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The UK benchmark swung on US-Iran peace-framework developments, ending one week up 1.63% but later closing 0.39% lower as a 60-day deal awaited signing.
Sentiment among UK manufacturers further deteriorated in July, with optimism on the business situation having a weighted balance of -36%, the Confederation of British Industry said Thursday.Meanwhile, export prospects also declined, coming in at -23%.
Total new orders in the UK manufacturing sector were stable at -45% in July, unchanged from a month ago, the Confederation of British Industry's industrial trends survey showed Thursday.Analysts expected the reading to stand at -40%.
London's FTSE 100 closed 1.28% higher on Wednesday as investors welcomed a cooler-than-expected UK inflation reading, helping offset concerns over rising oil prices amid escalating tensions in the Middle East.Britain's annual inflation eased to 2.6% in June from 2.8% in May, according to data from the Office for National Statistics, coming in below the 2.7% consensus forecast. The softer reading was driven by slower growth in motor fuel and food prices."Far lower food prices than the Bank of England (BoE) expected should help relieve rate setters' fears about increases in salient prices fueling inflation expectations. Alongside the slowdown in services price growth, that rules out a rate hike at next week's 30 July BoE meeting. In any case, we think the labour market is too weak for second round effects (a new price-wage spiral) to take hold," Berenberg said.Meanwhile, oil prices remained elevated as geopolitical tensions intensified. Brent crude settled above $90 a barrel for the first time in more than a month. "And this morning we've seen a further rise above $92/bbl, so there's little sign of oil prices easing as the US confirmed overnight they'd completed an 11th consecutive evening of strikes against Iran," Deutsche Bank Research said.Markets also kept a close watch on diplomatic efforts regarding the ongoing Middle East conflict after US Secretary of State Marco Rubio confirmed that the US remains prepared to negotiate with Iran. However, uncertainty remains over whether Tehran will return to talks.In corporate news, Segro (SGRO.L) jumped 3.15% to land among top stocks on the blue-chip index after Prologis (0KOD.L) raised its takeover offer for the industrial and data center property company to 14 billion pounds sterling. US-based real estate investment trust Prologis said the offer is "final and will not be increased." Segro rejected its previous offer of 13.5 billion pounds.Fresnillo (FRES.L) gained 3.55% after saying it is on course to meet expectations. For 2026, the miner affirmed production guidance of 42 million ounces to 46.5 million ounces for attributable silver, as well as for gold, lead and zinc. The company also maintained its production outlook for 2027 and 2028.Mid-cap constituent easyJet (EZJ.L) tumbled 11.82% after Reuters reported that the European Union is preparing to review its airline ownership rules to prevent foreign investors from gaining effective control of carriers in the region. The move could create fresh hurdles for competing bids for the budget airline from US-based Apollo Global Management and Castlelake.
(Corrects publishing day and prior month figure in the first paragraph)House prices in the UK edged up 0.3% on average in May compared with the previous month's revised 0.5% increase, according to government data published Wednesday.The house price index was up 2.7% on an annual basis, with the average property valued at 271,000 pounds sterling. Analysts expected an annual increase of 3.2%.
House prices in the UK edged up 0.3% on average in May compared with the previous month's 3.8% increase, according to government data published Tuesday.The house price index was up 2.7% on an annual basis, with the average property valued at 271,000 pounds sterling. Analysts expected an annual increase of 3.2%.
