Closing summary
Time for a recap….
The UK economy is heading for a marked slowdown in growth in the second half of the year as high interest rates and policy uncertainty before a general election begin to bite, KPMG has warned.
Britain’s slowing economy has cost families £1,400 a year, the Resolution Foundation has said in a report arguing that. UK needs more businesses to fail, or at least shrink, to solve the economy’s long-running productivity crisis.
The pound has sunk to its lowest level since March, as it hit $1.22 this afternoon.
Worries about economic growth, and high interest rates, have hit stocks in London, and led to a weak start to trading on Wall Street.
The slump in German economic confidence may be bottoming out, after a small fall in IFO’s index last month.
EU antitrust regulators have blocked Booking Holdings’ proposed takeover of Swedish rival ETraveli Group, saying it would hurt competition.
Asset manager DWS has agreed to pay $25m to settle two separate enforcement actions brought by the US securities regulator, relating to anti-money laundering regulations and greenwashing.
E-commerce giant Amazon has agreed to invest up to $4bn in AI startup Anthropic.
Nissan has vowed to “press ahead” with a plan to only sell electric vehicles in Europe by 2030 despite Rishi Sunak’s delay to the UK ban on new petrol and diesel car sales.
Aldi has reported record sales in the UK last year, which the chain attributed to shoppers hunting for discounted groceries as food costs soared during the cost of living crisis.
Brighton Pier Group, the owner of the 124-year-old listed East Sussex landmark alongside bars and mini golf courses across the UK, has slumped to an almost £4m loss amid a slowdown in consumer spending, “exceptionally poor” weather and weekend rail strikes.
Shares in London have slipped lower through the day, with the FTSE 100 blue-chip index now down around 85 points, or over 1%, at 7601 points.
Gambling group Entain are now down over 11%, after it reported a fall in online gaming revenues following measures to make the industry safer, and unfavourable sports results in September.
