In the latest financial results, meal delivery firm Deliveroo reported a significant improvement in its financial performance. Deliveroo reported a £31.8 million ($40.7 million) loss in full-year results, which is a significant improvement from the previous year’s loss of £294.1 million. Adjusted earnings also showed positive growth, coming in at £85.4 million, up from a £45 million loss in 2022. The company attributed this improvement to efficiencies in its delivery network, optimization of marketing spend, overhead savings, and a higher advertising contribution. Deliveroo forecasted adjusted earnings of £110-130 million for 2024, along with positive cash flow. These positive results indicate that Deliveroo is moving closer to profitability and building a more sustainable business model.
European stock markets have been performing well, with the STOXX Europe 600 hitting 500 points for the first time and reaching an all-time high. This positive momentum in the stock market has resulted in seven consecutive weeks of positive returns. Investors may be concerned about market euphoria, but historical data suggests that there could be even bigger gains ahead. According to CNBC Pro’s analysis of stock market data since 1987, stocks could continue to rise, presenting opportunities for further growth in the market.
Asset manager Jason Hsu sees promise in Chinese stocks and believes that they are currently trading at attractive valuations. Hsu pointed out that Chinese stocks are trading at their cheapest levels ever, presenting a significant discount and good investment opportunities within a portfolio. Despite the risks associated with investing in China, Hsu views the current negative sentiment as an opportunity to buy stocks at a discount for future growth. He emphasized the importance of not waiting for all uncertainties to be resolved before investing, as the opportunities for growth may diminish over time. Hsu’s perspective highlights the potential for significant returns in Chinese stocks despite the current challenges in the market.
European markets were expected to open in negative territory, with the U.K.’s FTSE 100 index, Germany’s DAX, France’s CAC, and Italy’s FTSE MIB all showing slight declines. Earnings reports from companies like Porsche, the John Lewis Partnership, Vistry, and Deliveroo were due, along with data releases including Spain’s final inflation figures for February. These market conditions indicate a mixed outlook for European markets, with potential fluctuations in the near term. Investors should monitor these developments closely to make informed decisions based on the latest market data.
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