Fears of recessions are still high, with consumer sentiment hitting a record low. GfK’s consumer confidence survey has fallen by three points in August to minus 44, the lowest score since the survey started in 1974.

“With headline after headline revealing record inflation eroding household buying power, the strain on the personal finances of many in the UK is alarming", GfK client strategy director Joe Staton said. The FTSE 100 inched down 0.3% this morning.

However, there was some good news, since new data from the Office for National Statistics shows sales volumes jumped by an unexpected 0.3% in July, boosted by promotional activity.

Among stocks, Joules Group tumbled 32.5% after it warned that it will incur losses for the full year.

 

Things to read today:

Liz Truss’s cabinet choices will be a test of her resolve (Financial Times)

UK Energy Bills to Soar Near £3,600 as Price Cap Decision Nears (Bloomberg)