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Japan

UK Shares Rise; HSBC, StanChart Fall Amid New China Rules

London's FTSE 100 closed 0.27% in the green on Thursday as Israeli strikes in southern Lebanon continued, hours after the US brokered a ceasefire between the two countries.Israel will continue to attack Lebanon for the time being, Reuters reported, citing Defense Minister Israel Katz. The ceasefire is conditional on a suspension of attacks from Hezbollah, which has rejected the plan, according to the news outlet.On the economic front, Britain's construction sector activity contracted at its fastest pace in six years in May amid weaker orders and heightened economic uncertainty, S&P Global said. The UK Construction PMI fell to 38.2 from 39.7 in April, below the 40.2 consensus estimate, extending the sector's contraction streak to 17 months."Concerns about a prolonged decline in construction order books, alongside unfavourable near-term UK economic prospects, weighed on business optimism in May. This index has fallen sharply since the start of 2026, and confidence levels are now almost as low as those seen ahead of last autumn's Budget," S&P Global Market Intelligence Economics Director Tim Moore said.On the upside, the UK's new car registrations climbed 7.1% year over year to 160,662 units in May, according to data from the Society of Motor Manufacturers and Traders. SMMT said the latest reading reflects the best recorded for the month since 2019 due to the resurgence of private buyers, though it remains 12.6% behind pre-pandemic levels.In corporate news, Rio Tinto Group (RIO.L) dropped 2.79% on the blue-chip index after RBC Capital Markets downgraded the stock to underperform."Rio Tinto has benefitted from a strong flight to quality YTD (+8% since the conflict began) as fears mount around industry costs/availability of key inputs," analysts wrote. "However, with exception of aluminium (28% of EBITDA), it is difficult to see further upside in the commodity basket given the warning signs in the Chinese economy. Furthermore, we would not be surprised to see further expensive corporate action as they seek to bolster copper exposure."Meanwhile, Prudential plc (PRU.L), Standard Chartered (STAN.L) and HSBC (HSBA.L) lost 7.60%, 2.81% and 1.80%, respectively, after the South China Morning Post reported that mainland Chinese residents were facing tighter restrictions on opening offshore accounts at major Hong Kong banks, weighing on financial institutions with exposure to China.

FTSE 100$HSBA.L$PRU.L$RIO.L$STAN.L
International

S&P: UK's Construction PMI Weakens Further in May

Britain's construction sector activity continued to decline in May and at a pace that was the fastest in six years, owing to fewer orders and rising economic uncertainty, S&P Global said Thursday.The S&P Global UK Construction PMI came in at 38.2, lower than 39.7 in the previous month and the consensus estimate of 40.2. The reading marks the index's 17th successive month below the 50 no-change threshold, marking sustained contraction.

FTSE 100
International

SMMT: UK's New Car Sales Up 7.1% in May

The UK's new car registrations climbed 7.1% year over year to 160,662 units in May, according to data from the Society of Motor Manufacturers and Traders published Thursday.SMMT said the latest reading reflects the best recorded for the month since 2019 due to the resurgence of private buyers, though it remains 12.6% behind pre-pandemic levels.For the five months to May, new car sales in Britain totaled 924,763 units, up 8.7% annually.

FTSE 100
Asia Markets

UK Shares Fall as Private Sector Activity Declines; Howden Joinery Shines

London's FTSE 100 closed 0.40% lower on Wednesday as Britain's private sector economy contracted for the first time since April 2025, while the US threatened additional tariffs on goods allegedly made with forced labor.As a sharper decline in service sector output more than offset accelerating manufacturing production, S&P Global UK Composite PMI fell to a 13-month low of 49.7 in May from 52.6 in April, final data showed. The flash estimate stood at 48.5."Many service sector companies noted that the Middle East conflict had an adverse impact on sales pipelines and general business prospects. Those in the hospitality and transportation sectors typically commented on squeezed discretionary spending and pressure from sharply rising input costs, while professional services firms reported a setback from rising risk aversion among clients. Business investment spending on technology services remained a bright spot for parts of the service economy, however," S&P Global Market Intelligence Economics Director Tim Moore said.Rising oil prices and the latest exchange of hostilities between the US and Iran also weighed on the global market. "Starting with the Middle East, we've seen increasing pessimism that a US-Iran deal to re-open the Strait of Hormuz is imminent," Deutsche Bank Research said. "New clashes took place overnight as US forces conducted strikes against Qeshm Island while Iran fired missiles and drones towards Kuwait and Bahrain, with the IRGC saying it targeted the US 5th Fleet headquarters in Bahrain. Meanwhile, further Israel-Lebanon talks are expected today, according to the US."In corporate news, Howden Joinery Group (HWDN.L) climbed 3.18% after agreeing to buy the holding company of vertically integrated online kitchen business Ultima Furniture Systems, d/b/a DIY Kitchens. The British specialist trade kitchen and joinery supplier is purchasing the business at an enterprise value of 390 million pounds sterling.B&M European Value Retail (BME.L) surged 14.60% as profit after tax for the 52 weeks ended March 28 dropped to 164 million pounds from 319 million pounds a year ago, while the discount retailer's revenue increased to 5.78 billion pounds from 5.57 billion pounds, supported by new store openings.Looking ahead, S&P Global Construction PMI data for May is due on Thursday, while the Halifax House Price Index for the same month is expected on Friday.

