Reuters UK Business

European shares rise as U.S. inflation data soothes rate hike jitters

13 Jun 2023

By Shreyashi Sanyal and Bansari Mayur Kamdar (Reuters) -European shares rose on Tuesday, after mild U.S. inflation data cemented bets the Federal Reserve could skip raising interest rates at its meeting this week, while miners rallied as metal prices jumped after China cut rates. The pan-European STOXX 600 index closed 0.6% higher, tracking the global …

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Surprise UK wage jump raises likelihood of higher interest rates

13 Jun 2023

By Andy Bruce LONDON (Reuters) -British wage growth soared and employment also jumped in the three months to April, raising expectations that the Bank of England will raise interest rates again, perhaps several times, to contain unrelenting inflationary pressures. Data from the Office for National Statistics (ONS) on Tuesday indicated the labour market was running …

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UK energy company Centrica forecasts higher retail profit

13 Jun 2023

LONDON (Reuters) -British Gas owner Centrica expects its retail business to generate significantly higher first-half adjusted operating profit than in previous years, it said on Tuesday, citing reduced debt-related costs. UK energy regulator Ofgem’s price cap provides an allowance to account for debt on energy bills that cannot be recovered by energy suppliers and would …

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German investor morale improves but challenges remain – ZEW

13 Jun 2023

BERLIN (Reuters) -German investor morale improved unexpectedly in June, the ZEW economic research institute said on Tuesday, while warning of persistent headwinds as export-focused sectors struggled with a weak global economy. The institute’s economic sentiment index remained in negative territory at -8.5 points, up from -10.7 points in May. A Reuters poll had pointed to …

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UK supermarket Asda to freeze prices of 500 products until August

13 Jun 2023

LONDON (Reuters) – Asda, Britain’s third largest supermarket group, has frozen the prices of over 500 branded and own-brand products until the end of August, it said on Tuesday. The retailer, owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital, said the price lock includes cupboard essentials such as cereals, pasta …

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UK’s CMC Markets flags Q1 operating income hit from subdued trading activity

13 Jun 2023

By Radhika Anilkumar (Reuters) -Online trading platform CMC Markets expects its first-quarter net operating income to take a hit due to subdued trading activity in the first two and half months of its fiscal 2024, sending shares of the company down as much as 7% in morning trade. Trading platforms are struggling with a slowdown …

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Sterling jumps as UK wage growth fans expectations for BoE rate hikes

13 Jun 2023

By Farouq Suleiman LONDON (Reuters) – Sterling rose on Tuesday as new figures showed wages in Britain’s labour market grew sharply and unemployment unexpectedly fell, feeding expectations that the Bank of England will keep raising interest rates this year. Data from the Office of National Statistics (ONS) on Tuesday showed unexpected strength in salary growth …

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Fossil fuel company net zero plans “largely meaningless” – report

13 Jun 2023

(Adds link to report, fixes typographical error) By Gloria Dickie and Simon Jessop LONDON (Reuters) – The number of fossil fuel companies setting net-zero emissions targets has risen sharply over the past year, but most fail to address key concerns, making them “largely meaningless”, a report showed on Monday. Some 75 of the world’s largest …

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Russia’s VTB may pull out of running for Yandex stake – CEO Kostin

13 Jun 2023

MOSCOW (Reuters) -Russian state-owned lender VTB may pull out of the running to acquire a stake in internet giant Yandex, the bank’s CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank’s initial offer. Often dubbed “Russia’s Google”, Yandex is making progress on a corporate restructuring plan that should …

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