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Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

UK investors cheer US CPI numbers

08/11/2022 | 04:38am EDT

US consumer prices rose by a less-than-expected 8.5% year-over-year in July, signaling that the country might have passed the inflation peak. This sent global shares higher and the FTSE100 was up 0.41% at the end of the session.

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GSK lost 2.1% due to rumours over its implication in U.S. lawsuits over a drug that was withdrawn in 2019.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)

 


© MarketScreener.com 2022
Stocks mentioned in the article
ChangeLast1st jan.
ENTAIN PLC 0.60% 1092.5 Delayed Quote.-35.47%
GSK PLC 1.06% 1319.6 Delayed Quote.-20.55%
RIO TINTO PLC 0.90% 4940 Delayed Quote.0.08%