Britain's annual inflation rate came in cooler than expected in June, driven by a deceleration in motor fuel and food expenses.Consumer price growth was at 2.6% year over year in the month, down from May's 2.8%, according to data from the Office for National Statistics released Wednesday. The latest figure came in below the consensus estimate of 2.7%."A fall in motor fuel prices, particularly diesel, helped ease inflation in June," ONS Chief Economist Grant Fitzner said. "Food prices fell this month, driven by products including chocolate, margarine and beef."Transport prices rose by 5.7% annually in June, down from 6.8% a month ago. Meanwhile, the annual increase in food and non-alcoholic beverage costs eased to 1.7% from May's 2.2%.Excluding energy, food, alcohol and tobacco, the annual inflation rate remained at 2.6%, against the market forecast of 2.5%The Confederation of British Industry noted the latest inflation print came "broadly in line" with its expectations."We expect this easing will prove temporary. Inflationary pressures are likely to firm over the next few months, reflecting the ongoing impact of the Iran conflict on energy bills and some passthrough to domestic prices. Renewed tensions in the Middle East mean that households and businesses will continue to face an uncertain and volatile outlook as we head towards autumn," said Martin Sartorius, lead economist at the CBI.Against this backdrop, the CBI expects the Bank of England to hold its key rate steady at 3.75% on July 30 as the central bank is anticipated to favor a "wait and see" stance. Despite persistent downside risks, Sartorius said near-term rate hikes are "unlikely" amid "a loosening [labor] market, soft domestic activity, and tighter financial conditions."
The UK's retail prices rose 3% year over year in June, following a 3.1% increase in May, data from the Office for National Statistics showed Wednesday.The reading is aligned with market expectations.On a monthly basis, the index was 0.3% higher, matching the consensus estimate, and against the prior 0.2% gain.
Producer input prices in the UK climbed 7.3% year over year in June, following the revised 9.3% gain earlier, data from the Office for National Statistics showed Wednesday.Meanwhile, producer output or factory gate prices rose 3.5% annually, against the revised 3.7% increase earlier.On a monthly basis, producer input prices fell 2% in June, compared with the revised 0.6% uptick previously and expectations of a 0.7% decline. Monthly factory gate prices were unchanged, against market expectations of a 0.1% drop and the revised prior 0.3% growth.
Britain's annual inflation rate fell to 2.6% in June from 2.8% in May, according to data from the Office for National Statistics published Wednesday.Analysts expected a 2.7% rate for the month.On a monthly basis, consumer prices were 0.1% higher, as expected, and compared with the 0.2% gain earlier.Meanwhile, the UK's annual core inflation rate was 2.6%, unchanged from the previous month and against the expected 2.5%. Month over month, core consumer prices gained 0.3%, similar to the reading in May.
London's FTSE 100 rose 0.52% on Tuesday's close as investors assessed Britain's latest labor market data and the new government's plans to cut household electricity costs, while also monitoring reports that US President Donald Trump was preparing new tariffs after a temporary 10% global duty expires on Friday.Prime Minister Andy Burnham, on his second day in office, said the UK government will scrap the 5% value-added tax on household electricity bills from Oct. 1 to help ease cost-of-living pressures. The emergency relief measure is expected to reduce the October price cap set by the UK's Office of Gas and Electricity Markets by 45 pounds sterling annually, on top of the 150 pounds removed in the last budget."This measure is funded this year from cancelling the Digital ID programme, and it will help bring down inflation while supporting households in every postcode," said John Healey, who succeeded Rachel Reeves as chancellor of the exchequer on Monday.Data from the Office for National Statistics showed that Britain's unemployment rate stood at 4.9% in the three months to May, matching the level in the prior three-month period and the consensus estimate. Meanwhile, average weekly pay, including bonuses, increased 4.3% year over year during the quarter to May, slower than the 4.4% jump earlier and the expected 4.5% growth."Overall, the labour market looks stable but weak," Berenberg said. "Wage growth remained on a firm downward trend. Private sector average weekly earnings growth excluding bonuses cooled from 3.0% 3m. yoy to 2.9% 3m. yoy, taking it even further below the 3.25% yoy pace that the Bank of England believes is consistent with 2% CPI inflation. With no need to worry about a new price-wage spiral, we expect the [Bank of England] to adopt a more dovish stance over the remainder of the year and resume interest rate cuts in December."In corporate news, Compass Group's (CPG.L) organic revenue for the three months ended June 30 increased 7.1%. The group affirmed expectations for 7% organic revenue growth and 2% profit growth from mergers and acquisitions for fiscal 2026. The food services company's stock was down 2.28%."In line with consensus expectations for [organic sales growth] which had drifted down in recent weeks, with FY26 guidance maintained. Net new wins back into the 4-5% range in Q3, with [like-for-like] growth having moderated on lower inflation and unfavourable calendar timings in Sports & Leisure (S&L) despite a modest World Cup benefit," RBC Capital Markets said. "The stock has been the weakest of the three listed global caterers YTD and there is little in this statement that is likely to trigger a closing of the performance gap, in our view."Meanwhile, London Stock Exchange Group (LSEG.L) plans to launch London Stock Exchange 24, or LSE 24, a new near-continuous trading venue that will operate Monday to Friday from 5 pm to 7:50 am London time, separately from the bourse's main market. Client testing will open by the end of 2026. LSEG ended the session 2.56% in the red.
