The latest from London: Mixed signals

10/20/2021 | 04:54am

Despite data showing a slowdown in inflation and mostly upbeat earnings, London's FTSE 100 is only slightly up this morning due to ongoing fears that the Bank of England will soon raise rates.

Netflix said yesterday that it hit show The Squid Game contributed to add 4.38 million subscribers in the third quarter. It now counts a worldwide total of 213.6 million. Retail and technology sectors performed best in London yesterday, while rising oil prices weighed on the automotive sector and airlines. Fresh inflation data showed prices gained 3.1% in September year-on-year, a lower growth than the 3.2% recorded in August, which took investors by surprise. But this should not be enough to stop the BoE from making a hawkish move.

Among stocks, Deliveroo advanced 2.3% after it raised its full-year guidance. While there have been better than expected results so far from companies, the all hinted at higher costs, which should lead for higher prices for consumers. For example, Proctor & Gamble face $2.3 billion in expenses headwinds this fiscal year, up from $1.9 billion expected. Bloomberg reports that Apple could produce 10 million fewer iPhone 13 units.

Things to read:

‘Squid Game’ boosts Netflix’s third-quarter subscriber growth (Financial Times)

As U.K. Covid Cases Surge, Israel Offers a Lesson in Boosters (Bloomberg)

Is Brexit Hurting the U.K. Economy? Trade Data Flash a Warning (WSJ)

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