FTSE 100$BME.L$HWDN.L
US Proposes New Tariffs on EU Over Forced Labor as Brussels Advances Trade Deal
US Markets

US Proposes New Tariffs on EU Over Forced Labor as Brussels Advances Trade Deal

The US on Tuesday proposed additional tariffs on 60 economies, including the European Union, following an investigation into the enforcement of forced labor import prohibitions.As part of a Section 301 investigation, the Office of the US Trade Representative threatened an extra 10% duty on the EU, stemming from findings that the bloc failed to "effectively" block forced labor imports. The proposed tariffs were announced on the same day that the European Parliament's trade committee granted preliminary approval for a trade agreement reached with the US in the third quarter of 2025.The targeted 27-nation bloc joins countries like Canada, Mexico and Pakistan, which will face the 10% tariff rate because they established partial enforcement regimes or have committed to doing so through reciprocal trade agreements. Meanwhile, other economies, including Switzerland, Saudi Arabia, South Africa and the United Arab Emirates, will be hit by a steeper 12.5% tariff rate on failure "to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.""The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable," said US Trade Representative Jamieson Greer. "This creates a dynamic where American workers are forced to compete globally on an unlevel playing field. We will no longer tolerate this disparity."The United States Trade Representative invited public feedback on the proposal, setting a deadline of July 6 for written comments and scheduling public hearings for July 7.Danske Bank noted that the move clears the path for permanent tariffs to take over when the 10% Section 122 duties expire on July 24. "While the shift in legal basis could still face court challenges, overall tariff levels for now should remain little changed when the authority 'switches' from Section 122 to Section 301," the bank wrote.

^DFMGI^FADGIFTSE 100^SSMI^SXXP^TASI
International

UK's International Reserves Fall in May

The UK government's gross reserve assets declined to $225.61 billion in May from $226.61 billion in April, according to Bank of England data published Wednesday.The amount consists of $122.51 billion in foreign currency reserves, $7.54 billion in International Monetary Fund reserve position and $39.25 billion in special drawing rights, alongside $45.55 billion in gold and $10.77 billion in other reserve assets.

FTSE 100
International

Final PMI: UK Private Sector Activity Contracts in May

Britain's private sector economy slipped into contraction territory for the first time since April 2025, as a sharper decline in service sector output more than offset accelerating manufacturing production.The S&P Global UK Composite PMI fell to a 13-month low of 49.7 in May 2026, from 52.6 previously, according to final data published Wednesday. The flash estimate stood at 48.5.Meanwhile, the services PMI was 49.3, compared with the previous 52.7 and the preliminary reading of 47.9. S&P said the final reading reflects "only a marginal decline" in the sector's output.