The UK's jobless rate remained stable in the three months to May amid a further decline in job vacancies and a slowdown in private-sector wage growth, according to data from the Office for National Statistics published Tuesday.The unemployment rate for people aged 16 years and over came in at 4.9% in the three months to May, unchanged from the three months to April. The latest reading was in line with the consensus estimate.Meanwhile, the UK employment rate for people aged 16 years and over, was 60.8% during the quarter to May. For people aged 16 to 64 years, the employment rate stood at 75.1%"The latest data show a relatively steady labour market picture overall, though some measures continue to suggest softening. The number of employees on payroll was broadly flat in the latest month, while survey estimates suggest employment, unemployment and inactivity rates were little changed in the latest quarter," ONS Director of Economic Statistics Liz McKeown said. "Vacancies fell again over the quarter, but by less than in recent periods. The latest decrease was driven mainly by smaller businesses, where labour and operating costs were cited as factors in not taking on new staff."Employees' average regular earnings growth, excluding bonuses, came in at 3.4% year over year in the quarter to May for the third consecutive period, while total earnings, including bonuses, rose 4.3%.In the public sector, the annual average growth in regular pay stood at 5.5%, higher than 5.1% in the previous three-month period, while regular earnings growth in the private sector edged down to 2.9% from 3%."The difference is stark between the public and private sectors. Pay is growing in excess of 5% annually in the former, while the private sector is experiencing wage growth below 3%. That's down from 6% just 18 months ago and is below the level that the Bank of England thinks is consistent with achieving a 2% inflation target over the medium-term," analysts at ING said in a note."This is a key factor in our call for the Bank of England to keep rates on hold this year, unless things get materially worse in the energy market. Just as we saw with the rise in headline inflation 12 months ago, the weaker jobs market should mitigate the risk of second-round effects and a long-lasting bout of price pressure."
Public sector net borrowing in the UK, excluding public sector banks, stood at 16 billion pounds sterling in June, down from the revised 20.0 billion pounds earlier, according to data from the Office for National Statistics published Tuesday.
Britain's average weekly pay, including bonuses, increased 4.3% year over year in the quarter to May, following a 4.4% jump in the prior three-month period, the Office for National Statistics said Tuesday.The latest reading is below the consensus estimate of a 4.5% growth.Excluding bonuses, the growth in average weekly earnings was 3.4%, consistent with the prior and expected reading.
Britain's unemployment rate stood at 4.9% in the three months to May, unchanged from the level in the prior three-month period, according to data from the Office for National Statistics published Tuesday.The latest reading matched the consensus estimate for the period.Meanwhile, the UK employment rate was 60.8% during the quarter to May.
Unemployment benefits claims in the UK rose by 6,703 in June, after a revised increase of 1,269 in May, data from the Office for National Statistics showed Tuesday.The consensus estimate for the month pointed to a growth of 29,400.
