Closing post
Time to recap.
Average UK mortgage rates have risen as major lenders hike their rates, despite the Bank of England’s cut to borrowing costs last week.
The European Commission has fined Meta almost €800m for breaching EU competition law with its classified ads service, Facebook Marketplace.
Luxury goods maker Burberry has posted its biggest share price jump in the last 20 years, after announcing a cost-cutting scheme and a turnaround plan.
The pound has recovered earlier losses, which saw it hit its lowest level against the US dollar since July.
Gas prices in the UK and Europe hit their highest level in a year, due to fears of supply disruption from Russia and the colder weather.
Shares in Disney have hit a six-month high, after it beat Wall Street expectations thanks to its Inside Out 2 and Deadpool & Wolverine films.
Rachel Reeves will announce plans to merge local government retirement schemes into “megafunds” as she tries to revive long-running efforts to overhaul the public pension system.
Burberry's best day in at least 20 years
Burberry has posted its best day on the London stock market in at least the last 20 years.
Shares in the luxury goods maker have closed for the night up 18.6%, which is its biggest daily rise since at least November 2004 (my data doesn’t go any further back!).
The City are welcoming Burberry’s new £40m cost-cutting programme and turnaround plan to revive the fortunes of the ailing British luxury fashion brand.
