Good morning from London where the FTSE 100 is around 0.2% so far after a positive start for the index’s mining giants and particularly for BAE Systems, who announced a £3.95bln deal this morning to build nuclear submarines for Australia as part of the AUKUS pacific defence pact. The BBC says the agreement will provide decades of work at BAE’s Barrow-in-Furness shipyard. Staying here in the UK and water companies have been publishing their plans to boost investment in the country’s plumbing.
South West Water owner Pennon Group and United Utilites were among them, announcing £2.8 billion and £13.7 billion respectively toward fixing leaks and preventing sewage spills. The plans will be funded by incremental increases on household bills.
High street lender Nationwide is reporting a 5.3% decline in average house prices during the year to September as higher borrowing costs continue to strike.
M&S, Burberry and John Lewis have publicly urged home secretary Suella Braverman to direct more police attention toward retail crime, with shoplifting now so out of hand that its having a measurable impact on profits.
And finally in small caps, Futura Medical shares are up this morning on news that its been granted a patent protecting its Eroxon topical erectile dysfunction treatment in Europe until 2040. That’s all for this morning