Chinese officials will be in Washington on Wednesday to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
demand@ (Adds detail)
LONDON, July 3 (Reuters) - British supermarket group Sainsbury's reported a third consecutive quarter of declining underlying sales, hurt by weak clothing and general merchandise markets.
The group, which had its 7.3 billion pound ($9.2 billion)takeover of rival Asda blocked by the UK competition regulator in April, said on Wednesday its like-for-like sales, excluding fuel, fell 1.6% in the 16 weeks to June 29, its fiscal first quarter.
The outcome compares with analysts' forecasts in a range of down 1.1% to down 2% and a fall of 0.9% in the previous quarter.
"Retail markets remain highly competitive and promotional and the consumer outlook continues to be uncertain," Sainsbury's said.
The group said while total grocery sales fell 0.5%, general merchandise sales declined 3.1% and clothing sales were down 4.5%.
Despite the sales falls Sainsbury's said it gained market share in key general merchandise categories and in clothing, where it is now the UK's fifth largest retailer by volume.
Recent official data and updates from peers, including market leader Tesco, had already outlined a difficult backdrop for retailers in the period, reflecting ongoing political uncertainty and a tough comparison with the same quarter last year when Britain enjoyed record hot weather and major events including a royal wedding and the men's soccer World Cup.
With Sainsbury's shares down 37% over the last year Chief Executive Mike Coupe is under pressure to show the group can prosper on its own after the Asda debacle. He will face investors on Thursday at the group's annual shareholders' meeting.
In May he vowed to improve stores, cut prices on daily essentials and invest in online to restore sales growth.
Since February Sainsbury's has reduced prices on over 1,000 own brand products including dairy, meat, fish, poultry and fresh fruit and vegetables.
Prior to Wednesday's update analysts were forecasting that profits would go backwards in Sainsbury's 2019-20 year. The pretax profit consensus was 632 million pounds, down from the 635 million pounds made in 2018-19.
Shares in Sainsbury's closed Tuesday at 199.5 pence, valuing the business at 4.43 billion pounds. (Reporting by James Davey; editing by Kate Holton)