Travel and retail stocks increase FTSE by 1.6 pc


gHello. Borrowing last month totaled £ 22.8bn, slightly above consensus estimates of £ 22.2bn. While the government borrowed £ 5.5bn less than it did 12 months ago in the grip of the pandemic, it was still the second worst June on record then that the costs of Covid continue despite the economic recovery.

5 things to start your day

1) Channel 4 attacks “very harmful” privatization plans: Channel 4 accused the Secretary of Culture of failing to provide any evidence to support a sale that would have a “very harmful” effect.

2) MPs cut funding for the chip factory after the sale to the Chinese: UK Research and Investment (UKRI) suspended subsidies to Newport Wafer Fab on government instruction after its sale to Nexperia.

3) Sunak forced to raise taxes or cut spending, IFS warns: According to the Institute for Fiscal Studies, the Chancellor’s goal of balancing the books is under threat without raising taxes or cutting spending.

4) GB News gets fewer viewers than Horror Channel before signing up The first night’s ratings show that the former UKip leader drew nearly 100,000 viewers for the upstart station.

5) The world’s largest asset manager is stepping up its game against climate issues: BlackRock voted against 255 directors in the year through June 30 because they did not act on climate issues, up from 55 in 2020.

What happened during the night

Asian stocks and US Treasury yields rose on Wednesday, recouping some of the week’s losses as investors reassessed economic concerns, but the dollar was firm on concerns about the impact of a variant of the spreading coronavirus fast.

The rise in Covid infections rocked global markets this week as investors emptied their risky assets, seeking stability in safe-haven assets like bonds. That sent stocks tumbling down and pushed the US 10-year benchmark yield to its lowest level in five months on Tuesday.

But on Wednesday, MSCI’s largest Asia-Pacific stock index outside of Japan rose 0.17 percent, cutting its week’s losses to around 2 percent, while Japan’s Nikkei rose 0.17 percent. rose 0.9 percent after hitting a six-month low the day before.

Sentiment in Japan was supported by an increase in exports in June, driven by US demand for cars and shipments of chip-making equipment to China, raising hopes of an export-led recovery.

Australian stocks rose 1.21 pc, Chinese blue chips added 0.76 pc and Taiwanese stocks rose 0.27 pc.

Seoul’s KOSPI slipped 0.14% as South Korea reported a daily record for coronavirus cases.

Coming today

  • Business: Nichols, Hochschild Mining (Temp worker); Antofagasta, Bakkavor, Close Brothers, PayPoint, QinetiQ, Royal Mail, Coca-Cola, Euromoney, Norcros (Commercial update)
  • Economy: Government loan (UK)

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