Closing summary: Slowdown summer
With the ports jammed, roads jammed and rail strikes ahead it is looking like a go-slow start to the summer holidays for much of England and Wales.
The Port of Dover is blaming France, and P&O Ferries - already in the middle of a self-inflicted annus horribilis - is telling customers to arrive five hours early for security. British Airways has averted a strike at Heathrow airport check-in by reversing a 10% pandemic lockdown pay cut.
#PODover Please be aware that there is heavy traffic at border control.If you're booked to travel today please allow at least 5hrs to clear the approach roads and security checks. Rest assured ,if you miss your sailing,you'll be on the first available once at check-in]
— P&O Ferries Updates (@POferriesupdate) July 22, 2022
There is also a slowdown in the broader economy. UK manufacturing purchasing managers’ index (PMIs) data showed momentum being lost, albeit with the sector still expanding.
In Europe it appears a recession may be closer, with Germany’s PMIs suggesting it is already in recession.
And in the US social media companies like Snap have warned over the economic conditions, with advertising spending likely to fall as companies and consumers tighten their belts. Twitter has blamed an extra element of uncertainty caused by Elon Musk’s attempt to back out of a deal to buy it.
You can continue to follow our coverage from across the world:
In UK politics, the EU launches new legal proceedings against UK over Northern Ireland protocol
In our coverage of the Russia-Ukraine war, Kyiv and Moscow are poised to agree grain deal, Turkish president says
Thanks as ever for reading, and please do join us on Monday for more live coverage of business, economics and financial markets. JJ
It’s a mixed bag on Wall Street at the opening bell, with the two more reliable measures of the stock market dipping, but the Dow Jones industrial average doing its own thing.
Here are the snaps from Reuters:
- S&P 500 UP 3.75 POINTS, OR 0.09%, AT 4,002.70
- NASDAQ DOWN 30.72 POINTS, OR 0.25%, AT 12,028.89
- DOW JONES UP 157.87 POINTS, OR 0.49%, AT 32,194.77
