Closing summary
Time for a recap…
Fears of weakening economic demand have hit the oil price today.
UK wage growth slowed in the last quarter, as the labour market softened, with total pay rising 4% per year in May-July.
The data means UK state pensions are likely to rise by 4% next April, if the government sticks with the triple lock.
UK grocery inflation has slowed, with prices rising by 1.7% per year.
German carmaker BMW has cut its 2024 profit margin outlook, citing weak demand in China and problems with a braking system that has led to delivery delays.
Apple has lost a high-profile, €13bn (£11bn) Irish tax battle with Brussels in a decision that will bolster the European Commission’s efforts to clamp down on favourable “sweetheart” tax deals for multinationals.
Sir Paul Marshall has sealed a £100m takeover of the Spectator magazine as the backer of GB News completes the next stage of his ambition to control a significant swathe of the UK’s conservative and rightwing media outlets.
Brent crude has fallen by around a quarter since April, when it was trading around $90 per barrel.
That should have a deflating impact on the cost of living:
Oil prices are down 25% compared to this time last year. That's a lot of deflation for the Sept CPI report. pic.twitter.com/TnpF0THJ5e
— ForexLive (@ForexLive) September 10, 2024
