BUSINESS LIVE: Compass forecasts strong growth; MusicMagpie up for sale; LSE appoints new finance boss

Shares in Ashtead Group tumbled after it cut its expectations. This showed that revenues were affected by fewer natural disasters and the Hollywood writers’ strike.

The London-listed construction equipment rental company, which does most of its business in the US, said sales were hit by “a lower level of emergency response activity with a significantly quieter hurricane season.”

Savers could see a rise in national savings and investments in the wake of the Autumn Statement, as the government looks to raise more money from the Treasury-backed bank.

A study into postcode areas with the highest advertised salaries shows that Leeds is the best paying region outside London.

Other cities with attractive salaries are Cambridge, Bristol and Manchester, according to job site Adzuna.

If you’re a regular online shopper, you’ve probably been bombarded by pop-ups that say things like “100 people are looking at this” or “There are five items left.”

Brignull says this could be a misleading tactic to encourage people to buy quickly.

Compass Group saw an increase in profit and turnover in its annual figures, with the company mainly attributing this to ‘strong performance and favorable exchange rates’.

The largest catering company told investors that sales rose 21.6 per cent to £31 billion in the year to September 30, compared to the previous year.

MusicMagpie has confirmed that discussions are underway over a possible sale to BT Group and investment company Aurelius.

The Stockport-based company, known for selling second-hand electronics, said discussions were at a “very early stage” and there was “no certainty” an offer would be made by either party.

Russ Mould, investment director at AJ Bell, says about the markets this morning:

It’s rare for construction rental group Ashtead to issue a profit warning, so when one does come, it’s normal for the share price to take a hit. That’s exactly what happened today and why it has put a significant drag on the FTSE 100.

Catering group Compass also weighed on the UK blue chip share index as full-year sales and earnings per share were marginally below market expectations.

Tomorrow’s session will feature the Federal Reserve’s final minutes on its decision to leave interest rates unchanged. That has the potential to move the markets, as did the same-day results from chip specialist Nvidia, the stock market’s darling this year.

It has been a key driver of US stock market performance in 2023, so the slightest bit of bad news from the company could send shockwaves across the market.

The latest outlook for the UK economy and public finances from the Office for Budget Responsibility will be released on Wednesday, alongside the chancellor’s autumn statement.

Rishi Sunak will outline an optimistic view of Britain’s current economic prospects as hopes grow for tax cuts in the Autumn Statement.

In a speech two days before the crucial financial package, the Prime Minister will urge easing inflation shows that Britain has finally turned a corner.

Microsoft has hired ousted OpenAI boss Sam Altman along with co-founder Greg Brockman to lead a new cutting-edge AI research team, the tech giant’s CEO Satya Nadella has announced.

Nadella also appeared to confirm the reported appointment of Emmett Shear as the new CEO of OpenAI, a company Microsoft is working with, saying that they “look forward to getting to know and working with Emmett Shear and OAI’s new leadership team.” ‘

Derren Nathan, head of equity research at Hargreaves Lansdown, comments on Compass Group’s annual results:

Contract caterer Compass Group has presented a set of annual results that are likely to please shareholders. Volume and price contributed equally to the growth, and the encouraging 5% growth in new production was above historical norms.

This reflects a structural growth opportunity in outsourcing, as more companies turn to Compass to reduce supply chain and regulatory pressure. This was reflected in the fact that 50% of the £2.7 billion in new business won during the year came from clients entering outsourcing for the very first time.

Compass is the market leader, but with a share of less than 15% and 50% in-house, a lot is possible. That should provide the economy with some shelter from macroeconomic pressures, and the guidance provided for the new financial year could leave some room for upside.

The boss of Fortnum & Mason strongly warned the government in this weekend’s Autumn Statement to scrap the tourist tax before it is ‘too late’ to avoid losing sales revenue to the French.

Tom Athron, CEO of the luxury food retailer in London, said: ‘Paris will be a very attractive location for visitors next year as it hosts the Olympic Games.

Halfords has reportedly been approached about a possible merger with van rental company Redde Northgate to create a combined group worth more than £1.3 billion.

According to the Sunday Telegraph, the two companies held detailed discussions about a ‘nil premium’ deal, under which neither company will receive a premium on the market value of their shares.

The Confederation of British Industry (CBI) will today urge Jeremy Hunt to save Britain from ‘low growth and missed opportunities’ as he finalizes his autumn statement.

It will further increase pressure on the Chancellor to ease the burden on businesses by making permanent a ‘full charge’ tax break, which rewards investment but expires in 2026.