Rolling protection of the newest financial and monetary information, as US authorities calls for larger oil output to deliver down gasoline costs
- Newest: US rival tries to gatecrash Meggitt takeover
- Economist: US is now previous peak inflation
- US CPI sticks at 13-year excessive of 5.4%…however core inflation slows
- Costs rose 0.5% throughout July, down from June’s 0.9%
- White Home urges Opec oil cartel to pump extra
Earlier:
- Heathrow’s busiest month since March 2020, with 1.5m passengers in July
- Deliveroo orders double
4.50pm BST
The UK-focused FTSE 250 index of medium-sized firms has closed at a brand new document excessive - with Meggitt main the best way.
The domestically centered FTSE 250 has closed 184 factors larger at 23,756 factors, up 0.8% right this moment.
FTSE 100 nearly at new post-covid crash highs pic.twitter.com/Lvd6aZJo01
Amongst the outperformers has been Spirax-Sarco Engineering who’ve seen an honest soar in H1 revenues to £643.7m resulting from elevated demand for its steam merchandise. A rise in working margins to 23.9% has helped drive a 41% enhance in earnings earlier than tax to £150m.
Admiral shares moved larger after the insurer noticed a 76% rise in group earnings earlier than tax to £482.2m within the first half of the yr, elevating its interim dividend by 63% to 115p per share. Income had been boosted by the sale of its Penguin Portals enterprise, which included Confused.com, in addition to decrease claims payouts.
4.27pm BST
President Biden’s council of financial advisors has welcomed the slowdown in month-to-month US inflation in July, however warned that offer chain issues stay:
Inflation as measured by CPI elevated 0.5% month-over-month in July—at expectations and beneath June’s fee of 0.9%. The deceleration largely mirrored a lessening of value pressures from the motorcar sector. 1/ pic.twitter.com/JSqXgtsDFB
Core inflation—with out meals/vitality—rose 0.3% month-over-month—beneath expectations and effectively beneath June’s fee of 0.9%. 2/
Yr-over-year, headline inflation rose by 5.4% whereas core inflation rose by 4.3%. Whereas each measures had been accelerating in latest months, year-over-year progress didn’t speed up for both measure this month. 3/
Used automobiles, new automobiles, auto components, and automotive leases collectively made up about 27 % of core month-over-month inflation, down from about 54 % on common in April, Could, and June. 4/ pic.twitter.com/esZGRvYXN7
Costs of pandemic-affected providers rose once more this month and contributed 9 foundation factors to the core inflation enhance in July, relative to 11 foundation factors in June. The index of pandemic-affected providers is now above its pre-pandemic degree. 5/ pic.twitter.com/1Z7ZEgfnru
One month doesn’t make a development (month-to-month inflation slowed in Could earlier than rebounding in June), and we all know provide constraints persist in varied sectors. Nonetheless, July’s deceleration is encouraging. 7/
We all know that the restoration from the pandemic won’t be linear. The Council of Financial Advisers will proceed to observe the information as they arrive in. /finish
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