The FTSE started the day fully expecting 'the good news to continue', after the markets correctly interpreted David Cameron’s comments yesterday as a heads-up to an improved GDP figure. Even with the UK economy moving out of recession, however, the markets failed to get too carried away, with the FTSE seeing a continuation of this week's low trading volumes (£630 million a day averaged over the first three days of the week, compared to last week's £811 million a day).
In a heavy day for corporate reports, the clothes retailers have been interesting to watch. Debenhams, the predominantly UK high-street based firm has continued its efforts to increase online sales and set an annual sales target of £600 million, up from the current £500 million. Debenhams' AIM-listed peer, ASOS, has posted half-year figures today describing a considerably more optimistic outlook for 2013. The company sells all its clothes online and has no high-street presence, and will soon be launching sister websites in both Russian and Chinese with an aim to maintain their 64% year-on-year growth in sales.