FTSE 100
Asia Markets

British Equities Close in Green; British American Tobacco Affirms Outlook

London's FTSE 100 ended Tuesday trading 0.33% higher as investors examined the latest economic data against the backdrop of fragile Middle East peace efforts.Net borrowing of consumer credit by individuals in the UK stood at 1.86 billion pounds sterling in April, little changed from the revised 1.9 billion pounds in March, according to Bank of England data. The consensus estimate for the month was 1.7 billion pounds. Meanwhile, net mortgage approvals for house purchases came in at 65,945, compared with the revised 63,979 in the prior month and the expected 62,000."UK bank lending growth shrugged off the rise in market interest rates during the first two months of the Iran war. Both corporate borrowing and mortgage lending remained robust in April, suggesting that higher fixed interest rates have so far failed to dampen demand much. If this continues, the Bank of England (BoE) will have to bear down on aggregate demand more forcefully by raising interest rates to ensure inflationary pressures do not spread," Berenberg said.Additionally, Deutsche Bank Research raised its full-year projection for British economic growth by 0.1 percentage point. "We have upgraded our 2026 [gross domestic product] outlook on the back of a slightly stronger Q1-26," economists said. "Indeed, we think the UK economy entered the Iran energy shock on a stronger footing. Stockpiling will also support activity as the lagged energy effects feed into inflation (and thus real disposable incomes). We remain cautious on the outlook from summer, as inflation bites into spending. Political uncertainty will also rear its head again, dampening investment and housing activity. Overall, we see GDP growth this year of 1% with activity rising to 1.2% next year and 1.6% in 2028."Speaking of the war, Tehran is reviewing a proposed temporary peace agreement with Washington after US President Donald Trump said discussions between the two sides are ongoing, Reuters reported, citing Iran's Mehr News Agency. Iran has not responded to a proposed final text of the deal, according to the report.In corporate news, British American Tobacco (BATS.L) upgraded its 2026 growth guidance for new categories, led by share gains for Velo nicotine pouches and Vuse vapors, keeping the overall group outlook unchanged. The stock sank 2.51% to become one of the worst performers on the blue-chip index."US vapour is the clear positive in today's print; however, weaker-than expected performance in [Asia-Pacific, the Middle East, and Africa] - driven by softness in Bangladesh and Heated Tobacco (ongoing destocking in Japan and high competition) - likely explains the absence of a guidance upgrade. We also believe management is opting to remain cautious at this stage, as elevated commodity prices are likely to weigh on consumer sentiment in 2H26 (Middle East). However, BAT flagged that there is no significant impact on Group's performance at this stage," BofA Global Research said, trimming its mid-term EPS estimates for the tobacco company.

FTSE 100$BATS.L
International

UK's M4 Money Supply Rises 0.2% MoM in April

Britain's M4 money supply rose 0.2% month over month in April, against the 0.8% increase in March, the Bank of England said Tuesday.Analysts expected a 0.6% growth for the month.

FTSE 100
International

UK Consumer Credit Growth Falls in April; Mortgage Approvals Up

Net borrowing of consumer credit by individuals in the UK stood at 1.86 billion pounds sterling in April, following the revised 1.90 billion pounds in March, according to Bank of England data published Tuesday.The consensus estimate for the month was 1.7 billion pounds.Meanwhile, net mortgage approvals for house purchases came in at 65,945, compared with the revised 63,979 in the prior month and the expected 62,000.

FTSE 100
Asia Markets

UK Shares Start Week Deep in Red as US-Iran Tensions Escalate

London's FTSE 100 closed 0.68% lower on Monday after the US and Iran exchanged fresh strikes over the weekend, while Britain's manufacturing activity accelerated to a four-year high on conflict-driven stockpiling.The US Central Command said it "conducted self-defense strikes" on Iranian radar and command and control sites in response to "aggressive Iranian actions," while Iran's Islamic Revolutionary Guard Corps said it launched a retaliatory attack against an air base used by US forces. Iranian negotiators also plan to suspend talks with their US counterparts in protest of Israeli aggression in Lebanon, Bloomberg News reported, citing a statement carried by the semi-official Tasnim news agency.Back home and on the economic front, the final S&P Global UK Manufacturing PMI stood at 53.9 in May, against the prior month's 53.7. The seventh consecutive growth came as production volumes expanded at the fastest rate in three months despite persistent headwinds, including rising prices and supply chain pressures."The sustainability of the upturn remains in doubt, however. The recent upturn in new order intakes that is driving the expansion in output is heavily reliant on both manufacturers and their clients front-loading purchases to mitigate expected war-related price increases and supply chain disruption. This bounce will fade once customers have built up sufficient safety stocks," S&P Global Market Intelligence director Rob Dobson said.Meanwhile, the annual growth rate of house prices in the UK slowed to 1.7% in May from 3% earlier, according to data from the Nationwide Building Society. The average price of houses was 278,024 pounds sterling, down from 278,880 pounds a month ago."Given the uncertainty caused by developments in the Middle East and the subsequent rise in energy prices and market interest rates, some loss of momentum was to be expected. Indeed, consumer confidence has weakened noticeably since the start of the conflict, with GfK's headline index falling to its lowest level since late‑2023 in April, with only a marginal increase in May," Nationwide Chief Economist Robert Gardner said."The housing market has not fallen off a cliff, but it is clearly looking over the edge," RBC Capital Markets said. "The good news, and there is some, is that the UK entered this shock in reasonable shape: household debt is at a two-decade low relative to income, the economy grew a healthy 0.6% in Q1, and mortgage rates, while rising, are still well below the 2023 peaks. We would not yet call this the beginning of a sustained downturn. UK house prices may have hit the brakes in May, but the engine has not yet stalled."In corporate news, easyJet (EZJ.L) signaled that its board will gauge a takeover offer from US-based Castlelake after the alternative investment firm disclosed that it is in the early stages of evaluating a potential bid for the British budget airline. The company, which is yet to receive a buyout proposal from or hold any discussions with Castlelake, traded 10.03% higher at close.

