Rolling coverage of the latest economic and financial news
- Latest: FTSE 100 slides over 100 points
- Inflation and interest rate fears grip markets
- Fed’s Bullard: Inflation higher than we expected
Earlier:
- Retail sales fell unexpectedly in Great Britain in May
- Food store sales volumes dropped 5.7% last month
- Capital Economics: We’ve swapped shopping for socialising
- Clothing sales also lower
After a day of heavy selling, the FTSE 100 has closed down 136 points at 7017 points, a tumble of 1.9%.
That’s its lowest closing level in almost a month, since May 19th, and its biggest one-day fall in over a month.
It’s been a disappointing end to the week for stock markets in Europe, with the after effects from Wednesday’s Fed decision still reverberating, wiping out any prospect of gains in a week that saw new record highs for both the DAX and Stoxx600.
In what can only be described as choppy trading conditions, sentiment was given an additional knock this afternoon on the back of comments from St. Louis Fed President James Bullard who said he was leaning towards a US rate rise in 2022, much sooner than Wednesday’s changed “dots” of two by the end of 2023.
Deloitte will allow its 20,000 UK employees to choose how often they come into the office, if at all, after the pandemic, making it the latest firm to throw out the rulebook and embrace ultra-flexible working.
The accounting firm said it would let staff decide “when, where and how they work” following the success of remote working during the Covid crisis. While the company has offered more flexible working since 2014, the latest announcement will mean ditching its office-focused approach once the final phase of lockdown restrictions are lifted next month.
“We will let our people choose where they need to be to do their best work, in balance with their professional and personal responsibilities,”
Related: Deloitte’s UK employees to decide ‘when, where and how they work’
Related: Office, hybrid or home? Businesses ponder future of work
