Thanks for joining us. Inflation fell last month, according to the Office for National Statistics.
The consumer price index stood at 7.9% in June, up from 8.7% in May.
5 things to start your day with
1) Jaguar Land Rover chooses UK over Spain for battery gigafactory | UK wins race for leading battery plant to support Rishi Sunak
2) Ocado has admitted its disappointment at M&S’s venture as tensions mount | Online grocer says joint venture ‘not where we wanted it to be’
3) Britain braces for potentially ‘deeply worrying’ inflation data | Households are bracing for inflation, which economists say will fall to its lowest level since March last year.
4) A Hong Kong billionaire is bidding to own Britain’s offshore wind cable network | Consortium backed by one of Asia’s richest men enters race for key power grid
5) Bank of England staff get £25m bonuses despite Bailey’s ‘pay cap’ warnings | The payouts were revealed as the bank prepares to release the latest inflation figures
What happened in one night
Asian stock markets were mixed with growth worries dragging down Chinese shares.
However, stocks rose in Japan and Australia after solid U.S. corporate earnings and retail data boosted hopes that the world’s biggest economy could avoid a recession.
MSCI’s broadest index of Asia-Pacific shares outside Japan was dragged down 0.6 percent by a 1.2 percent drop for the Hang Seng. It has fallen daily since China’s growth data on Monday highlighted the country’s faltering recovery from the pandemic.
Japan’s Nikkei rose 0.9% to hit a two-week high.
Wall Street stocks rose on Tuesday as upbeat Wall Street earnings and retail sales bolstered expectations that the Federal Reserve will raise interest rates next week.
The Dow Jones Industrial Average ended up 1.1% at 34,951.93 and is on track for its longest daily winning streak in more than two years.
The broad S&P 500 advanced 0.7 percent to 4,554.98, while the technology-rich Nasdaq Composite rose 0.8 percent to 14,353.64.
The yield on the benchmark 10-year U.S. Treasury note fell 0.2 basis points to 3.8%.