Good morning from London where the FTSE 100 is off to a positive start, sitting just above that 7,700 point ceiling. Fresh data from the British Retail Consortium reveals that food price inflation here in the UK fell for the third month in a row in July but remains at an stomach-turning 13.4%.
In housing, Nationwide is saying this morning that July’s prices were 3.8% down on the year – that’s the steepest decline since the last big shock back in 2009.
Looking to the stock market now, and its Diageo that’s the biggest gainer on the FTSE 100 this morning, bouncing from a difficult day yesterday with some very well received full-year results. The spirit-maker is still finding growth in the Indian and Latin American markets, and as also doing well out of the global tequila trend. HSBC and BP are both up this morning as well.
HSBC put out half year results and recorded a 50% jump in revenue to US$36.9bn thanks to higher net interest income in the six months to June, warranting a new US$2bn share buyback.
BP also launched a buyback, worth US$1.5bn, while also granting shareholders a 10% dividend hike despite reporting a fall in quarterly profit due to weaker refining margins.
Moving down the food chain slightly, high street baker Greggs shares slipped as a 16% jump in sales during the six months to July failed to wow investors.