By Joice Alves LONDON (Reuters) - European retailers have been unlikely stock market stars this year, but a long spell of high borrowing costs and ...
Heading to Principal’s Office for a Pint: Windsor’s Schoolhouse Brewery | SaltWireLONDON - European retailers have been unlikely stock market stars this year, but a long spell of high borrowing costs and inflation has started to bite, so wary investors will be looking for reassurances from the likes of H&M and Zara-owner Inditex when they issue business updates this week.
The snag is that this stellar run has been partly built on investors unwinding bearish bets, or short positions, on retail stocks, after last year's pessimism proved overdone. This means retail stocks might not see as many willing buyers as earlier this year. And now, with inflation slowing down, the accumulated effects of costlier credit and months of surging prices are weakening demand.
Some retailers are considered cyclical because of how demand for their products tends to track economic swings, while defensive stocks, such as health care or utilities, tend to see more constant demand.With H&M, Inditex and home improvement specialist Kingfisher issuing corporate updates in the next couple of weeks, investors will have a chance to judge how the sector is coping.
JPMorgan downgraded the grocery retail sector this month and flagged the prospect of price declines going into 2024.
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