The lower reading means that the Fed might not have to raise rates so aggressively, and investors are now expecting a 0.50% increase at the FOMC September meeting, instead of a 0.75% hike.
Oil prices are down, after Russia resumed oil flows through a pipeline to central Europe. Rio Tinto fell 3.5% due to the miner shares trading ex-dividend for its upcoming interim dividend. The commodity-heavy FTSE 100 was flat this morning as a result.
GSK lost 2.1% due to rumours over its implication in U.S. lawsuits over a drug that was withdrawn in 2019.
Entain posted sales in line with expectations after underlying earnings jumped 17% to £471 million.
Things to read today:
Liz Truss’s Plan for BOE Seen as Threat to Pound and UK Bonds (Bloomberg)
Fed’s Mary Daly says its too early to declare victory on inflation fight (Financial Times)
Disney Barely Hedges Its Streaming Bet (WSJ)