The FTSE 100 has fallen back to fortnight lows this morning on a dreary day in the city, while Brent crude and gold are also down.
Lloyds Bank shares fell nearly 3% in early trading as the lender reported flat annual profits alongside guidance which disappointed some in the City. The investment director at AJ Bell Russ Mould said “the numbers themselves were broadly in line with what had been forecast, though updated medium-term guidance will likely disappoint the market given it falls short of what its closest lookalike – NatWest – is promising in terms of returns."
Rio Tinto, meanwhile, posted a 41% drop in its annual profit to US$12.4bn, suggesting weaker demand from China was to blame, alongside hiked inflation.
Further bad news came from British Steel, which is anticipated to announce 300 job cuts today, alongside the closure of its Scunthorpe coking ovens as higher costs bite the sector and recessionary fears kick in.
And the UK’s shoppers are also facing shortages of some household staples, as some fruit and veg shelves sit empty due to supply struggles from Europe. Asda and Morrison’s have both put rationing systems in place already.
That’s all for this morning, today’s report was written by Josh Lamb and presented by me, Thomas Warner.