Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Sruthi Shankar

(Reuters) -UK’s top share index hit a three-week high on Wednesday, lifted by oil and mining stocks, even as a surge in inflation to fresh 40-year highs cemented bets for a bigger-than-usual rate hike by the Bank of England next month.

The blue-chip FTSE 100 climbed 0.5% to its highest since June 29, with commodity-linked stocks such as Shell, BP, and Rio Tinto providing the biggest boost.

British consumer prices surged in June to hit an annual rate of 9.4%, the highest since early-1982, according to official figures that bolstered the chances of a rare half percentage-point rate increase in August.

Rising petrol prices took UK headline inflation another leg higher in June and we expect it to peak above 11% in October,” said ING economist James Smith.

But core inflation may have already peaked, and that means today’s numbers are unlikely to change too many minds when it comes to August’s Bank of England decision. We still narrowly expect a 50bp hike at that meeting.

Globally, stock markets were rebounding as better-than-feared U.S. earnings, a pause in the dollar’s relentless rally and the expected resumption of Russian gas supply to Europe all aided sentiment. [MKTS/GLOB]

Advertising firm WPP gained 2.7% after U.S. rival Omnicom Group reported stronger-than-expected quarterly results.

The domestically focussed midcap index rose 0.4%, also hitting its highest in three weeks.

Royal Mail dipped 5.1% after the post and parcel delivery firm reported a 11.5% drop in its quarterly revenue in its UK arm, hurt by a decline in its letters business and inflation-hit consumers cutting back on online shopping.

Morses Club PLC tumbled 39.7% after the subprime lender said it was pursuing a potential use of the so-called scheme of arrangement to deal with the high levels of redress claims that threaten to jeopardise its future.

(Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts