FTSE 100 Live: ‘Investors continue to take cautious stance towards UK’; shares fade

he FTSE 100 has began with modest positive aspects at present, led by miners, after a robust end to an otherwise-disappointing June.

That comes regardless of a troublesome begin for the blue-chip index’s greatest stock, with AstraZeneca down greater than 4%.

Markets will keenly await buying managers’ index knowledge from the manufacturing sector for the UK and Europe, which shall be launched later this morning.

The S&P/CIPS manufacturing Purchasing Managers’ Index (PMI) got here to 46.5 for June, in comparison with the flash determine of 46.2. That’s nonetheless effectively under the 50 mark that separates progress from decline.

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City AM up on the market – report

London freesheet City AM is up on the market, based on stories from the Telegraph.

The business-focused free morning newspaper is owned by two firms: the Blue Bull and Nashco.

The newspaper reduce the variety of days it’s printed from 5 to 4 earlier this 12 months.

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Blue-chip shares fade in afternoon

The FTSE 100’s early positive aspects have been worn out, with the blue-chip index now down barely for the day.

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Monzo phases out workplace water coolers and boiling water faucets in internet zero drive

Digital financial institution Monzo ha moved to do away with its workplace water coolers and boiling water faucets, and offset emissions from enterprise journeys in a bid to be extra environmentally pleasant.

The financial institution is on a drive to succeed in internet zero emissions by 2030 and stated all companies have a component to play in tackling local weather change.

Monzo stated it already has decrease greenhouse fuel emissions than excessive avenue banks as a result of it doesn’t must run a department community.

Petrol anticipated to drop under £1.40 per litre after CMA cracks down on overcharging

A litre of petrol is predicted to price lower than £1.40 by the top of the month, based on Finixio, after the monopolies watchdog cracked down on supermarkets overcharging for gasoline.

It can be the primary time petrol costs fell under £1.40 since October 2021.

A litre of diesel is predicted to fall to about £1.49.

6.25% rates of interest totally priced in

Markets have totally priced in rates of interest of 6.25% for May 2024, with charges additionally anticipated to remain at 6% or increased till November 2024.

The increased rate of interest expectations have despatched gilt yields even additional up.

Take a take a look at all the important thing market knowledge.

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Oil costs surge on Saudi and Russia reduce

Oil costs have jumped after Saudi Arabia and Russia each prolonged their cuts to grease manufacturing.

Saudi Arabia will produce round 9 million barrels of oil per day, whereas Russia will scale back its manufacturing by about half 1,000,000 barrels a day.

That despatched Brent crude costs up by nearly 1% to $76.12 a barrel.

That despatched shares of London’s oil supermajors up. BP is up 3% to 472.2p, whereas Shell is up 2.3% to 2,395.3p.

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Five-year gilt yields prime mini-Budget highs

Five-year gilts are yielding 4.73%, exceeding the degrees reached through the chaos of final years mini-Budget.

Short-dated gilt yields had already topped mini-Budget ranges final month on the again of stronger-than-expected wage progress. But an extra surge at present has taken medium yields past these ranges too.

With the newest rise, five-year fixed-rate mortgages, which are typically priced off the five-year gilt market, seem sure to cross the 6% threshold.

Two-year gilt yields continued to climb too, hitting one other 15-year excessive of 5.35%.

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‘Drivers paid nearly £1bn more for fuel after supermarkets increased margins’

Drivers paid almost £1 billion extra for gasoline at supermarkets final 12 months on account of elevated margins, an investigation has discovered.

Watchdog the Competition and Markets Authority (CMA) stated common grocery store gasoline margins rose by 6p per litre between 2019 and 2022.

That led to an estimated mixed further price of “around £900 million” for purchasers of Asda, Tesco, Sainsbury’s and Morrisons, a report said.

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Two-year gilt yields at yet one more 15-year excessive

Two-year gilt yields have damaged by way of the highs reached final week, hitting 5.33% as buyers begin to ponder the slim chance of rates of interest hitting as excessive as 6.75%.

Five-year yields, in the meantime, are threatening to prime the height reached within the rapid aftermath of final 12 months’s mini-Budget.

Rates of 6.75% are nonetheless seen as impossible, with the market-implied peak remaining at 6.25%, however the implied chance crossed the 5% threshold at present, having beforehand been a negible chance.

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City remark: Mini-Budget nonetheless performs a task in newest spherical of gilt market chaos

The occasions all through the Ashes Test match at Lord’s have been actually exceptional. During one of many uncommon quieter passages of play I used to be chatting to one in every of London’s main bond market contributors.

Our dialog turned to a different extraordinary interval of turmoil, the mini-Budget of final September and the monetary markets meltdown that adopted.

His sobering view was that bond buyers won’t ever once more view gilts — and the British Government as a borrower — in fairly the identical means once more. Centuries constructing a popularity as one of many world’s most accountable and prudent issuers of Government bonds had been trashed in days as buyers appeared on aghast.

FTSE 100 Live: ‘Investors continue to take cautious stance towards UK’; shares fade

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