, and next week’s Chinese manufacturing numbers will be in focus.
In the US, we are expecting the Dow Jones to open up 55 points at 17,000. Index futures are picking up the pace ahead of the US GDP numbers at lunchtime.