Good morning from London, where the FTSE 100 slump has continued into a third day. The index is now at its lowest since November last year because of renewed fears that interest rates are going to be staying higher, for longer.
Fresh data this morning from the Halifax shows that UK house prices are now falling at their fastest annual rate in 12 years, dropping by 2.6% in June after slipping by 1.1% in May.
Among equities, Shell shares are down the energy major announced trading would be lower in the second quarter than the first due to seasonal factors.
JD Sports are after it confirmed the full takeover of the Iberian Sports Retail Group after buying out minority shareholders in a €500mln deal. London Gatwick has requested approval to modify taxiways to build a second runway, as the airport looks to meet future demand amid the sector’s post-pandemic boom.
Over in the US Twitter has accused Meta of stealing ideas for its new text-based Threads app, after the latter employed staff laid off amid Musk’s mass cuts.
And finally in small caps, MGC Pharma jumped after securing a US$1mln order for its anti-inflammatory drug for Covid sufferers. And you can hear more about that when I talk to chief commercial officer Rob Clements later today.