Tuesday,31 January 2023 17:12:03

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Tuesday,31 January 2023 at 17:13

More than 800 jobs at Paperchase are under threat after Britain's largest supermarket, Tesco, swooped for the struggling stationery company in a deal expected to close stores.

Tesco said it had bought the Paperchase brand and intellectual property, and expected to start rolling out new products in its UK stores.

The announcement came just hours after Paperchase collapsed into administration earlier today.

The deal is understood to not include Paperchase's 100 stores, where it employs more than 800 people, casting doubt on the future for hundreds of staff.

UK and European markets slid further despite euro zone growth figures coming in ahead of estimates.

U.S. stocks inched forward as a flurry of corporate earnings rolled in.

Oil prices steadied after moving close to a three-week low, with U.S. wage growth data and a retreating U.S. dollar bolstering risk sentiment ahead of OPEC and central bank meetings this week.

Gold prices were on track for their third straight monthly gain, helped by an overall weaker dollar and expectations around slower rate hikes from the U.S. Federal Reserve.

Markets

At the close

FTSE 100 7,771 (-0.17%)

FTSE 250 19,853 (-0.42%)

DAX 15,128 +0.01%

At 17:15

Dow Jones 33,795 +0.23%

S&P 500 4,043 +0.63%

NASDAQ 11,506 +0.99%

Fixed Income

UK 10-YR YIELD 3.337

Exchange Rates

GBP/USD 1.231

GBP/EUR 1.134

Commodities

Gold $1,926 +0.22%

Brent $85.00 +0.73%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.