Shares in Philips plunged 15% on Wednesday, their worst intra-day drop in over 20 years, after the Dutch health technology group warned supply chain woes would hit profits and a ventilator recall needed to be expanded.

Turkey will bring prices down as soon as possible, President Tayyip Erdogan said on Wednesday, after annual inflation soared above 36% in December due largely to a currency crisis brought on by his unorthodox low-rates policy.

British supermarket group Sainsbury's raised its full-year profit forecast by at least 9% after grocery sales over the Christmas quarter beat its expectations, even though they fell short of its stellar 2020 festive performance.

AMSTERDAM (Reuters) -Philips shares plunged more than 11% on Wednesday morning after the Dutch health technology company hiked the cost of its massive recall of ventilators and said earnings would take a big hit from global supply chain shortages.

British homewares and furniture retailer Dunelm reported record Christmas sales on Wednesday, putting it on track to soundly beat profit forecasts and lifting its shares.

Toshiba Corp's proposal to split itself into three companies won't solve its governance issues and the conglomerate should prioritise an overhaul of its board and management, said a senior executive at one of Japan's largest pension funds.