Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories.

Results from JD Sports and Jet2 this morning make for an interesting case study of consumer spending. Amid economic uncertainty, it seems Brits are still splashing the cash on travel, but less so on clothes. Dig into the back of the wardrobe for next summer’s hiking trip.

JD Sports warned annual pre-tax profit would be at the lower end of previous guidance as demand weakened more recently in the UK and US. The trainer and sportswear retailer blamed unseasonable weather, a cautious consumer and the US election as contributing factors. Sales in the third quarter dipped 0.3%. The shares dropped as much as 15% in early trading.

Jet2, however, told a different story. Pre-tax profit soared 20% in the first half, it hiked its dividend and said full-year profits are on course to land ahead of expectations.

Plus, both winter 2024 and summer 2025 bookings are ahead of last year as people opt for cheaper holidays. Jet2 shares took off, up as much as 11% this morning.

Actual consumer confidence figures are due early tomorrow, but the results give an indication of attitude and where money is being spent. With this winter chill, who wouldn’t be dreaming of sunnier climes?

What’s your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond.

Thames Water and two other water companies will be blocked from using customers’ cash to pay bonuses. Six others have voluntarily complied with new rules imposed by the regulator. 

Royal Mail is on track to return to profit growth next year (before voluntary redundancy costs), but says Labour’s budget will increase national insurance payouts by about £120 million annually. The buyout of its parent, IDS, is making progress.

Boohoo Group has moved its co-founder and chairman Mahmud Kamani to executive vice chair. With Tim Morris as the new chairman, Kamani gave assurances not to cause drama as a major shareholder and agreed to waive his salary for a year. It’s all part of a sweeping overhaul opposed by Mike Ashley’s Frasers Group, another shareholder. In an open letter, Frasers urged the board to get rid of Kamani and appoint Ashley as director. 

Mitie Group has seen a pause in some data centre projects in the UK as customers reassess AI’s significant scale, power and cooling needs.

Ben & Jerry’s owner Unilever plans to spin off its ice-cream unit after private equity lost interest in buying it due to a big and complicated supply chain, according to reports.

Plus, government borrowing was far higher than expected in October, in the first snapshot of public finances since Reeves’ budget. The deficit totaled £17.4 billion, compared to the £13.3 billion predicted by economists.

• Starbucks considers selling stake in its Chinese business to help grow in the country.
• Volkswagen faces rising threat of widespread walkouts with  union talks deadlocked.
• US prosecutors charge tycoon Gautam Adani with alleged $250 million bribery plot.

Here’s your daily snap analysis from Bloomberg UK’s Markets Today blog:

Stepping away from the UK for a day and to arguably the most-watched set of corporate results in the world from Nvidia, which came and went with about as tepid a reaction has one could have expected.

The chipmaker — the poster child for the AI boom and a favourite among British retail investors — actually delivered results that were ahead of market expectations. However, for a stock up nearly 200% making it the most valuable company in the world, a beat got a big meh.

As that stock move this year indicates, expectations were sky high, and only a complete blowout across the board was going to be enough to impress. A disappointing sales forecast and a hit to margins from producing its Blackwell chips meant the shares dipped.

That’s going to be a major theme heading into next year: can the AI boom that’s made Nvidia, as well as Apple and Microsoft, more valuable than the entire FTSE 100 combined keep going? Or is all that optimism about the generation-shifting potential of the technology butting up against the cold hard reality that it will cost a lot to meet the demand?

— Sam Unsted

Check Bloomberg UK’s Markets Today blog for updates all day.

Retail sales for October are due tomorrow, while GfK consumer confidence for November also drops at midnight. The latter, which is expected to fall, should give an indication of post-budget sentiment.

Hi, it’s Ed from Pursuits. With this week’s biting cold, what more encouragement is needed to wrap-up warm and check out London’s festive markets? Here are three of the best:

King’s Cross

From Granary square’s striking Fluorescence installation to Coal Drops Yard’s 50-foot tree, King’s Cross is oozing creative charm this season. There are eight markets to visit, each delivering their own local and international flavours. Christmas Under The Canopy, a Victorian steel and glass covered hall, is a must-attend market for lovers of artisan food and independent craft and design makers, not to mention the live music.

Spitalfields

The Old Spitalfields Christmas Market is back with a festive bang, as the area is dressed up in lights, decorations and holiday trees. For those looking to do some shopping, the market has a packed floor of original gifts, homewares, retro decorations and vintage goods. Alongside is some of London’s finest street food.

Greenwich

Greenwich and its Christmas market are magical during the holidays. This week’s annual lantern parade kicked off the festivities, culminating in the switching on of the lights. Wooden stalls offer stocking fillers, crafts and original art works which you can browse to the sound of carol singers. Just next door, the Cutty Sark’s sails have been lit up, transforming it into an enchanting Christmas boat.

— Ed Stapley

Shoppers on New Bond Street in London, December 2023. Photographer: Bloomberg/Bloomberg

A century-old luxury British car brand has sparked much ire after unveiling a rebrand in the shift to electric, and fresh logo. A new advert this week showed models in brightly coloured outfits and bold slogans, but no vehicles, prompting Elon Musk to ask on X: “Do you sell cars?”

Which carmaker was it?

Clue: the old logo featured a growling cat.

[Yesterday’s answer: Jeremy Clarkson’s Diddly Squat farm’s Vodka is made from whey, the liquid left over after milk is curdled and strained to make cheese. It’s aptly named Cow Juice Vodka.] 

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