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Today’s Daily Note
Langton Capital - 2026-09-04 - Services sector, weight loss drugs, interest rates, Flat Iron, FDEV & other:
Services sector, weight loss drugs, interest rates, Flat Iron, FDEV & other:A DAY IN THE LIFE: I was thinking about fads the other day, things that come and go, some serious, like ‘efficient balance sheets’ and the damage they caused companies during the financial crisis and others a bit less so. And many come but don’t really go, it’s just that nobody talks about them any more and, with that in mind, do you remember fatbergs? They were taking over our cities. Made from stuff you really didn’t want to think about they were going to push their way out of our sewers like a 1970s Dr Who creature and crush buses, derail trains, collapse buildings and make cities unliveable in unless we all put on our Marigolds and did something about them. But, from threatening our very way of life, they were simply gone. Or rather they weren’t really gone at all, a Google search shows a 100 tonne one ‘discovered’ in Whitechapel only last year, but they slipped from our consciousness as we moved on to something more serious or, indeed, less serious like finding an Elvis shaped carrot or checking out some celeb’s wrinkles. Anyway, this is going nowhere so, before we waste any more time, let’s get on to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN PUBS & RESTAURANTS: UK services sector: S&P has updated its UK service sector PMI data saying that it has seen the ‘fastest upturn in UK service sector output since April’ with a ‘moderate increase in business activity during August.’ There is, of course, quite a difference between B2C service companies, such as hospitality and retail, and B2B operators, such as banks, insurance companies and IT service providers. Nonetheless, S&P reports that its PMI has risen to 52.5 in August, up from 52.1 in July, where any number above 50.0 implies expansion... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Weight loss drugs: Lumina Intelligence tells the MCA that GLP-1 medication use is now firmly established in the UK with the pill form of the medicine likely only to increase its usage... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Interest rates: The Bank of England’s chief economist, Huw Pill, has said in a speech in Edinburgh that the Bank of England will need to raise interest rates or risk losing market confidence. He said he was ‘uncomfortable’ with the current ‘hold’ position and thought that rates should be higher... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Other news: Coffee & El Nino. With 2026’s El Niño projected to intensify from August into October, worth noting that historically, El Niño events have tended to impact both prices and yields. However, weather effects tend to be unpredictable and nothing is yet certain. Whisky. SLTN reports that ‘the on-trade remains the best place for whisky fans and the whisky-curious to ‘try before they buy’ – with the category drawing more young people than has been the case in the past.’ Beer - access to market: SIBA reports that some independent brewers from Northern Ireland have found it easier to have their beers served in Parliament than they do in their local pubs back home... COMPANY NEWS: Adnams has reported H1 numbers to end June saying that it has ‘continued to make progress against a number of strategic and operational priorities during the first half of 2026, despite challenging conditions across both the hospitality and drinks sectors.’ The company reports revenue of £27.4m, down from £30.1m in the prior year. The loss before tax rose to £1.025m from a loss of £0.678m in H1 last year... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Jack Daniels producer Brown-Forman, which has an April year end, has reported Q1 numbers saying that sales dropped by 1% due to sales weakness in its Tequila portfolio alongside tougher trading conditions in developed markets... Casual dining steak concept Flat Iron, which is backed by McWin Capital Partners and TriSpan, has emerged as the UK’s fastest-growing UK hospitality business in AlixPartners’ annual tracker.... Hofmeister has secured a listing with north-west retailer Booths. Hofmeister says the deal is a major strategic boost’ for the brand, which was revived in 2016. Luckin Coffee: The FT notes that, some half a decade after an accounting scandal, Luckin Coffee is back in the US and it is performing well... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. HOLIDAYS & LEISURE TRAVEL: Mayor of London Sadiq Khan is opposing plans for a third runway at Heathrow Airport saying that the expansion threatens environmental targets and transport networks. He says the strategic case for expansion relied on evidence that ‘fails to reflect current climate laws and travel habits.’ IATA has reported that total demand for air travel in July, as measured in revenue passenger kilometres, rose by 0.2% year over year. The US and Israeli attacks on Iran dampened demand and this was the first monthly increases since March. CoStar reports that the U.S. hotel industry reported a 20th consecutive week of positive year-over-year comparisons in the week to 29 August. Occupancy was up by 1.1%, ADR was up by 0.6% and REVPAR was some 1.7% higher. The US industry seems to have breezed through the World Cup with year-on-year increases before, during and after the tournament. Uber has ceased operations in Nigeria and Uganda with immediate effect following a ‘thorough review of our business’. OTHER LEISURE: Frontier Developments: The Times reports on yesterday’s announcement that FDEV was to develop a game based on Disney product saying that while the company ‘did not disclose the game’s genre, or which part of Disney’s catalogue it would be based on, but analysts suggested that it could be a park management game set in Disneyland....’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. The FT reports that Everton FC owner The Friedkin Group is looking for new investors in Everton less than two years after investing in the club itself. A contract signed by Sheffield City Council and World Snooker Ltd ensures that the World Snooker Championship will remain in the South Yorkshire city until at least 2045. FINANCE & MARKETS: S&P has released its composite PMI for the UK economy in July (where any number above 50.0 implies expansion) saying that this has risen to 52.5, up from 52.2 in June... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Politics: Channel Four has reported on Reform UK’s fund-raising activities... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Sterling up at €1.1636 and $1.3530. Oil up at $95.55. UK 10 year gilt yield down some 5 basis points at 5.17%. World markets mostly better yesterday & London set to open around 5 points higher as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. |
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