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British stock market today, Thursday August 18  – what you need to know
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British stock market today, Thursday August 18 – what you need to know

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Shares slumped on grim inflation figures.

Markets in Britain fell slightly on yet more alarming news from the economy – specifically inflation hitting double digits and a 40-year-high of 10.1%, the highest figure since February 1982, and the worst of any G7 country.

The news saw Britain’s leading share index the TSE 100 down by 0.27% at 7,515.7 and the FTSE 250 down by 1.52% at 20,027.

The report by the Office for National Statistics noted that the rise in inflation was driven between June and July by rises in food costs. 

The Bank of England expects inflation to top out at 13.3% in October. The Bank is widely expected to raise interest rates by a further 50 basis points (0.5%) next month). 

Inflation sees shares slump

Fashion retailer ASOS (GB:ASC) saw shares plunge 10% yesterday, as chief financial officer (CFO) Mat Dunn departed the company. The company blamed inflationary pressures and a high returns rate in recent weeks, driven by the cost-of-living crisis. 

Housebuilder Persimmon (GB:PSN) also saw shares drop by 7.3%, as the company announced results which saw profit, revenue and completion levels fall. Rising selling prices mean that the builder has maintained a positive outlook. 

Business headlines in the UK today:

City of London regulators to face shake-up under Truss (FT

Ofgem director quits in protest at energy price cap (The Times)

Worst returns since 1970s as savers lose £112 a month to inflation (The Telegraph)

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