European shares end five-day losing streak, still down for the week European stocks rose 2% on Friday, clocking gains for the first time in six days after key U.S. jobs data eased bets of a more aggressive Federal Reserve, but logged their third straight week of falls on concerns over a spike in energy prices. The pan-European STOXX 600 rose 2.0%, but clocked a weekly decline of 2%. “If wage growth continues to moderate along with prices for goods and services the Fed may find a window to ease back on the pace of hiking, an event that would surely set up a relief rally in equities,” said Peter Essele, head of portfolio management at Commonwealth Financial Network. Also read: Sensex, Nifty end flat in volatile session; Nifty support shifts to 17450, investors can add on dips Investors sharply raised bets this week on a large 75 bps rate hike from the European Central Bank at its meeting next Thursday following hawkish commentary from policymakers and another record high inflation print in August. Money markets priced in an 80% chance of a 75 bps hike at the meeting, compared with less than 50% last Friday, per Refinitiv data. Flows of Russian gas via the Nord Stream 1 pipeline to Germany remained at zero on Friday morning after Russia’s Gazprom halted supplies for a three-day maintenance outage on Aug. 31. “I think the global economy, especially the European economy, remains hostage to what Russia decides to do with gas flows, at least for this coming winter. We just have to brace for more potential trouble coming that way from Russia,” said Andrea Cicione, head of strategy at TS Lombard based in London. Credit Suisse rose 6.1% following reports that Switzerland’s second-biggest bank is considering cutting around 5,000 jobs in a cost-reduction drive. Ryanair firmed 2.0% as the Irish low-cost carrier saw a record number of passengers in August for the fourth straight month. Philips slumped to its lowest level since July 2012 after a subsidiary of the Dutch medical device maker agreed to pay more than $24 million to resolve alleged false claims over respiratory-related medical equipment, the U.S. Justice Department said. Also read: Stocks to buy: Asian Paints, Garden Reach shares ready for upmove; stocks may rally 13% Lacklustre August sales by Volvo Cars pushed shares of the Swedish automaker down 1.9%. Miners fell the most, shedding more than 6% this week as metals’ prices dropped on renewed concerns that China’s zero-tolerance COVID-19 policy and rate hikes would dent demand for commodities.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.