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Boost for Rachel Reeves as borrowing costs fall

by London Mail
August 15, 2024
in Business
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Thanks for joining me. We begin with official figures showing inflation rose last month for the first time since February last year.

The Office for National Statistics revealed the consumer prices index increased by 2.2pc in July, compared to 2pc in both May and June.

5 things to start your day 

1) Record number of children on disability benefits after autism and ADHD surge | Concerns over rising bill as parents of more than 730,000 under-18s claim tax-free allowance

2) Britain to seize Europe’s media crown after Taylor Swift extravaganza | Impact of the Eras tours along with rebound in cinema spending will boost UK’s standing

3) BP to help Nasa establish base on the Moon | The deal comes amid rising concerns about potential Chinese domination of space

4) Solicitor disciplined for showing sexual photo to colleague in courtroom | Tribunal says inappropriate conduct damages public trust in legal profession

5) Jeremy Warner: Idle Britain is becoming fertile ground for violence, resentment and crime | The summer riots highlight how entrenched worklessness is making civil unrest all the more likely

What happened overnight 

Asian shares traded mixed as Japan’s benchmark ran out of steam after news the prime minister will not seek re-election as head of the ruling party.

Japan’s benchmark Nikkei 225 was down 0.1pc at 36,192.93. Australia’s S&P/ASX 200 gained 0.5pc to 7,869.40. South Korea’s Kospi added 0.7pc to 2,640.10. 

Hong Kong’s Hang Seng lost 0.3pc to 17,127.65, while the Shanghai Composite shed 0.4pc to 2,857.90.

Prime Minister Fumio Kishida’s public support ratings are sagging lately amid a scandal involving shady money, as well as his overall lack of popularity with voters, according to Japanese media polls.

Japan’s ruling Liberal Democratic Party controls the majority in the lower house of parliament, which picks the nation’s leader. 

In America, stocks jumped and bond yields fell on Tuesday after data showed that US producer prices increased less than expected in July, reinforcing market expectations that cooling inflation will allow the Federal Reserve to cut interest rates soon.

The S&P 500 jumped 1.7pc to 5,434, the Dow Jones Industrial Average added 1pc to 39,766 and the Nasdaq Composite climbed 2.4pc, closing at 17,188.

Yields on benchmark 10-year US Treasury bond slipped to 3.85pc from 3.90pc late on Monday.

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