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UK shares drop following falls in Asia and US markets

Business

UK shares dropped on Wednesday morning following falls in Asian and US markets as concerns grow about the US economy – which is the world’s largest.

Data showed US manufacturing activity remains subdued, with investors now focussed on US jobs figures due on Friday.

Pound’s Rally Slows as US Jobs Data Looms

Business

The pound’s recent strong rally has slowed, with traders looking for direction in a quiet week for UK economic data. Sterling is down 0.2% against the dollar, trading around $1.311, after losing over 1% in the past five days. 

The dollar is near a two-week high ahead of key US data, including manufacturing PMI and Friday’s jobs report. These figures will influence whether the US Federal Reserve cuts rates by 25 or 50 basis points in September.

UK set to outperform major economies in the coming months

Business

Analysts at Panmure Liberum believe the UK will outperform other major economies in the coming months, thanks to stronger domestic demand.

Recent PMI data shows the UK saw growth in output and new orders in August, unlike the US and other major European economies.

‘Man kicked to death by boy’ & ‘Horror in the Channel’ – Paper Talk

News Briefing

Wednesday’s newspapers lead with various headlines reflecting a variety of domestic stories. The tabloids lend more coverage to an elderly man who was kicked to death by a 14-year-old boy who has since been arrested. The left-leaning broadsheets lead with the ‘horror’ in the Channel – as at least 12 migrants died after the sinking of an overcrowded boat. Amongst the dead include children and a pregnant woman.

A handful of the papers leave some space on their front pages to report on the reaction following the UK’s decision to ban the sale of some arms to Israel over concerns they could be used in war crimes. The papers in particular look at the reaction from the US, as the move is the first significant distancing of the UK from US policy regarding Israel and the war in Gaza.

The back pages feature various headlines covering the Premier League, the latest from English cricket and news Phil Foden, Ollie Watkins and Cole Palmer have pulled out of the upcoming England camp.