Thank you for joining me. In the year leading up to June, there was a drop in house prices, as reported by lender Nationwide. Property values experienced a contraction of 3.8%, following a decline of 3.5% in May.
Here are 5 things to kickstart your day:
1) BT, the telecoms giant, has appointed Allison Kirkby as its first female boss. She faces the challenge of making tough decisions regarding job cuts.
2) The UK’s post-Covid debt burden is growing at a faster pace than almost all EU nations. Economic growth is sluggish, and borrowing costs are on the rise, adding to the country’s debt burden.
3) Aston Martin is seeking to raise £210m from investors in an effort to reduce its debt. The luxury carmaker’s share price has more than tripled in value since reaching an all-time low in November.
4) Toyota is increasing its focus on electric cars in China, targeting Chinese consumers and shifting away from hydrogen-powered vehicles.
5) Costa Coffee is facing a boycott due to a controversial cartoon depicting a post-op trans man who has had a double mastectomy. Critics argue that the image glorifies irreversible surgery.
In overnight news, Australia’s central bank governor, Philip Lowe, announced that the key interest rate would remain unchanged at 4.1%. This is the second consecutive pause in rate increases aimed at controlling rising prices. Lowe stated that inflation, currently at 6%, is declining but still too high, with rising rents, below-trend growth, and weak household consumption contributing to the situation. The decision to hold the rate will allow for further assessment of the economic impact of previous rate increases, with the expectation that inflation will return to the bank’s target of 2-3% by late 2025.
Stocks in Australia rose just before the news, while the Australian dollar declined against the US dollar. Equities in Japan and South Korea also saw gains, contributing to a streak of seven consecutive advances in Asian stocks, the longest since January of this year. On Wall Street, stocks ended higher in anticipation of key inflation data that will provide insights into the potential trajectory of the US economy.
The S&P 500 closed 0.1% higher, marking its fifth consecutive month of gains and its longest winning streak in nearly two years. The Dow Jones Industrial Average climbed 0.3%, while the Nasdaq composite rose 0.2%. The yield on the 10-year Treasury slightly decreased to 3.95% from 3.96%.
Sources:
– Image: [click here](https://www.telegraph.co.uk/content/dam/business/2023/08/01/TELEMMGLPICT000344391183_16908752448130_trans_NvBQzQNjv4BqpVlberWd9EgFPZtcLiMQf0Rf_Wk3V23H2268P_XkPxc.jpeg)
– Nationwide House Price Index
– BT’s appointment of Allison Kirkby
– UK’s growing post-Covid debt
– Aston Martin’s fundraising efforts
– Toyota’s focus on electric cars in China
– Costa Coffee’s controversy over a cartoon depiction
– Australia’s unchanged key interest rate
– Stock market updates from Australia, Japan, South Korea, and Wall Street
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