UK labor market data revealed stronger-than-expected wage growth, with wages excluding bonuses rising by 6% in the first three months of 2024 compared to the same period the previous year. This makes an interest rate cut by the Bank of England at its next meeting uncertain, with money markets seeing a 50-50 chance of a rate reduction in June.

Yesterday, stocks fell ahead of US inflation data due today and tomorrow. The FTSE 100 and FTSE 250 dropped by 0.2%. Anglo American fell after it rejected BHP’s revised proposal valuing the miner at £34 billion. However, the stock rose today amid expectations of an improved takeover offer from BHP Group.

Vodafone emerged as a top performer in the FTSE 100 on Tuesday, with shares jumping 3.3% after meeting market expectations for the fiscal year ending March 2024. Currys led the FTSE 250 with a 8.6% increase after upgrading its annual profit forecast.

Flutter Entertainment reported a wider net loss of $177 million for the first quarter but reaffirmed its full-year guidance, expecting significant growth in revenue and adjusted EBITDA. Meanwhile, Greggs reported a 7.4% rise in like-for-like sales and remains on track for its full-year shop opening target.

In other news, Walgreens Boots Alliance is reportedly exploring the sale of its UK chain, Boots. Investors are also keeping an eye on upcoming US economic data, including the producer price index and consumer price index, which could influence market movements and monetary policy decisions. 

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