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M&S, Greggs & Wm Morrison

Gold and Brent crude were off to a flier at the start of the year, with the latter moving into technical backwardation, as the US and Iran cranked up the rhetoric following the assassination ofone of Iran’s leading military figures. The country’s envoy to the UN has rejected a US offer of talks “without preconditions” to de-escalate tensions between the two nations, so increased geo-political risk could feed through into volatile trading conditions as we move through the first quarter of 2020.

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