Annual pay growth stalled at 4% in May, leaving most workers with a rise in earnings worth less than half the 9% increase in prices. Figures from XpertHR, a pay and personnel data publisher, said employer pay deals for the three months to May failed to increase on April’s median 4%, undermining concerns that workers would push for inflation-busting rises in earnings that could start a wage-price spiral. - Guardian.
Wall Street trading finished weaker on Wednesday, as market participants digested comments made by Federal Reserve chairman Jerome Powell in front of Congress.
European shares turned sharply lower on Wednesday after two days of gains, as a fall in oil and metal prices and another rise in UK inflation hit investor sentiment.
London stocks were still in negative territory at the close on Wednesday, after data showed that UK inflation hit a fresh 40-year high in May as energy and food prices continued to surge.
The head of the US central bank said the Federal Reserve was "strongly committed" to reining in inflation and believed that further rate increases would be "appropriate" and that policy decisions would be made meeting by meeting.
Global recession fears led to selling on the FTSE 350 on Wednesday although the lack of any more hawkish than expected remarks out of the head of the Federal Reserve in testimony before Congress helped to stem losses.
Investors' focus on Thursday will be on the release of a raft of purchasing managers' surveys of activity in manufacturing and services in the UK, euro area and US.
Analysts at JP Morgan resumed their coverage of shares of Tullow Oil at 'overweight' following a period of 'restriction' after the announcement of the outfit's merger with Capricorn.
Jeffries has upgraded its rating on NatWest Group from 'hold' to 'buy' on Wednesday on the back of rising interest rates.
Eurocell was on the list of director buys on Wednesday, after its chair-designate spent more than £0. 17m on shares.
Wall Street trading got off to a mixed start on Wednesday as market participants digested comments made by Federal Reserve chairman Jerome Powell in front of Congress.
Shore Capital has reintroduced B&M European Value Retail’s ‘hold’ rating ahead of an expected "muted" quarterly trading update.
UK retailer JD Sports Fashion more than doubled annual profits and said trading in the current year to date was up 5% as demand for sportswear continued after the Covid pandemic, but warned that growth would be held back by inflationary headwinds.
Shares in UK letter and parcel carrier Royal Mail fell more than 5% on Wednesday after the union representing staff said they would ballot for industrial action over pay.
The FTSE 250 was down 1. 59% at 18,647. 09 at 1400 BST.
London’s FTSE 100 was down 1. 4% at 7,055. 05 in afternoon trade on Wednesday as investors digested the latest inflation data.
Tanzania-focussed natural gas producer Wentworth Resources updated the market on its operations on Wednesday, reporting that along with its joint venture partners it was continuing to realise strong production rates throughout 2022, after record production in 2021.
The future of cryptocurrencies looks uncertain after the recent wave of selling in Bitcoin and other tokens. Although some experts believe that the market has begun to form a floor, others warn that the decline may be greater, so cryptoasset owners and investors may be concerned about the stability of digital tokens. In fact, observers warn that the current situation will kill a huge number of 'altcoins' and projects, which will not survive the 'cryptocrash'.
Hospitality ceramics producer Churchill China said in an update on Wednesday that the record demand it reported in its preliminary results in April had continued.
Mining royalty and streaming company Trident Royalties issued a positive trading update on Wednesday, after a “transformational year” in 2021.