Rolling coverage of the latest economic and financial news
- Latest: FTSE 100’s best day since February
- Property transactions rocketed in June stamp duty race
- British public sector net borrowing fell to £22.8bn in June
- Borrowing down £5.5bn on June 2020 as economy reopens
- Interest payments on government debt hit record £8.7bn last month
- Debt servicing costs pushed up by higher RPI inflation
- Markets rallying after Monday’s wobble
With the London market closed after its best day in months, it’s time to wrap up. Here’s today’s main stories:
Related: UK public services face cuts of up to £17bn, says IFS
Related: UK borrowing falls as debt interest payments jump to £8.7bn
Related: UK hits record number of homes sold in a month
Related: Bank of England admits shortcomings in promoting diversity
Related: UK business leaders criticise government’s handling of ‘pingdemic’
Related: Next to repay £29m in Covid rates relief amid strong revenue growth
Related: BrewDog hit by £13m loss as bars close due to Covid despite craft beer boom
The London stock market has posted its best day in five months, as shares bounce back from Monday’s rout.
The FTSE 100 index of blue-chip shares has rallied by 1.7% today, closing 117 points higher at 6,998 points. That’s its best percentage gain since 15th February, just two days after its worst fall in two months.
Less than two days after Monday’s sharp falls, markets have undergone a complete and utter mood change. The concern that rising Delta infections will slow down the economic rebound, appears to have been replaced by optimism that today’s better than expected company reports speak to a consumer that is down but by no means out.
That’s not to say Monday’s concerns have disappeared completely, but today’s trading updates appear to have had the effect of adding some calming balm, on some early week frayed nerves.
European equity close: Big bounce across the board
Stoxx 600 +1.7% — best in 11 weeks
UK FTSE 100 +1.8% — best in 5 months
German DAX +1.4%
French CAC +1.9%
Spain IBEX +2.4%
Italy MIB +2.3%
European Closing Bell
FTSE 100 +1.76% at 7,002
STOXX 50 +1.77% at 4,026
DAX +1.35% at 15,421
CAC 40 +1.86% at 6,465
IBEX 35 +2.67% at 8,581
MIB +2.27% at 24,656
SMI +0.67% at 12,026
~ @Newsquawk
