New data from the British Retail Consortium showed that total sales fell 0.3% in 2020 – the worst performance since the record began in 1995. However, sales in December rose 1.8% as more and more buyers have switched to the Internet.
5 things to start your day
1) Philip Day makes deal to save Edinburgh Empire Woolen Mill: Retail mogul has struck deal with Middle Eastern investors to save Edinburgh Woolen Mill, Ponden Home and Bonmarche from collapse.
2) Sunak warns of worse on the way as second wave undermines economy: “Many people are losing their jobs, businesses are in difficulty, our public finances have been seriously damaged and will need to be repaired,” he told MPs.
3) Truckers hike tariffs as Brexit bites and customs chaos looms: Carriers who used to charge € 1.50 per km now want € 10 due to the impact of new Brexit customs controls, the Road Haulage Association said.
4) Half of non-food sales go online: Nearly half of all retail sales were made online in December amid tighter rules, virus fears and increased familiarity with internet shopping.
5) Why negative interest rates might be on the way: The main BoE politician, Silvana Tenreyro, laid out a series of reasons why lowering the base rate below zero could be economically “powerful”.
What happened during the night
Two of Donald Trump’s favorite banks are pulling out of billionaire president following last week’s deadly riot on Capitol Hill.
Deutsche Bank AG has decided to refrain from continuing business with Mr. Trump and his company, a person familiar with the matter said, asking not to be identified as the deliberations were confidential. Mr. Trump owes the Frankfurt-based lender more than $ 300 million.
And Signature Bank, the New York lender who has long looked after his family, has said it is cutting ties while pushing for her resignation. Signature is closing two personal accounts in which Mr. Trump held approximately $ 5.3 million, a cabinet spokesperson said Monday.
The yield on benchmark 10-year US government debt, which rises when prices fall, gained as much as 2.4 basis points to a new ten-month high of 1.1580%.
The largest MSCI index of Asia-Pacific stocks outside of Japan fell 0.5% after hitting an all-time high on Monday, led by a 2.6% drop in South Korea, investors deriving some benefit from the Kospi outbreak.
Company: Games workshop (Intermediate results) Frères Rathbone, Robert Walters, THG, Vistry, XP Power (Trading statements)
Economy: BRC Retail Sales Monitor (UNITED KINGDOM); small business optimism, job vacancies (WE)