FTSE 100$EZJ.L
International

S&P: UK Final Manufacturing PMI Jumps to Four-year High in May

Britain's manufacturing activity accelerated in May, with production volumes expanding at the fastest rate in three months amid persistent macroeconomic headwinds, including rising prices and supply chain pressures.The final S&P Global UK Manufacturing PMI stood at 53.9 in May, against the prior month's 53.7, S&P Global said Monday. The reading marks a four-year high and the seventh consecutive month of sector growth.

FTSE 100
Nationwide: UK Annual House Price Growth Slows in May as Middle East Conflict Drags Sentiment
US Markets

Nationwide: UK Annual House Price Growth Slows in May as Middle East Conflict Drags Sentiment

UK annual house price growth cooled significantly in May as geopolitical tensions in the Middle East rattled consumer confidence and dampened buyer demand.Annual house price growth eased to 1.7% from 3% in April, data from Nationwide Building Society showed Monday. Month over month, house prices were 0.6% lower on a seasonally adjusted basis, following a 0.4% gain in April, marking the first drop in five months. The monthly figure is also below the expected 0.1% decline.The average UK house price is now worth 278,024 pounds sterling in May, edging down from 278,880 pounds a month before."Given the uncertainty caused by developments in the Middle East and the subsequent rise in energy prices and market interest rates, some loss of momentum was to be expected. Indeed, consumer confidence has weakened noticeably since the start of the conflict, with GfK's headline index falling to its lowest level since late 2023 in April, with only a marginal increase in May," Nationwide's Chief Economist Robert Gardner said.Gardner noted that indicators of the housing market sentiment also worsened. Data from the UK Royal Institution of Chartered Surveyors showed a steep drop in new buyer enquiries in March 2026, with the index indicating its weakest reading since 2023 and failing to recover in the following month.On the flip side, Nationwide highlighted that "the UK economy entered this shock on a slightly stronger footing than expected," growing by a "healthy" 0.6% in the first quarter while April inflation softened more than anticipated. Furthermore, the report added that a 20-year low in household debt-to-income ratios, "sizable" savings buffers, and improved housing affordability continue to support housing market resilience.While the developments in the Middle East are anticipated to moderate growth and push inflation higher than previously expected in 2026, the ultimate impact depends on the conflict's duration and policy response, Gardner added. If energy prices normalize quickly, any near-term softening in the housing market is expected to be short-lived.

FTSE 100
International

Nationwide: UK Annual House Price Growth Up 1.7% in May

The annual growth rate of house prices in the UK slowed to 1.7% in May from 3% earlier, according to data from the Nationwide Building Society published Monday.The average price of houses was 278,024 pounds sterling, down from 278,880 pounds a month ago.On a monthly basis, seasonally adjusted house prices were 0.6% lower, against the 0.4% uptick earlier and the expected 0.1% decrease.

