July 16, 2022
  • July 16, 2022

FTSE rises as markets ignore reopening delay

By on June 15, 2021 0

gHello. The FTSE is expected to open higher after Wall Street surged higher in the last hour of trading to close at another high.

Meanwhile, unemployment fell to 4.7% and businesses created 200,000 new jobs as the economy opened up, new data showed.

5 things to start your day

1) Big tech faces crackdown on fraudulent ads with post-Brexit powers: Legislative changes triggered by Brexit could mean the city’s watchdog tackles big tech against online scams, a senior FCA official reveals.

2) Britain braces for a ‘biosimilar’ boom with rules on mimic drugs: The UK is set to become a more attractive destination for pharmaceutical companies after beating regulators in the EU and US with new guidelines on human trials.

3) Pub managers warn that staff cannot screen patrons after the reopening deadline: The beleaguered pub workers cannot be expected to force patrons to obey foreclosure rules after Boris Johnson delayed the final leg of the reopening.

4) Covid test maker Mologic is preparing to sue the government for “obstruction”: The Bedford-based company is preparing to sue the government over allegations of state “blocking” that prevented approval of its kits:

5) Bosses face a work-from-home conflict with staff as a new division emerges: Bosses are on a collision course with staff over a shift to permanent home-based work, as official figures point to an imminent clash when Boris Johnson calls for a return to offices.

What happened during the night

Most Asian markets were mixed on Tuesday as traders struggled to keep up with a record day on Wall Street, with the Federal Reserve’s next policy meeting later this week in the center of attention.

With the rollout of Covid vaccines and the reopening of businesses in many countries, investors are broadly optimistic, while fears have eased that an expected spike in inflation will force central banks to cut their ultra-relaxed monetary policies .

Hong Kong fell more than 1% as investors returned from a long weekend, with their eyes riveted on a nuclear power plant across the Chinese border following US report of a leak potential. Shanghai, Seoul, Manila and Jakarta also fell, although there were gains in Tokyo, Sydney, Singapore, Wellington and Taipei.

Coming today

  • Business: Ashtead, Telecom Plus, GB Group (Full year); On the beach, Oxford Biodynamics (Temp worker); Bellway, boohoo (Commercial declaration)
  • Economy: Unemployment and wage growth (UK), consumer price index (German), trade balance (EU), retail sales, producer price inflation, industrial production (WE)

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