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Three things you need to know in the financial markets this morning from investment writer, Tony Cross.

Marks and Spencer

Marks and Spencer [LON:MKS] has this morning confirmed the news that its CFO is to depart. An orderly transition process is now in place, although after a relatively short tenure of just 18 months, the move is likely to raise some eyebrows coming so soon after the company was evicted from its position in the FTSE-100. Some volatility in early trade shouldn’t prove too surprising.

Thomas Cook

Unlikely that anyone has missed this story, but travel agency Thomas Cook [LON:TCG] ceased trading overnight after it was unable to find the necessary support from financiers. The business is being liquidated, holidays have been cancelled and a massive repatriation effort is underway to bring home holidaymakers. Although the news may be positive for some in the travel sector, peer On The Beach has this morning issued a statement advising that it will face a one off exceptional charge in helping its customers make alternative arrangements. Lost margin on cancelled bookings will also hit the company – the extent of any knock on effect of this collapse is perhaps yet to be fully realised.

Goals Soccer Centres

The tense relationship between Goals Soccer Centres [LON:GOAL] and its major shareholder Sports Direct has taken another turn this morning. GSC is looking for a buyer, although Mike Ashley’s provisional offer of just 5p per share may have the potential to flush out other prospective bidders. That said, with so many uncertainties hanging over the business, whose shares have been suspended since March, investors will be watching closely to see if there is any interest elsewhere.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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