Thanks for being with us as we speak. We begin with knowledge displaying British producers boosted commerce with the EU final 12 months.
More than half of commerce from the UK final 12 months headed to the bloc, regardless of warnings that Brexit would harm exporters.
5 issues to begin your day
1) Britain going through years of stagnation as a result of of excessive rates of interest, Treasury mannequin predicts | Hawkish rises will condemn financial system to sluggish development, EY Item Club says
2) British Airways proprietor backs Teesside inexperienced jet gasoline maker in web zero push | IAG will assist the start-up set up the UK’s first business sustainable gasoline manufacturing facility
3) BT challenger Cityfibre’s losses practically double to £210m | Rising rates of interest pile strain on debt-fuelled broadband rollout
4) Elon Musk vows to scrap Twitter’s brand | Replacing the signature blue fowl suggests an ‘everything app’ rebranding is underway
5) Russia’s financial system is on the brink as Putin’s conflict chest empties | The nation’s money fortress is crumbling as oil earnings plunge and the workforce flees conscription
What occurred in a single day
Asian shares braced for an action-packed week of earnings and central financial institution conferences that can doubtless see greater rates of interest in Europe and the United States, and simply probably the tip of the financial tightening cycle in each.
Markets are absolutely priced for quarter-point hikes from the US Federal Reserve and European Central Bank, so the main focus shall be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say concerning the future.
The odd man out would be the Bank of Japan which meets on Friday and is believed doubtless to preserve its super-loose coverage intact, however some Western banks are speculating on a tweak to its yield curve management stance.
Asian shares have superior after Wall Street closed out one other profitable week, with Tokyo’s Nikkei 225 index including 1.2pc to 32,696.65, whereas the Hang Seng in Hong Kong dropped 1.4pc to 18,808.59.
The Shanghai Composite index edged 0.1pc greater to 3,170.30. In Seoul, the Kospi gained 0.4pc to 2,621.56. Australia’s S&P/ASX 200 was up 0.1pc at 7,319.60.
The SET in Bangkok picked up 0.2pc and the Sensex in India was up lower than 0.1pc.
Later as we speak, the PMIs for the UK, eurozone and US shall be out, giving a way of the completely different economies’ performances in July.
Andrew Griffith, the Economic Secretary to the Treasury, is as we speak writing to banks over considerations accounts are being shut for folks’s political opinions, following the Nigel Farage row.
Elon Musk has mentioned he’ll take away Twitter’s branding and exchange it with X as quickly as as we speak.
Domino’s Pizza and Liberty Global will ship outcomes in the US later as we speak.
