• Asos posted a record 329% increase in pretax profit to £142.1 million ($184 million) in the year to August.
  • This was mainly down to it cutting around £50 million ($65 million) of costs.
  • Sales of sportswear, skincare, and makeup also boomed during lockdown.
  • But it said it was “cautious on the outlook for consumer demand” because of pressure on the disposable incomes of its customers, who are mainly in their 20s.
  • Asos shares fell by 9%, set for their largest one-day fall since mid-March.
  • Visit Business Insider’s homepage for more stories.

Asos more than quadrupled its profits in the year to August thanks to cost-cutting measure and a sportswear boom during lockdown, it announced on Wednesday.

But it warned that its target market, people in their 20s, were struggling economically. It was “cautious on the outlook for consumer demand, and will remain so until lifestyles and financial stability for our

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The UK and European Union are starting a key week of Brexit talks, with the bloc stiffening its demands over how any trade deal will be enforced after losing trust in Boris Johnson because of his attempt to rewrite last year’s divorce agreement.

The final round of scheduled discussions between the EU’s chief Brexit negotiator, Michel Barnier, and his British counterpart, David Frost, begins in Brussels on Tuesday with officials on both sides expressing cautious optimism a deal can be reached.

If the two sides make enough progress by Friday, they could embark on a two-week period of intense discussions — the so-called Brussels tunnel — to hammer out an accord in time for a summit of EU leaders on October 15, Johnson’s self-imposed deadline for striking a deal.

If they don’t, Britain would be almost certain to crash out of the EU’s single market at the end of the

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Macro News

US: Markets continue to be volatile ahead of the US elections with the S&P 500 retracing by 10 percent from peak to trough in recent weeks. We previously argued that US equities have historically performed poorly during ‘close elections’, and that investors should look for good hedge against the risk of further downside moves for the rest of the year. One asset we think could receive strong support if volatility remains elevated is the US dollar; figure 1 (left frame) shows that cheaper USD has resulted in higher equities in the past year, especially since the S&P 500 bottomed in March.

Another risk for the US economy is the dramatic decrease in fiscal stimulus received from unemployed people in the past month; the amount of unemployment benefits dropped from $600/weekly to $300/weekly (with an extra $100 coming from the states) after Trump signed a series of executive orders

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By Anshuman Daga and Aradhana Aravindan

SINGAPORE (Reuters) – Singapore state investor Temasek Holdings flagged an uncertain outlook for global economic recovery and a challenging environment for long term investors even as it reported record high private holdings in its total portfolio.

Ranked among the world’s biggest investors, Temasek’s net portfolio value fell 2.2% to S$306 billion ($224 billion) in the year to March 2020, the first drop in four years, it said in July.

“Increased geopolitical tensions and technology bifurcation could result in a more uncertain environment for long term investors and asset owners,” Yeoh Keat Chuan, a senior managing director at Temasek International, told reporters in a virtual news conference on Tuesday.

Senior executives said the coronavirus pandemic had not significantly altered Temasek’s investment strategy in the long term.

However, the crisis had accelerated structural trends that guide Temasek’s investment decisions, such as those driven by demographic shifts

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The benchmark stock indices have opened the day on a flat note with rising economic uncertainty as virus cases mount.

The government’s hopes of a V-shaped economic recovery could be dashed as the services sector continues to face troubles in August.

Join us as we follow the top business news through the day.

2:30 PM

Isha, Akash Ambani, Byju Raveendran debut on Fortune’s ‘40 Under 40’ influencer list

Billionaire Mukesh Ambani’s twin children Isha and Akash, and edtech startup Byju’s founder Byju Raveendran are among the Indians who have debuted on Fortune’s ‘40 Under 40’ list of influential people around the globe.

Stating that the coronavirus pandemic has fundamentally altered the way people work and socialise, Fortune magazine said executives have moved quickly to support and empower employees while grappling with daunting challenges to the way their businesses operate.

“To reflect this wave of transformation, we decided that we

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By Katanga Johnson

WASHINGTON, Aug 25 (Reuters)Asian stock were set for a choppy session on Wednesday, following a mixed Wall Street lead as markets cheered signs of progress in U.S.-Sino trade negotiations but remained cautious about the broader economic outlook.

Top U.S. and Chinese officials reaffirmed their commitment to a trade deal that had appeared on shaky ground because of worsening bilateral ties following weeks of escalating tensions between the world’s two largest economies.

The euro rose and gold prices fell as positive signals on the Washington-Beijing trade front bolstered risk sentiment and offset support for the metal from a weaker dollar.

Trading volume was typically low for late August and investors await a speech by Federal Reserve Chairman Jerome Powell on Thursday, when he is expected to address the U.S. central bank’s view on inflation and monetary policy.

“As the U.S. equity market continues to climb

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