Profits of John Lewis (department store and Waitrose supermarket fame) have fallen sharply. Pre-tax profits fell 27% to GBP 108 mln in the 6 months to July. The company blamed the slump on the decline in the property market. Just another small piece of evidence (as if it’s needed) of the parlous state of the U.K. economy. Cable is seeing trade confined to a narrow range so far today, presently at 1.7520.