FTSE 100 closes flat as rally fades
The FTSE 100 closed flat today at 7,434.57 as a rally faded as US markets opened.
The index of London blue-chips hit a high of 7480, having all but erased the losses of recent weeks. But when trading began in Wall Street, London shares fell, leading the FSTE to close five points below where it started.
Top risers included Spirax-Sarco and LSEG. Croda and the ever-volatile Ocado were among the biggest fallers.
Arsenal star Jorginho blasts ‘wasteful’ spending of teammates as he reveals investment in trading app Gather
When he’s off the pitch, 31 year-old Arsenal player Jorginho spends time sitting down with his younger teammates, quizzing them on their long-term plans.
“I ask them what their projects are, are they investing into financial markets or into property,” the midfielder tells the Standard.
“But then sometimes at training I see them pull up with one car, and then next week another car and then a month later another car, and I go up to that player and ask him, ‘Why are you putting all your money into cars? What are you going to do after football? How long is the money going to last?”
William Hill owner 888 warns its licence could be at stake as watchdog probes new investors
Shares in WIlliam Hill owner 888 plunged as the gambling watchdog launched another review into the firm, which it warned could lead to its British gambling licence being revoked, over the involvement of ousted Entain boss Kenny Alexander after he led a group that bought a stake in the firm.
FS Gaming, a group led by Alexander and involving a number of other former Entain executives, took a stake in 888 in June, prompting the William Hill owner’s share price to surge. FS reportedly aimed to place Alexander in the CEO’s seat at 888, which had been empty since Itai Pazner left in January as it launched an internal investigation into the firm’s money laundering checks for Middle Eastern high-rollers. 888 confirmed today that FS had presented such a plan to its board.
Alexander built a small gambling business named GVC into the multi-billion-pound firm that is now known as Entain, purchasing household names like Ladbrokes and Coral as well as “local heroes” abroad. He is widely seen as one of the most influential executives in modern gambling, and investors hoped his involvement would spark a turnaround for 888.
JPMorgan Chase revenue at record $41.3 billion in Q2
US banking behemoth JPMorgan Chase brought in $41.3 billio in revenue for the three months to 30 June, a record for the firm.
The total included $21.8 billion in net interest income, plus a gain of $2.7 billion on the emergency purchase of First Republic Bank.
CEO Jamie Dimon said: “The US economy continues to be resilient. Consumer balance sheets remain healthy and consumers are spending, albeit more slowly.”
Other top banks including Wells Fargo and Citigroup will also report results today.
MPs to grill top City firms on sexism in finance sector
MPs are set to grill top City firms on their lacklustre efforts towards gender equality, launching a new inquiry into sexism in the UK finance sector.
The committee is today calling for evidence “on the barriers faced by women in financial services”.
Among the topics to be covered will be the gender pay gap, sexual harassment and the roles of the Government and regulators in acting as “gender equality role models”.
City voices: Brands investing in Britain deserve London at its most competitive
“The West End is back,” Dee Corsi writes.
“The arrival of the Elizabeth Line, recent Pride celebrations and sunshine are just some of the factors which have stabilised footfall and brought much needed certainty back for retailers.
“It is an environment ripe for growth, and the district has done well, post-pandemic, to remain on track for a £10 billion turnover by 2025.
“But with the ‘tourist tax’ acting as an effective handbrake on momentum, reaching our full growth potential remains just out of reach.”
Market snapshot as FTSE 100 edges up
The FTSE 100 has started to creep up after its steady start to the day. Take a look at all the key data in our market snapshot,
Dealmaking dearth and UK stock slowdown stokes fears over the City
A desolate report into flotations and a plunge in assets at a brace of big-name funds rang alarm bells across the City today over the dearth of dealmaking and stagnating demand for UK stocks.
London slumped to third place in the league table for initial public offerings in Europe – falling behind Istanbul and Milan – according to rankings compiled by PwC, the global accounting giant.
IPOs are a vital part of the City’s ecosystem, with jobs at its range of law firms and banks depending on them. PwC found that London’s seven flotations raised £561 million in the first half of 2023. That put it in third place. The overall leader was Istanbul, where 21 IPOs raised the equivalent of £1 billion. Milan’s Borsa Italiana, was second, with £940 million raised by 9 IPOs.
Wembley events a winner for London designer outlet
The London Designer Outlet (LDO) today revealed a first half sales jump, as buyers sought bargains and Wembley Stadium events such as the Harry Styles concert attracted more visitors to the area.
The shopping centre, owned by developer Quintain, experienced footfall rises on the days when the popstar performed and when the FA Cup final between Manchester City and Manchester United took place.
That helped contribute to the best sales performance of any first and second quarter in the LDO’s ten-year history.
Total sales in the six month to June rose 10.5% from last year, and there was an increase of 3.4% compared to 2019.
Brands at the outlet include Tommy Hilfiger and Calvin Klein. General manager Daniel Tomkinson said: “With cost-of-living pressures on families, our customers are finding the benefit of outlet shopping in making their money go further.”
Chaos for holidaymakers as 950 Gatwick staff to strike for eight days
Almost 1,000 workers at Gatwick Airport including baggage handlers and check-in staff will stage eight days of strikes beginning later this month, a union announced on Friday.
Unite said the action would inevitably disrupt flights at the height of the summer holiday season.
It is set to bring further chaos for passengers, after budget airline easyJet this week cancelled around 1,700 summer flights, primarily to and from Gatwick.
