Meanwhile, inflation continues to accelerate, with new data showing U.K. inflation reached its fastest pace in almost 30 years in December. U.K. consumer prices gained 5.4% compared with December 2020, after a 5.1% year-on-year increase in November.

The FTSE 100 remains flat this morning, as investors assess the data and what it means for the timing of a UK rate hike.

Among stocks, Burberry jumped 5.0% after announcing it expects a 35% gain in annual profit. It saw an increase in retail revenue and comparable store sales in the latest quarter.

Smith & Nephew said that it has acquired Engage Surgical for up to $135 million.


Things to read today:

Germany’s 10-year Bund yield turns positive for first time since 2019 (Financial Times)

What’s All the Hype About the Metaverse? (New York Times)

China to Slap New Curbs on Tech Giant’s Deals (Bloomberg)