Good morning from London where the FTSE 100 has fallen to levels not seen since November last year, after China’s Evergrande Group filed for bankruptcy protection in a US court overnight. The indebted property giant has been trying to steady itself since nearly collapsing in 2021 – the issue for the London stock market is that its full of companies with exposure to the performance of the Chinese economy.
Back here on the UK high street the ONS are reporting a hefty 1.2% slump in retail sales after they actually grew in June. They’re blaming rainy weather and although reduced footfall might be the key concern for shops, ATMs and physical banks on high streets were in the government's glare this morning with the treasury confirming overnight that it could start fining banks who don’t ensure we have ready access to cash machines.
Among companies, cinema operators Everyman Media Group reports its trading in line with expectations, with a mad rush for tickets to watch Barbie and Oppenheimer helping to offset what has become a generally difficult trading environment.
Accountancy firm Mazars has been hit with a fine over a botched audit of a listed company’s financial statements, the Financial Reporting Council said.
And finally, Bitcoin prices took a tumble overnight after Elon Musk’s SpaceX was reported to have sold off its holdings in the digital currency.