Wednesday, February 14, 2024 8:52 a.m.
London’s FTSE 100 index rose on Wednesday morning after new inflation data surprised some investors, after yesterday’s labor market data surprised some investors, offering a glimmer of hope for lower short-term interest rates. brought about.
The blue-chip index rose 0.60% to 7,557.10, while the FTSE 250 index, which is more closely linked to the health of the UK economy, rose 0.46% to 19,010.18.
Traders reduced bets on short-term interest rate cuts yesterday after data showing a tight labor market and disappointing US inflation figures, but moods were lifted by this morning’s UK inflation figures.
According to the National Bureau of Statistics, the consumer price index in January was 4%, unchanged from the previous month, but lower than economists expected it to rise to 4.2%.
The strong performance was driven by the first monthly decline in food prices in more than two years, despite rising energy costs.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Although the recession has not been as bad as expected, inflation is still acting like an awkward teenager, despite attempts to calm it down.” Regardless, he remains stubborn.”
“There are disinflationary forces at work in the economy, and we will see further declines in the coming months before we reach our 2% target this spring.”
Tui’s shares rose 2.4% yesterday after shareholders approved the company’s plan to delist from the London Stock Exchange in favor of a listing in Germany.
Harry Potter publisher Bloomsbury expects full-year pre-tax profits to be “significantly higher” than market expectations as demand for its books exceeded expectations.
This is the second time in the past three months that the company has revised its forecast upward.
Housewares retailer Dunelm announced a 4.5% increase in total sales for the first half of its fiscal year 2024 due to increased share in the furniture market, and also announced a special dividend.
Coca-Cola HBC, Coca-Cola’s European bottling partner, posted better-than-expected underlying volume growth, increasing by 1.7% in the 12 months to 31 December 2023.
House builder Vistry has signed a deal with new rental specialist Sigma to build an additional 5,000 new homes as the industry looks to navigate a fluid housing market.
Mr. Kelso, an activist investor, has won two seats on The Works’ board of directors in a bid to increase value at the discount retailer.