24 minutes ago
UK house prices see the smallest rise after 2020; London prices fall
UK house prices rose by 1.7% in the year to June Information From Office for National Statistics. The figure was a drop from the 1.8% increase recorded in May, the smallest increase since July 2020.
The average UK house price in June was £288,000 ($367,000), £5,000 below the recent peak in November 2022.
London saw the lowest annual percentage change in the UK, with prices falling 0.6%.
– Hannah Ward-Glenton
An hour ago
Insurance stocks Stoxx above 600: Admiral and Direct Line rise 6%
Direct Line and Admiral Group topped the Stoxx 600 index in early trade, with gains of 6.9% each.
Insurers were encouraged by a sharp fall in UK inflation, with the reading for July falling to 6.8%.
Admiral posted a slight rise in pre-tax profit in the first half, up 4% from 2022.
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Admiral Group Share Price
Aviva also posted a 2.5% gain in shares after the company posted an 8% rise in first-half operating profit.
The broader insurance sector rose 0.5%.
– Hannah Ward-Glenton
2 hours ago
Sterling against the dollar after UK inflation data
Sterling rose against the dollar after data showed UK inflation eased to 6.8% in July.
The pound was up 0.2% against the greenback at $1.2729 at 7.39am London time.
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Sterling/Dollar Exchange Rate.
2 hours ago
The UK’s inflation rate fell sharply to 6.8% in July
UK intervention inflation edged up to 6.8% year-on-year in July, but the core consumer price index was unchanged, causing headaches for the Bank of England.
The headline CPI followed a cooler-than-expected 7.9% reading in June, in line with a consensus forecast among economists polled by Reuters. On a monthly basis, the headline CPI fell 0.4% and the consensus estimate was -0.5%.
Read the full story here.
– Elliott Smith
8 hours ago
CNBC Pro: ‘Fuzzy cheap’: HSBC names 9 global ‘unwanted stocks’ that could be on the rise
HSBC has identified 9 ‘unwanted stocks’ listed on the London Stock Exchange that are likely to rise due to a number of factors.
The investment bank said UK markets had outperformed other global indices for the first time this year since the UK’s June inflation data was released on July 18.
The bank’s strategists said the basket of nine stocks had outperformed the broader FTSE 350 over the past two months.
CNBC Pro subscribers can read more here.
– Ganesh Rao
23 hours ago
Fitch warns banks, including JPMorgan Chase, could be downgraded
Fitch warned that dozens of banks, including JPMorgan Chase, may have to be downgraded. The agency already downgraded its rating on the industry in June, but another downgrade would force a review of the rating of the more than 70 banks it covers.
“It’s inevitable that it will decline,” analyst Chris Wolff said. “We can stay in AA for the next 10 years. But if it goes down, there will be consequences.”
– Fred Imbert, Hugh Sonn
8 hours ago
CNBC Pro: Top Morningstar strategist tells investors to sell these 6 ‘overvalued’ stocks — names 5 more to buy
Despite last week’s selloff, the strong rally this year means U.S. markets are now trading at only a small discount compared to the start of the year, according to top Morningstar strategist Dave Segara.
chief US market strategist told CNBC’s “Squawk Box Asia” on Monday. He expects earnings to be “pretty muted” for the rest of the year.
In fact, “it’s a good time to sell some stocks that have risen so high and lock in the profits. [they] They are now exaggerated and exaggerated,” he said.
He named six such stocks to sell and told investors to buy five more names.
CNBC Pro subscribers can read more here.
– Weissen Don
3 hours before
European markets: Here are the opening calls
European markets will open lower on Wednesday, according to IG data. Britain’s FTSE was down 12 points at 7,374, Germany’s DAX was down 48 points at 15,715, France’s CAC was down 16 points at 7,248 and Italy’s FTSE MIB was down 91 points at 28,173.
– Hannah Ward-Glenton
