The latest from London: All eyes on inflation data

09/14/2021 | 04:51am

London's FTSE 100 was slightly down this morning, hampered by miners and banking stocks. But the mood has improved after the release of strong UK job data.

The number of UK workers on payrolls climbed by 241,000 in August MoM, boucing back to employment levels not seen since the start of the pandemic, the Office for National Statistics revealed.

“Early estimates from payroll data suggest that in August the total number of employees is around the same level as before the pandemic, though our surveys show well over a million are still on furlough”, said Jonathan Athow, ONS deputy national statistician.

“The overall employment rate continues to recover, particularly among groups such as young workers who were hard hit at the outset of the pandemic, while unemployment has fallen “

Today, the focus will be on inflation data. If too high, this would raise fears that the Bank of England could soon change its monetary policy.

Among stock, JD Sports Fashion jumped 7.5% after posting record earnings for H1, boosted by strong demand for sneakers and sportswear.

Meanwhile, Ocado Group dropped 2.6% after its joint venture, Ocado Retail, saw its quarterly revenues drop by 10.6%.

 

Things to read:

Climate change risks triggering catastrophic tsunamis, scientist warns (Financial Times)

Brevan Howard to “significantly expand” crypto asset push (Financial Times)

Litecoin Foundation “Screwed Up”, Lee Says of Walmart Snafu (Bloomberg)

 

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