London's FTSE 100 dropped 0.54% on Monday closing, as investors welcomed Prime Minister Andy Burnham at 10 Downing Street, while Iran and the US made another attempt at diplomacy after exchanging attacks over the weekend.Iran's foreign ministry spokesperson, Esmaeil Baghaei, told the media that the US reached out through intermediaries to reactivate the diplomatic framework. Diplomatic exchanges follow the launch of US airstrikes over the death of three US service members in Jordan and Iraq and Iranian attacks on critical infrastructure in the Gulf.In corporate news, industrial and data center property company Segro (SGRO.L) rose 0.38% after its board unanimously rejected Prologis' (0KOD.L) further revised takeover proposal worth 13.5 billion pounds sterling. Segro said it met with the US industrial real estate company on Sunday, but the latter did not offer improvements to its third proposal.Mining and metals company South32 (S32.L) gained 4.90% after fiscal 2026 production broadly met expectations. "FY26 production for its seven various commodities was broadly in line while copper (Sierra Gorda) was 2% below consensus. FY26 unit costs are guided to be 10% above guidance at Sierra Gorda (copper), 10% below guidance at Cannington (zinc, silver and lead) and 5-10% above guidance for manganese. All FY27 production guidance remains unchanged except for Australia Manganese which is likely to be revised lower in August with the FY26 results due to elevated water management issues," RBC Capital Markets said, keeping its outperform rating on the stock.During the week, investors will assess the latest labor market numbers on Tuesday, the June inflation report on Wednesday, data from the Confederation of British Industry on Thursday, followed by retail sales and the S&P Global PMI on Friday."We expect wage growth and unemployment to move sideways, and employment dynamics to moderate slightly to 75k. We expect [consumer price index] at 2.7% with core at 2.5% and services at 3.5%, a very contained move lower, only, and we expect retail sales including fuel to decline 0.9% mom, partially compensating for the increase in May," BofA Global Research said.
UK consumer confidence improved but remained downbeat in July on the back of "calmer" geopolitical conditions and lower energy prices amid the US-Iran ceasefire, S&P Global said Monday.The S&P Global UK Consumer Sentiment Index reached a four-month high of 43.4, up from 42.2 in June.The household finance, spending sentiment, labor market sentiment, debt sentiment, and savings indices all rose during the month.
British equities ended the week higher, with London's FTSE 100 rising 0.27% on Friday, outperforming a broadly weaker European market.Among blue-chip constituents, Burberry Group (BRBY.L) was the session's biggest decliner, falling 6.38%.For the 13 weeks ended June 27, the British luxury retailer reported a year-over-year increase in retail revenue to 455 million pounds sterling from 433 million pounds, but comparable retail sales in Europe, the Middle East, India and Asia declined 3% due to the Middle East conflict and lower tourist spending."Burberry has successfully gone through its first brand revival chapter. Burberry Forward works. The ball is now in management's court to sustain the recovery, adding spice and oomph to it," commented Bernstein.Meanwhile, oil major BP (BP.L) agreed to sell a 42% stake in the unit responsible for the redevelopment of four producing oil fields in Iraq's Kirkuk area. The buyer is US-based petroleum group ConocoPhillips, with the deal expected to close by the end of 2026. BP stock gained 1.35%.In geopolitical news, tensions remained elevated after the conflict between the US and Iran intensified for a sixth consecutive day. Washington expanded its campaign by striking transport and military infrastructure in southern Iran, while Tehran responded with attacks targeting US military facilities and critical infrastructure across the Gulf.On the economic front, the UK government said Friday that its free-trade agreement with India took effect on Wednesday. The deal will remove or reduce tariffs on 99% of Indian goods entering the UK and 90% of UK products entering India, with officials expecting it to speed up trade between the two countries.Looking ahead, investors will turn their attention to UK labor market data for May, inflation for June and industrial production figures due next week, following the economy's unexpected expansion in May. Andy Burnham is also set to take office as prime minister next week, succeeding Keir Starmer.
