Markets ended on a high yesterday amid strong performance from miners Glencore, Rio Tinto (RIO) and Anglo American and rumours of buyout deals for fashion brand Ted Baker and Cambridge-based cybersecurity firm Darktrace.
Britain’s top share index the FTSE 100 ended up by 0.42%, an eight-week high, with miners the top gainers as European power prices hit a record high.
Fears around recession and inflation continue to weigh on the British economy, with real wages down by 3% in the last quarter, according to figures from the Office of National Statistics and unemployment at 3.8%. Inflation in UK supermarkets hit 11.6% in the four weeks to August 7, according to research by Kantar.
Two large deals also boosted stocks, with Ted Baker (GB:TED) soaring 17.3% on news of its acquisition by Authentic Brands Group, and Darktrace (GB:DARK) gaining 23.8% on news of a takeover bid by U.S. private equity firm Thoma Bravo.
Business headlines in UK papers today: Record wage drop signals more cost of living pain for UK households (Financial Times)
Ted Baker: A story of ‘forced hugging’ and stock market turmoil (The Times)
Elon Musk says he is buying Manchester United (Telegraph)