FTSE leaps despite plant slowdown
Rising retail prices are expected to hit consumers in the hip pocket in the weeks and months to come due to rising commodity and shipping costs.
Prices rose 0.4% in August from the previous month, the British Retail Consortium said, with further increases likely in the run-up to Christmas as demand for shipping and raw materials increases even more.
Helen Dickinson, CEO of BRC, said: “There are modest indications that rising costs are starting to trickle down to product prices.
“Food retailers are fighting to keep their prices as low as possible, but mounting pressures mean this will not be sustainable any longer, and food price hikes are likely.”
5 things to start your day
1) Investment in the North Sea has fallen to its lowest level since 1973: Oil and gas companies warn Britain could depend on imported fossil fuels if domestic production falls even further.
2) Bosses reverse plans to downsize offices as part of hybrid push: CEOs also forecast wave of takeovers as confidence in the global economy rebounds despite fears of the supply chain.
3) Chipmaker’s Chinese boss “declares independence” from UK owner: Arm has been locked in a dispute with his Chinese CEO after revealing a slew of new chip designs in a bid to win Beijing.
4) UK robotics pioneer in private equity target: Blue Prism is the latest UK company to face a takeover offer amid a feeding frenzy from US predators.
5) Shell to Build 50,000 Electric Car Charging Points: The fossil fuel giant tries to move away from oil and gas as Western governments pledge to cut carbon emissions to net zero.
What happened during the night
Asian stocks gave up some of their recent gains in cautious trading on Wednesday as the dollar retreated from its three-week low, as concerns over slowing global growth in several markets weighed on the US again. spirit of traders.
The largest MSCI index for Asia-Pacific stocks outside of Japan fell 0.4%, beating a three-week high reached the previous day.
Over the past two weeks, the regional benchmark has regained much of the ground lost a few weeks earlier when global markets fell, frightened by the possibility that the US Federal Reserve would move closer to cutting its purchases of ‘assets.
However, on Tuesday, Chinese blue chips fell 0.44% and Hong Kong fell 0.5%, as concerns over slowing growth in China remained a drag.
Australian stocks fell 0.58%, slightly reducing earlier losses, after figures showed gross domestic product (GDP) rose 0.7% in the June quarter.
Japan’s Nikkei gained 0.89%, boosted by data showing capital spending by Japanese companies rose in the second quarter, the first such increase since the start of the pandemic.
- Business: 888 Holdings, John Menzies, Johnson Services, Churchill China, Petropavlovsk, PPHE Hotel Group (Interim); WH Smith, Kainos Group (Commercial updates)