Rolling coverage of the latest economic and financial news
- Latest: FTSE 100 has fallen to lowest point since mid-May
- IAG to cut capacity to 30% in Q4
- Introduction: Markets worried by Covid-19 cases and lack of US stimulus
Newsflash: One in six UK hospitality companies face a ‘severe risk of insolvency’ as the Covid-19 crisis hammers the sector.
That’s according to the latest survey of the UK economy from the Office for National Statistics.
Consumer goods giant Unilever continues to perform well through the pandemic, thanks to strong demand for hand cleaners, home hygiene products and ice-cream.
In North America, market growth continued to be driven by elevated demand for foods consumed at home. European markets saw a mixed picture on growth and a challenging pricing environment. In China, growth improved slightly compared to the second quarter.
After a strict lock-down earlier in the year, India saw a pick-up in economic activity, even though cases of Covid-19 continued to increase. In Indonesia and Latin America markets contracted in the third quarter.
Our retail foods business grew double digit and tea saw mid-single digit growth as in home eating occasions continued at elevated levels. Hellmann’s grew mid-teens, with Hellmann’s Vegan now available in 30 markets.
Sales of ice cream grew, driven by both volume and price. Mid-teens growth of in home ice cream, led by brands including Ben & Jerry’s and Magnum , more than offset the decline in out of home ice cream sales.