London stocks were in the red by midday on Wednesday, underperforming their European peers as sterling rallied after UK inflation hit its highest level in nearly three years.
European stocks opened lower on Wednesday as travel shares fell on worries about increasing cases of the Covid-19 Delta variant while a rise in UK inflation also dampened sentiment.
Investors' focus on Thursday will be on the latest UK jobs data which according to some economists might surprise to the upside, even if only on account of methodological changes.
Stocks across the Continent were little changed by the end of trading on Wednesday despite ongoing concerns around the increasing in cases of the Covid-19 Delta variant while a rise in UK and US inflation stoked fears of higher interest rates.
London stocks closed below the waterline on Wednesday, after UK inflation hit its highest level in nearly three years.
US banking giant Citigroup posted better-than-expected results for the second quarter, despite a shrinking topline.
Producer prices in the US jumped at twice the expected pace last month but some economists expected them to rise more slowly from here on forwards.
Analysts at Berenberg raised their target price on food and beverage ingredients supplier Tate & Lyle from 855. 0p to 950. 0p on Wednesday, stating the firm was now deserving of a valuation in line with its peers.
Open Orphan revealed on Wednesday that chairman Cathal Friel had snapped up 1. 13m ordinary shares in the AIM-listed pharmaceutical services company.
Two-thirds of UK adults have received both doses of a Covid-19 vaccine, reported the health secretary Sajid Javid on Wednesday.
Carnival: Berenberg upgrades to hold with a target price of 1,400p.
West Africa-focussed gold company Cora Gold announced the seventh set of drill results from its largest-ever drilling campaign at its Sanankoro Gold Project in southern Mali on Wednesday.
London’s FTSE 250 was down 0. 7% at 22,760. 64 in afternoon trade on Wednesday.
Analysts at Canaccord Genuity raised their target price on marketing research outfit System1 Group from 300. 0p to 370. 0p on Wednesday after the firm's results came in ahead of expectations.
88 Energy updated the market on operations on the North Slope of Alaska, and the ongoing testing programme following the drilling of the Merlin-1 well, on Wednesday, reporting that additional first phase geochemical analysis of fluid extracts from Merlin-1 core samples again demonstrated the presence of hydrocarbons.
Star Phoenix updated the market on the outstanding monies due to it and its subsidiaries from LandOcean Energy Services and its affiliates on Wednesday.
Wall Street stocks were in the green early on Wednesday as second-quarter earnings from some of the biggest banks in the country rolled in.
London’s FTSE 100 was down 0. 5% at 7,092. 47in afternoon trade on Wednesday as sterling gained after data showed UK inflation hit a three-year high in June.
Jerome Powell has assured Congress that the Federal Reserve is prepared to step in should inflation surge out of control, but insisted recent rises were likely largely temporary.
Wells Fargo reported forecast-beating second-quarter earnings on Wednesday, as the US lender slashed the amount it had put aside to cover bad debts.
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