London's FTSE 100 closed 0.39% higher on Thursday as escalating tensions in the Middle East were outweighed by signs of a modest rebound in the UK economy, while investors assessed a fresh batch of corporate updates.Britain's economy returned to growth in May after contracting in April, supported by a rebound in the services sector. Data from the Office for National Statistics showed that gross domestic product grew 0.1% month over month, following a 0.1% decline in April and the expected zero growth."We're still a bit dubious about the UK's latest growth data. On the face of it, it looks great ... Yet there is still an active debate over how reflective this is of the underlying growth picture," ING said. "More importantly, the impact of the Iran war and the spike in energy prices is likely to show more clearly over the summer. We'd expect growth to slow to 0.1-0.2% in the third quarter, after what's now likely to be 0.4% in Q2."Speaking of the Iran war, investors were also monitoring reports that Tehran had instructed Yemen's Houthi movement to prepare to close the Red Sea oil route should the US strike Iranian power infrastructure, according to Reuters."Markets had initially expected flows to normalize following the US-Iran memorandum of understanding signed on 17 June, with a noticeable build-up of ballast LNG carriers entering the Persian Gulf in anticipation of stronger exports. However, those expectations have failed to materialize, and the latest escalation has further reduced the likelihood of a near term recovery," Rystad Energy said.In corporate news, distribution group Diploma plc (DPLM.L) surged 6.00% to become the top performer on the blue-chip index after beating organic revenue growth expectations for the fiscal third quarter and raising guidance for fiscal 2026."Q3 organic revenue growth has remained stronger than expected at 15% (vs 15% in H126, 14% in Q1 and vs 11% forecast) and the FY outlook has been upgraded again, with organic revenue growth now expected at 14% (vs 12% previously) and margins at c.26.5% (vs 25% previously). Balance sheet headroom remains significant and the acquisition pipeline remains strong. This translates into a c.7% upgrade to current consensus and continues the positive EPS momentum we have seen of late," RBC Capital Markets said, with an outperform rating.Experian (EXPN.L) maintained its full-year expectations after total revenue for the fiscal first quarter ended June 30 grew 10% at actual exchange rates and 8% on a constant currency basis. The data and technology company's stock was down 0.55% at the session's close.In other news, the government nationalized British Steel, noting that steel production plays a "vital role" in the UK economy and needs to be protected.
The British economy returned to growth in May after recording a contraction in the previous month, mainly driven by a recovery in the services sector, although businesses in several industries reported that the war in the Middle East impacted output.The UK's gross domestic product grew 0.1% month over month in May, following a 0.1% decline in April, data from the Office for National Statistics showed Thursday. The latest reading came in better than market forecasts of zero growth.The ONS primarily attributed the GDP expansion to a 0.3% rise in services output, following a 0.1% downtick a month before, largely due to a positive contribution from professional, scientific and technical activities. Meanwhile, the production and construction sectors showed falls of 0.5% and 0.8% in May, after respectively logging a revised 0.2% growth and 0.1% decrease in April.The statistics agency said a number of businesses across various industries, including those in manufacturing, wholesale, land transport services, accommodation, and travel agencies, "mainly stated the conflict in Iran had an impact in terms of reduced output in May 2026."On a yearly basis, the UK economy expanded 1.3% in May, against the prior revised 1.1% growth and the consensus estimate of a 1.4% gain."We're still a bit dubious about the UK's latest growth data. On the face of it, it looks great ... Yet there is still an active debate over how reflective this is of the underlying growth picture," ING said in a note."The bottom line is the UK economy probably has genuinely had a reasonable start to 2026 - albeit not quite as strong as these growth numbers suggest. More importantly, the impact of the Iran war and the spike in energy prices is likely to show more clearly over the summer," ING added. "We'd expect growth to slow to 0.1-0.2% in the third quarter, after what's now likely to be 0.4% in Q2."
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