[ad_1]
ondon’s FTSE 100 re-took the 7500-point mark helped by rallying banks as investors absorb jobs and wages data into the Bank of England’s next rate call later this month.
Wages including bonuses in the UK rocketed by 8.5% year-on-year, ahead of expectations again. Excluding bonsues wages rose by 7.8% as expected.
Unemployment ticked up to 4.3%.
Mining stocks cooled after the previous day’s rally, while defensive sectors fell back in line with an upbeat feel to trade as the rally entered its fourth consecutive trading day,
Live updates
Shock as BP boss quits
BP boss Bernard Looney has quit with immediate effect in a shock to the City after admitting he was not “fully transparent” in his disclosures about past relationships with colleagues.
The Irishman, 53, took the role as chief executive of the oil giant in February 2020, pledging the company would become carbon neutral by the middle of the century.
He has now stepped down, and BP’s chief financial officer Murray Auchincloss will take over the role on an interim basis.
Read more here
FTSE closes at 7,527.53
The FTSE 100 closed ahead for the day at 7,527.53, up 0.4%, as City traders became more confident that the Bank of England’s next interesdt rate rise could be the last.
Primark owner AB Foods was the top riser after it upped its guidance on the back of strong results. On the other hand, Smurfit Kappa topped the fallers board as full details of its US mega-merger were released.
City Comment: The size of the mortgage mountain might just keep shrinking
In the great line-up of British financial statistics there are some numbers, such as the national debt, that can be guaranteed to go one way — upwards — pretty much every month.
The total value of outstanding residential mortgages is another of those. So what do we make of today’s eye-catching reveal from the Bank of England?
Not only did the total drop in the second quarter, but it fell by more than it ever has done before, or more accurately, since record began in 2007.
Read more here
US snapshot: Nasdaq lower ahead of Apple launch event
The unveiling of the iPhone 15 later today failed to stoke interest in US tech stocks, as the Nasdaq fell in the first hour of trading in New York.
Apple’s own shares are down 1.5%.
Take a look at our full market snapshot.
Boom in leisure brands bringing tech to create an interactive high street
Walk into the former TopShop in Enfield town and it is hard to believe that the space was once a conventional London high street fashion emporium.
Where there were previously racks and shelves displaying Sir Philip Green’s latest offerings there are escape rooms, VR headsets, huge game screens and an air hockey table. The 1980s-style sign that greets you on entry in garish neon pink proclaims “this must be the place”.
The startling transformation of this north London “Centre VR” branch is symbolic of an exploding trend across the capital: experiential interactive leisure sites, many packed to the rafters with tech, are where the action is happening right now.
From a quiet evening of axe throwing to an immersive life-size version of Monopoly, London workers and tourists are seeking new ways to socialise and there are scores of businesses looking to satisfy this growing appetite.
Read more here
Poundland to buy 71 Wilko shops and rebrand them under its own name
Poundland will buy 71 Wilko shops from administrators, and rebrand them under its own name, a day after it was revealed that all shops were set to close.
The discount retailer is not able to guarantee that all jobs at these locations will be saved, but said it would “prioritise” the recruitment of ex-Wilko staff.
The leases for the shops are expected to transfer to Poundland in the “early autumn”, adding to the almost 800 existing Poundland shops.
The shops are “largely in locations in which [Poundland[ has limited presence”.
Read more here
City Voices: Time to unleash British business
British businesses have had a difficult 18 months. Ever since Russia invaded Ukraine, they have had to deal with a tsunami of economic headwinds – with rising energy costs, inflation and interest rates combined with unfavourable capital markets, making it hard for companies to either successfully IPO or raise money using shares.
But there’s a strong culture of entrepreneurialism and innovation in the UK, which hasn’t gone away.
With signs of some green shoots emerging, what business needs is support and investment soambitious companies can capitalise on the opportunities that are presenting themselves.
Read more here
Market snapshot as stocks hold onto gains
Take a look at the latest market snapshot as the FTSE 100 remains ahead
What does record wages growth mean for me and for the UK economy?
Under-pressure households were offered some welcome cheer after official figures showed wage growth finally caught up with price rises after nearly two years of seeing earnings outstripped by inflation.
The Office for National Statistics (ONS) reported that average regular weekly earnings growth remained at 7.8% in the three months to July, the highest since comparable records began in 2001.
This meant that so-called real wages were flat over the quarter – marking the first time they have not fallen since October 2021.
Take a look at what this means for Britons and the wider UK economy.
Inflation could overshoot forecasts, says incoming deputy Bank governor
Incoming Bank of England deputy governor Sarah Breeden said that price rises are more likely to overshoot than undershoot forecasts but that she expects the Government to reach its target to halve inflation by the end of the year.
In a response to the Treasury Committee, Ms Breeden said that the Bank’s latest set of inflation forecasts are “skewed to the upside”.
It echoes the words of the Monetary Policy Committee (MPC), the interest-rate setting body which she is set to join on November 1.
Read more here
[ad_2]
