UK investors in wait-and-see mode

British indexes remain relatively flat, ahead of US inflation data due tomorrow. Investors are looking for clues whether the Fed’s efforts to curb inflation started to bear fruits, or if it needs to be more aggressive.

Among stocks, Abrdn fell 4.6% after the company posted a lower-than-expected profit, while office space provider IWG dropped 11.9% after disappointing first-half results.

In other news, data from KPMG and the British Retail Consortium shows that retail sales comparable rose by 1.6% in July, as the heatwave boosted demand for clothing, picnic items and electric fans. Sales gained over 9% year-on-year.

 “Despite consumer polls suggesting confidence is at an all-time low, this hasn’t translated to money not being spent at the tills, as consumers are determined to enjoy delayed holidays and an unrestricted summer,” said KPMG’s head of retail Paul Martin.

 

Things to read today:

Trump says FBI agents raided his Mar-a-Lago residence (Financial Times)

‘Absolutely not’: Don’t chase the rally in stocks and bonds right now, investment manager says (CNBC)