In an unexpected blow to the Bank of England’s efforts to prevent inflation from spiraling out of control, wages in the UK have surged at a remarkable pace.
According to the Office for National Statistics, pay excluding bonuses increased by 7.3% in June, reaching a record high.
5 things to kickstart your day
1) Hunt promises to raise pensions by £1,000 annually through post-Brexit reforms | These measures aim to increase returns for savers and boost investments in British companies.
2) China faces the possibility of deflation as prices plummet | Beijing risks falling into a low growth rut.
3) National Grid complains that red tape causes a decade-long delay in building new power lines | The energy company criticizes Britain’s planning rules amidst an ongoing dispute over delays.
4) Andrew Bailey insists that inflation is about to decrease significantly | The Governor of the Bank of England warns that the rate of price increases is “unacceptably high,” following an 8.7% rise in the consumer prices index in May.
5) DWF’s private equity takeover leads to potential million-pound payouts for dozens of lawyers | The delisting of the UK’s largest publicly traded law firm may result in substantial payouts for many legal professionals.
Overnight developments
Asian stock markets followed Wall Street’s upward trend as traders eagerly await US inflation data that could indicate a decrease in price rises, potentially reducing the need for further interest rate hikes.
Shanghai, Tokyo, Hong Kong, and Sydney experienced gains, while oil prices also rose.
Wall Street stocks rebounded on Monday after last week’s losses, propelled by comments from Federal Reserve officials that increased speculations of the US central bank nearing the end of its rate tightening cycle.
The Dow Jones Industrial Average closed at 33,944.40, up 0.6%.
The broader S&P 500 rose 0.2% to reach 4,409.53, while the tech-heavy Nasdaq Composite Index also climbed 0.2% to 13,685.48.
Meanwhile, the Shanghai Composite Index increased by 0.2% to 3,208.38, and the Nikkei 225 in Tokyo saw a 0.3% gain, reaching 32,279.8. The Hang Seng in Hong Kong had a 1% advancement, reaching 18,655.50.
The Kospi in Seoul surged 1.4% to reach 2,555.09, and Sydney’s S&P-ASX 200 jumped 1.1% to 7,078.50.
New Zealand experienced a decline, while Southeast Asian markets showed positive momentum.
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