It was a mixed Monday for European stocks, with the FTSE bucking the upwards trend to trade flat by the close. Meanwhile, US indexes ticked higher building on euphoric all-time highs for the S&P 500 at the end of last week, spurred on by megacap company earning reports.
The moves follow gains, as the market embraced a clutch of better-than-expected corporate results, with big tech names driving the lion's share last week. Eyes are on the next batch of quarterly reports, with John Deere (DE), Coca-Cola (KO), Airbnb (ABNB), and Kraft Heinz (KHC) serving as highlights on the docket in coming days.
The moves in Europe came as high street cosmetics stalwart The Body Shop looked set to slip into administration, according to reports from Sky News which dropped over the weekend – a move which could wipe out thousands of jobs.
The report said Body Shop has lined up FRP Advisory to handle the insolvency process, adding that sources said the insolvency process was focused on UK operation as opposed to its global franchise partners. Yahoo contacted The Body Shop for comment but didn't hear back before publication.
Radio 5 had the former CEO, David Boynton speaking, who said: "There are people speculating that the potential administration might be a means of removing some of the obligations in closing less profitable markets."
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