FTSE 100
Asia Markets

British Equities Close Little Changed; US-Iran Negotiations Progress

Britain's FTSE 100 ended the week 0.09% in the red as the US and Iran reportedly reached a preliminary deal to extend the ceasefire for 60 days, which remains subject to US President Donald Trump's final approval.However, Iran's semiofficial Tasnim news agency cited a source as saying the proposed memorandum of understanding between Tehran and Washington remained unfinished after changes to the text in recent days, while also pushing back on some media reports on the potential deal, Al Jazeera reported.Back home and in corporate news, Ocado Group (OCDO.L) agreed to develop supermarket and petrol station chain Asda's online business across the UK with the Ocado Smart Platform, sending the London-listed grocery technology group's shares up 7.11% on Friday's close. The partnership is set to go live in early 2027, allowing Asda to offer online services such as scheduled and short lead-time orders, as well as click and collect."The deal broadens Ocado's UK exposure beyond existing partnerships and further positions the company as a technology and fulfilment enabler across multiple operating models, including store-based ecommerce fulfilment," AlphaValue/Baader Europe said. "While management does not expect a material FY26 financial contribution, the partnership improves medium-term revenue visibility and supports Ocado's pathway toward positive free cash flow generation in H2 FY26 and FY27."Meanwhile, AstraZeneca (AZN.L) received approval from the US Food and Drug Administration for Imfinzi, or durvalumab, plus Bacillus Calmette-Guérin induction and maintenance therapy for adults with BCG-naïve, high-risk non-muscle-invasive bladder cancer. The drugmaker was up 0.48%.It was a quiet day for local economic news, with investors anticipating the final S&P Global PMI figures, Bank of England mortgage and consumer credit reports, and Nationwide and Halifax house price data next week.

FTSE 100$AZN.L$OCDO.L
Asia Markets

UK Stocks Drop on Renewed US-Iran Tensions

Britain's FTSE 100 closed Thursday trading 0.75% in the red amid increased uncertainty surrounding ceasefire talks between the US and Iran after the two sides traded fresh strikes.Renewed instability in the Middle East kept investors on edge after the US struck military targets in Iran, while Tehran launched missiles toward a US air base in Kuwait in retaliation. The developments pushed oil prices higher, raising concerns over renewed inflationary pressures globallyBack home and in corporate news, SSE (SSE.L) delivered earnings growth for fiscal 2026 and raised its full-year dividend to 0.687 pound sterling per share from 0.642 pound per share, while its adjusted capital investment jumped 20% to 3.6 billion pounds, mainly in its electricity transmission business, SSEN Transmission. The utility fell 1.03% at close."We met all our financial and operational targets and delivery of our fully-funded [33 billion-pound] investment plan to 2030 - focusing on Networks, Renewables and Flexibility - is well under way," Chief Executive Martin Pibworth said. "That investment is central to long‑term value creation."Meanwhile, Johnson Matthey (JMAT.L) reported a loss for the year ended March 31, 2026, compared with a profit a year ago, while keeping its total dividend. For fiscal 2027, it anticipates low to mid single digit percentage growth in group underlying operating profit at constant precious metal prices and constant currency. The chemicals company edged down 0.18%.Johnson Matthey also agreed to buy US-based selective catalytic reduction catalysts manufacturer Cormetech for an enterprise value of $360 million. Closing of the deal is expected in June or July, subject to regulatory approvals.On the economic front, UK vehicle output declined 1.2% year over year to 58,513 units in April, while exports rose 0.8%, according to data from the Society of Motor Manufacturers and Traders. Chief Executive Mike Hawes said the latest figures "suggest production is stabilising, albeit at reduced levels, when the ambition remains to grow the sector."

FTSE 100$JMAT.L$SSE.L
International

SMMT: UK's Total Vehicle Production Down 1.2% in April

Britain's total vehicle manufacturing fell 1.2% year over year to 58,513 units in April, the Society of Motor Manufacturers and Traders said Thursday.Car production tumbled 0.7% to 56,135 units, while commercial vehicle output declined 10.9% to 2,378 units.For the four months to April, total vehicle manufacturing slumped 10.7% to 266,601 units.

FTSE 100
Asia Markets

UK's FTSE 100 Closes Higher; BP Extends Losses

Britain's FTSE 100 extended its winning streak, closing Wednesday trading 0.13% higher, as investors assessed the latest corporate and regulatory updates.BP (BP.L) fell 2.72% a day after announcing the removal of Chairman Albert Manifold, citing concerns related to "important governance standards, oversight and conduct." The energy giant did not provide further details, but BBC News reported about complaints, including Manifold's "overbearing" behavior and "bullying."Manifold said he was dismissed "without warning and without explanation" in an emailed statement to Bloomberg News. "I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged."On the earnings front, Greencore Group (GNC.L) posted a loss of 30.8 million pounds sterling for the six months ended March 27, compared with a profit of 19.8 million pounds a year earlier, sending its shares down 9.02%. The convenience foods producer's revenue, meanwhile, rose to 1.32 billion pounds from 922 million pounds earlier.In regulatory news, Britain's Office of Gas and Electricity Markets, or Ofgem, will raise by 13% the energy price cap for the July 1 to Sept. 30 period. This means that the average gas and electricity bill will increase to 1,862 pounds a year from 1,641 pounds."Today's price change reflects continued volatility in global energy markets. This means higher wholesale gas prices, driven by ongoing conflict in the Middle East, is impacting the price we pay for energy," Ofgem Chief Executive Officer Tim Jarvis said.Speaking of the Middle East conflict, Iran's state TV said Tehran received a draft outline for a possible agreement with the US. Under the reported terms, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while US forces would pull back forces from the area and lift a naval blockade.

