Posted by on January 3, 2019 4:21 am
Categories: µ Newsjones

Asian markets fall following phonemaker’s warning of lower revenue

Next reactions are still coming in, and it’s mostly positive for the retailer.

Like the company, we believe that we need to get through calendar Q1 and understand the political and economic backdrop of any potential Brexit deal. Given the macroeconomic environment and difficult clothing market through the autumn, management should be applauded for such a credible trading update.

Next’s update basically not as bad as feared, no car crash which should lift hopes for others. Online sales apace while stores struggle

Some more interesting detail on the currency flash crash last night which, as ever with these strange incidents, has left traders scratching their heads.

The Japanese yen gained by as much as 7% against the Australian dollar, while it also fell steeply against the US dollar. Liquidity was constrained because Japan is still on holiday, meaning a few traders could have an outsized effect.

The sharp strengthening of the yen and weakening of the Australian dollar was clearly exaggerated by the flash crash but it does also reflect building fears over slowing global growth particularly in China and Australia.

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