Markets
- FTSE 100 – 8262.54
- DAX Index – 18236.19
- Growth INT – 5.25% | INF 2%
- £/$ – 1.2904
- £/€ – 1.188
Indices
- Gold – 2414.10
- Copper – 851.70
- Brent Crude oil – 85.90
- NYMEX Nat Gas – 2.27
- ICE NBP NAT GAS – 71.44
Crypto
- BTC – $56,986.32
- ETH – $3,067.07
- ADA – $0.397
- DOGE – $0.109882
- DOT – $5.86
Today’s Business Highlights
The Banking sector took a hit after a boost yesterday as banking complaints surged to a 10 year high.
Gold prices have risen slightly and Sterling has strengthened against the Dollar but has remained relatively stable against the Euro. Despite the uncertainty in the deadlock in the French Parliament.
Bitcoin is trading at a lower rate than yesterday and all the crypto’s have seen a drop since yesterday. Following news that BItcoin farmers are capitulating.
And the big news in the tech world is Graphcore snapped up the Japanese for less than the stock market value.
Banking complaints hit 10-year high amid surge in third-party claims
Official UK banking complaints surged and have hit their highest level in a decade, partly driven by claims management companies (CMCs) that the financial ombudsman is trying to clamp down on.
Another reason for the complaints has been the use of AI to drive customer banking management, which is often inaccurate and sales led. Whilst the lack of personal banking facilities has had a surge of complaints.
Stable UK eyed as haven vs heightened uncertainty elsewhere
Investors are looking at UK markets as a potential haven as political uncertainty rises in the U.S. and elsewhere in Europe, in what could mark a stunning turnaround for a country that appeared to have lost its traditional appeal to global capital.
But the move comes after staunch, long-running criticism from its founder Sir James Dyson of the UK economy policies, and the business moved its headquarters to Singapore in 2019.
Sterling jumps against the Dollar
Sterling jumps against the Dollar a the pound gets a much needed boost.
Sterling was 0.14% higher against the U.S. dollar at $1.2863 by 8:30 a.m. in London — the highest level for four months.
The pound was trading to a four-month high against the U.S. dollar after the announcement that the economy grew by 0.4% in May, covered in yesterday’s business briefing.
Labour revelling in Economic boost – thanks to Tories
Inflation in the U.K. have cooled from a 41-year high of 11.1% in October 2022, all the way down to the Bank of England’s 2% target in May this year. The performance has raised speculation for a coming interest rate cut from the Bank of England.
It will now be up to the new government to build momentum behind the latest economic growth figures.
New Finance Minister Rachel Reeves has been trying to boyster business and industry. On Wednesday she announced the launch of a £7.3 billion national wealth fund targeted at attracting private sector investment.
Graphcore sells on the cheap
The big news in the tech world is Graphcore sells on the cheap to the Japanese.
British artificial intelligence (AI) chip firm Graphcore – once considered a potential rival to market leader Nvidia – has been bought by a Japanese conglomerate.
Softbank has not disclosed how much it paid – but it is thought to be considerably less than the £2bn the UK company was valued at after a financing round in 2020.
Though the sale price has not been made public, it has been reported, external that it is $500m (£390m), which supports the rumours in the market that it was never really a rival for Nvidia.