Citigroup cuts 8 U.K. retailers to sell on consumer fears

Citigroup downgraded several U.K. retailers, saying with house prices on an alarming downward path, levels of private debt "sky high" and the possibility of rate hikes, the outlook for the U.K. consumer is "pretty dire." "The U.K. consumer has still not fully capitulated and we now expect the peak of this brutal slowdown to be felt in 2009. On the back of this, we slash our 2009E EPS forecasts to 16% below consensus, now looking for negative growth of 6.7%, against our previous forecast of +5.6%," it said.


http://www.marketwatch.com/news/sto...x?guid={97D0716D-3D4B-4477-81AB-F19EFE863EB9}

 

The Brits and capitulate? I don't think they know how! "We will never surrender"

 

haha nice one

 

It must be a sad state of affairs if you have to go back more than 60 years to find an admirable Brit.