Thank you for joining us. The latest report from the Office for National Statistics reveals a decline in inflation last month.
The consumer prices index decreased from 8.7% in May to 7.9% in June.
5 fascinating updates for your day
1) Jaguar Land Rover selects UK for battery gigafactory, shunning Spain | The UK secures the flagship battery plant, providing a boost for Rishi Sunak.
2) Ocado expresses disappointment in M&S partnership as tensions rise | The online grocer acknowledges that the joint venture is not meeting their expectations.
3) UK prepares for potentially concerning inflation figures | Economists predict that inflation will reach its lowest level since March of last year, causing concern among households.
4) Hong Kong billionaire vies for ownership of Britain’s offshore wind cable network | A consortium backed by one of Asia’s wealthiest individuals joins the competition for the crucial energy network.
5) Bank of England staff receive £25m in bonuses, despite warnings from Bailey about “pay restraint” | As the Bank prepares to announce the latest inflation figures, it is revealed that staff members have been awarded bonuses.
What occurred overnight
Asia’s stock markets exhibited a mixed performance, with China’s equities being pressured by growth concerns.
However, Japan and Australia experienced an increase in shares following positive US company earnings and retail data, which sparked hope that the world’s largest economy can avoid a recession.
MSCI’s broadest index of Asia-Pacific shares, excluding Japan, was pulled 0.6% lower due to a 1.2% drop in the Hang Seng. This decline was driven by China’s growth data, which indicated a struggling pandemic recovery.
The Nikkei in Japan rose by 0.9% and reached a two-week high.
On Tuesday, Wall Street stocks advanced as strong earnings reports and retail sales increased expectations of an interest rate hike by the Federal Reserve next week.
The Dow Jones Industrial Average finished the day up 1.1%, marking its longest streak of daily gains in over two years.
The broad-based S&P 500 rose 0.7% to 4,554.98, while the tech-heavy Nasdaq Composite Index gained 0.8% to 14,353.64.
The yield on the benchmark 10-year US Treasury slightly decreased by 0.2 basis points to 3.8%.
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