FTSE 100 Live: ‘Investors continue to take cautious stance towards UK’; shares fade
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he FTSE 100 has began with modest positive aspects in the present day, led by miners, after a powerful end to an otherwise-disappointing June.
That comes regardless of a troublesome begin for the blue-chip index’s largest stock, with AstraZeneca down greater than 4%.
Markets will keenly await buying managers’ index information from the manufacturing sector for the UK and Europe, which shall be launched later this morning.
The S&P/CIPS manufacturing Purchasing Managers’ Index (PMI) got here to 46.5 for June, in comparison with the flash determine of 46.2. That’s nonetheless properly beneath the 50 mark that separates progress from decline.
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Guinness triples manufacturing of zero-alcohol stout amid shifting shopper tastes
Guinness will virtually triple manufacturing of its zero-alcohol model in response to a rising shopper style for non-alcoholic drinks.
Owners Diageo has invested 25 million euro in a brand new facility at its St James’s Gate brewery in Dublin to fulfill a surge in demand for alcohol-free stout within the home and international markets.
The new manufacturing facility contains six processing vessels with a complete capability of 500,000 hectolitres – virtually 90 million pints – and a two-storey constructing the place the alcohol is eliminated by way of a chilly filtration system to create Guinness 0.0.
City AM up on the market – report
London freesheet City AM is up on the market, based on stories from the Telegraph.
The business-focused free morning newspaper is owned by two firms: the Blue Bull and Nashco.
The newspaper reduce the variety of days it’s printed from 5 to 4 earlier this yr.
Blue-chip shares fade in afternoon
The FTSE 100’s early positive aspects have been worn out, with the blue-chip index now down barely for the day.
Monzo phases out workplace water coolers and boiling water faucets in web zero drive
Digital financial institution Monzo ha moved to eliminate its workplace water coolers and boiling water faucets, and offset emissions from enterprise journeys in a bid to be extra environmentally pleasant.
The financial institution is on a drive to achieve web zero emissions by 2030 and mentioned all companies have an element to play in tackling local weather change.
Monzo mentioned it already has decrease greenhouse fuel emissions than excessive avenue banks as a result of it doesn’t need to run a department community.
Petrol anticipated to drop beneath £1.40 per litre after CMA cracks down on overcharging
A litre of petrol is predicted to value lower than £1.40 by the top of the month, based on Finixio, after the monopolies watchdog cracked down on supermarkets overcharging for gas.
It could be the primary time petrol costs fell beneath £1.40 since October 2021.
A litre of diesel is predicted to fall to about £1.49.
6.25% rates of interest absolutely priced in
Markets have absolutely priced in rates of interest of 6.25% for May 2024, with charges additionally anticipated to remain at 6% or greater till November 2024.
The greater rate of interest expectations have despatched gilt yields even additional up.
Take a take a look at all the important thing market information.
Oil costs surge on Saudi and Russia reduce
Oil costs have jumped after Saudi Arabia and Russia each prolonged their cuts to grease manufacturing.
Saudi Arabia will produce round 9 million barrels of oil per day, whereas Russia will scale back its manufacturing by about half 1,000,000 barrels a day.
That despatched Brent crude costs up by virtually 1% to $76.12 a barrel.
That despatched shares of London’s oil supermajors up. BP is up 3% to 472.2p, whereas Shell is up 2.3% to 2,395.3p.
Five-year gilt yields high mini-Budget highs
Five-year gilts are yielding 4.73%, exceeding the degrees reached through the chaos of final years mini-Budget.
Short-dated gilt yields had already topped mini-Budget ranges final month on the again of stronger-than-expected wage progress. But an additional surge in the present day has taken medium yields past these ranges too.
With the newest rise, five-year fixed-rate mortgages, which are typically priced off the five-year gilt market, seem sure to cross the 6% threshold.
Two-year gilt yields continued to climb too, hitting one other 15-year excessive of 5.35%.
‘Drivers paid nearly £1bn more for fuel after supermarkets increased margins’
Drivers paid practically £1 billion extra for gas at supermarkets final yr as a result of elevated margins, an investigation has discovered.
Watchdog the Competition and Markets Authority (CMA) mentioned common grocery store gas margins rose by 6p per litre between 2019 and 2022.
That led to an estimated mixed further value of “around £900 million” for patrons of Asda, Tesco, Sainsbury’s and Morrisons, a report said.
Two-year gilt yields at yet one more 15-year excessive
Two-year gilt yields have damaged by way of the highs reached final week, hitting 5.33% as traders begin to ponder the slim chance of rates of interest hitting as excessive as 6.75%.
Five-year yields, in the meantime, are threatening to high the height reached within the quick aftermath of final yr’s mini-Budget.
Rates of 6.75% are nonetheless seen as impossible, with the market-implied peak remaining at 6.25%, however the implied likelihood crossed the 5% threshold in the present day, having beforehand been a negible chance.