British gas prices top 200p per therm, the highest since December 2022, while European gas prices are the highest since January 2023
Oil prices continue to climb, and are above $102 a barrel now after the US and Iran stepped up their attacks on ships on Wednesday.
Brent crude touched $102.17 a barrel and is now trading at $102.09, up 88 cents or 0.87%.
This leaves the market vulnerable as we head closer towards the upcoming heating season.
The sharp drop at the open is the market saying Primark’s turnaround is still a story, not a number. Like-for-like sales at Primark, expected down 3% in the fourth quarter after a 2.2% drop in the third, tell investors the recovery they had started to price in is not here yet. Summer price cuts and a sharper UK offer have not turned the existing store base. New shops in the US can still lift the headline. They cannot, on their own, justify the multiple a standalone Primark will need. Europe remains the problem, and that is half the estate.
Home delivery in the UK is the right call and closes a long running gap. It will not rescue this Christmas, and the market has treated it accordingly.
