The eurozone released figures on growth and inflation early on Monday morning, with promising results. Exactly as analysts had predicted, inflation fell to 5.3% in July, down from 5.5% in June. Core inflation remained stubbornly at the same level at 5.5%, proving that last week's decision to raise interest rates was a wise move. Economic growth for the second quarter was 0.3%, showing promising signs of economic recovery and moderate strength for the second half of the year.
Shares in the FTSE 250 company Vanquis Banking fell by nearly 30% on the back of poor earnings announcements amounting to losses released late on Friday. The company had recently acquired Female-led budgeting app Snoop, which attracted initial excitement causing the share price to climb. However, in spite of the exciting acquisition, the losses shown in the figures will struggle to reinvigorate investors for some time to come.
The Dutch brewer, Heineken, has reported slowing sales, causing them to cut their profit forecasts for the rest of the year. Heineken attributed the falling sales to a combination of a tough economic climate, increasing prices and reduced demand from the Asian market. Shares fell by 5% on the back of the announcement, and with tough times ahead, it’s unlikely to stimulate the value anytime soon.
Sources: AJ Bell, ShareCast, IG, Tech Eu, Financial Times, Nasdaq