FTSE 100 Closes Down 0.4% Amid Signs of UK -2-

1343 GMT - M&Co appointing administrators amid a difficult trading environment is a sign that more apparel companies may report problems ahead, Shore Capital analysts Clive Black and Eleonora Dani say in a note. The decision, which follows the collapse of Joules some weeks ago, was made in a scenario where inflation remains high and the cold weather will have an impact on energy bills in December, they say. "Given the compression on British household incomes, we would not be surprised to see further stories of difficulties in forthcoming weeks and months," they add. Looking forward, the consumer environment is likely to see some relief from the second half of 2023, the analysts say. ([e-mail])

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Currys 1H Investor Debate Likely to Be Over Sales Growth

1521 GMT - Currys is set to report 1H results on Thursday with investors likely to prioritize their focus on like-for-like sales trends for the period, AJ Bell investment director Russ Mould and analyst Danni Hewson say in a note. The electrical retailer might be well known in the U.K. but it represents just 54% of group sales, while 41% comes from the Nordic region and 5% from Greece, they note. Investors will also focus on the group's balance sheet given that its previous operating margin was squeezed, they say. Regarding shareholder returns, market expectations forecast an unchanged total dividend payout of 3.15 pence for fiscal 2023, they say. ([e-mail])

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European Media Stocks With Defensive Edge Merit a Look

1531 GMT - European media stocks with solid fundamentals deserve investor attention amid potentially tough economic conditions in 2023, JPMorgan says. JPM expects a eurozone and U.K. recession at the start of next year and a U.S. recession towards the end of the year, the U.S. investment bank says. Higher interest rates impacted multiples in 2022 and the resulting slowdown looks set to affect earnings in 2023, JPM says. "Our strategists suggest the recent rebound in cyclicals may be premature and have a defensive bias. Our key picks are quality names with attractive equity stories regardless of the macro environment," JPM analyst Daniel Kerven says in a note, adding that the bank favors RELX, Pearson and UMG. ([e-mail])

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(END) Dow Jones Newswires

12-12-22 1252ET