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Mrgood morning. It’s all about growth this morning as we get the June GDP data to supplement the second quarter numbers.
National output is expected to fall 1.2 percent in June, partly due to the platinum jubilee celebrations. In the quarter, this is expected to result in a drop of 0.2 percent.
Elsewhere, the FTSE 100 is on course for a flat day after falling yesterday despite broader optimism about easing inflation.
5 things to start your day
1) British EDF customers pay twice as much for energy as French customers Macron’s price cap on state-owned suppliers protects households from skyrocketing costs
2) Hong Kong sees record population decline as people flee Covid-free restrictions The city lost 113,200 inhabitants in the year to June
3) A Chinese shareholder says a break-up of HSBC would yield up to £29 billion in payments The insurer accuses the lender of an “excessive” challenge in spinning off its Asian business
4) The sale of Heathrow revives hopes of a third runway under the new Prime Minister But whoever enters at No. 10 still faces environmental hurdles and a changing sector
5) Mark Zuckerberg has been called “creepy” by Facebook’s own chatbot. Social media company ‘exploits people for money’, AI program warns
What happened overnight
Asian markets were mostly lower on Friday, paring the previous day’s gains, as traders braced for the likelihood that central banks will continue to raise interest rates to combat surging inflation.
Asia struggled to maintain momentum, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Manila, Jakarta and Wellington all slightly lower.
Tokyo, however, jumped more than 2% as investors there returned from a one-day break to catch up with Thursday’s rebound. Taipei also rose.
It’s coming today
- Company: 888 Holdings, Flutter Entertainment, TBC Bank Group (Interim)
- Economy: GDP (UK), Industrial Production (UK, EU), Manufacturing Production (UK), Michigan Consumer Sentiment (US)
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