Good morning. Borrowing final month totalled £22.8bn, coming in barely above consensus estimates of £22.2bn. While the Government borrowed £5.5bn lower than it did 12 months in the past within the grip of the pandemic, this was nonetheless the second-worst June on document as Covid prices proceed regardless of the financial restoration.

5 issues to start out your day 

1) Channel 4 attacks ‘very harmful’ privatisation plans: Channel 4 has accused the Culture Secretary of failing to supply any proof to assist a sale that might have a “very harmful” impact.

2) MPs cut off funding to chip factory after sale to Chinese: UK Research and Investment (UKRI) has suspended grants to Newport Wafer Fab below Government directions after its sale to Nexperia.

3) Sunak forced to hike taxes or cut spending, warns IFS: Institute for Fiscal Studies says Chancellor’s objective of balancing the books is below risk with out tax rises or decrease spending.

4) GB News gets fewer viewers than Horror Channel before signing upFarage: First-night scores present the previous Ukip chief introduced in nearly 100,000 viewers for the upstart station.

5) World’s largest asset manager steps up its game against climate issues: BlackRock voted towards 255 board administrators within the yr to June 30 as a result of they didn’t act on local weather points, up from 55 in 2020.

What occurred in a single day 

Asian shares and US Treasury yields rose on Wednesday, clawing again a few of the week’s losses as traders reassessed financial worries, however the greenback was agency on issues over the influence of a fast-spreading coronavirus variant.

Rising Covid infections have rocked world markets this week as traders dumped danger belongings, searching for stability in secure haven belongings like bonds. That despatched stocks tumbling and pushed the benchmark US 10-year yield to five-month lows on Tuesday.

But on Wednesday, MSCI’s broadest index of Asia-Pacific shares outdoors Japan was up 0.17computer, trimming its losses for the week to round 2pc, whereas Japan’s Nikkei rose 0.9pc after touching six-month lows a day earlier.

Sentiment in Japan was supported by a soar in exports in June, led by US demand for automobiles and China-bound shipments of chip-making gear, boosting hopes for an export-led restoration.

Australian shares have been up 1.21computer, Chinese blue-chips added 0.76computer and Taiwan shares rose 0.27computer.

Seoul’s KOSPI slipped 0.14computer as South Korea reported a day by day document of coronavirus circumstances.

Coming up at the moment

  • Corporate: Nichols, Hochschild Mining (Interim); Antofagasta, Bakkavor, Close Brothers, PayPoint, QinetiQ, Royal Mail, Coca-Cola, Euromoney, Norcros (Trading replace)
  • Economics: Government borrowing (UK) 



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