FTSE 100$BP.L$GNC.L
UK Energy Price Cap to Rise 13% as Middle East Conflict Drives Up Gas Costs
US Markets

UK Energy Price Cap to Rise 13% as Middle East Conflict Drives Up Gas Costs

The UK Office of Gas and Electricity Markets, or Ofgem, on Wednesday announced a 13% increase in the domestic energy price cap for the third quarter due to rising wholesale gas prices stemming from the ongoing war in the Middle East.Under the regulator's current typical domestic consumption values, the typical annual energy bill for an average household paying by direct debit is set to rise to 1,862 pounds sterling from 1,641 pounds starting in July.While this increase is the first since the conflict in the Middle East began, Ofgem noted that prices "remain well below" the peak of the 2022 energy crisis when the government intervened to limit bills at 2,500 pounds.Around 40% of households are on fixed tariffs and will not be impacted by the July hike, the regulator said. For others, gas bills will jump 24%, while electricity rises just 5%, which Ofgem attributed to growing renewable energy generation."We understand many will be concerned about rising prices. While energy use typically falls over the summer months, there are still practical steps households can take to manage costs, including exploring fixed tariffs or changing their payment method. Smart meter customers can also take advantage of half price or cheap electricity at the weekends," Ofgem Chief Executive Officer Tim Jarvis said, adding they are funding the "biggest transformation" in a generation to build a "secure and resilient" energy system for Great Britain.Reacting to the news, UK Energy Secretary Ed Miliband wrote in a post on social media site X that the "rise in the price cap because of a war we did not choose is deeply unwelcome news for households across the country." Looking ahead to winter, Miliband said the government is planning for "all contingencies," adding that de-escalation of the conflict is vital to lowering the price of global oil and gas prices.

FTSE 100
Asia Markets

UK Equities Gain; BP Shares Fall Amid Chair Removal

British equities traded in the green on Tuesday, with the FTSE 100 closing 0.24% higher, as investors returned from Monday's Spring Bank Holiday to a handful of corporate and economic developments.BP (BP.L) was in focus after the oil major said Albert Manifold would step down as chair and director with immediate effect following board concerns over governance standards, oversight, and conduct. The company, which said the decision was unanimous, was one of the worst performers on the blue chip index, down 4.03% at close.On the flip side, Metlen Energy & Metals (MTLN.L) surged 6.46% to become the FTSE 100's top stock after the European Commission cleared its proposed joint venture with Greek electric utility Public Power Corp.Kingfisher (KGF.L) climbed 1.71% after reporting steady total sales year over year for the fiscal first quarter ended April 30 on a constant currency basis. The British home improvement retailer maintained its adjusted pretax profit guidance of 565 million pounds sterling to 625 million pounds."Kingfisher has reported a Q1 trading update today which is a shade better than consensus overall," RBC Capital Markets said. "Adjusting for calendar effects Q1 [like-for-like] of -0.7% yoy vs consensus at -0.9% yoy, with sales including marketplace +0.8% yoy. We think this should be reassuring given a later start to spring this year."Meanwhile, the UK's shop price inflation edged up to 1.2% year over year in May from 1% in April, the British Retail Consortium said. The latest reading exceeded the consensus estimate of 1.1%, driven by rising shipping and raw material costs amid the Middle East conflict."While retailers work hard to keep prices down for customers, they continue to face significant cost pressures, including higher energy bills and disruption linked to the conflict in Iran," said BRC Chief Executive Helen Dickinson. "Businesses cannot absorb these costs indefinitely, which risks pushing prices higher in the months ahead. To help protect households, Government should take action to reduce business costs. Reducing the non-commodity charges, taxes and levies that make up more than two-thirds of energy bills, and cutting red tape would help keep inflation down."Looking ahead, the economic calendar is light this week, with April car production due Thursday and nationwide housing prices for May due Friday.

FTSE 100$BP.L$KGF.L$MTLN.L

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