h gh Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury's Asda -100 -50 0 50 100 m Market share of grocers, yoy Source: Kantar Worldpanel Chart 69: Not cheap even if you strip out t

ment. MSC-certified seafood products. identified with a blue check-mark label, pack the shelves of stores such as Wal-Mart, Whole Foods Market and Waitrose. Although other certification schemes exist, such as Friend of the Sea based in Milan. Italy. the MSC is taken most seriously by scientists. The M

ket Guardian • Floods to cost insurers at least £400m Telegraph • Eurozone losing 'safety margin' against deflation trap Telegraph • A relieved Waitrose and Sainsbury's hail Christmas sales Independent Key Events This Week Thursday: BOE & ECB rate announcements, US Retail Sales Dec, Challenger Job C

marketing performance in line (trading +0.20%) • Danone acquires 90% of organic baby food company Happy Family (trading +0.72%) • Ocado warned by Waitrose head that Morrison tie up would be rejected (Telegraph) (trading -0.12%) • ABB's CTO Prith Banerjee to leave for family reasons, following CEO exit

ment. MSC-certified seafood products, identified with a blue check-mark label, pack the shelves of stores such as Wal-Mart, Whole Foods Market and Waitrose. Although other certification schemes exist, such as Friend of the Sea based in Milan, Italy, the MSC is taken most seriously by scientists. The M