UK interest rates could triple this year

The bombing of Ukraine’s main port has pushed wheat prices to a five-month high.

The attack on Leni’s Danube ports came a week after Russia withdrew from the Black Sea Grain Initiative, threatening world food supplies.

5 things to start your day

1) Virgin Media O2, 2,000 job cuts | Mobile telecommunications company plans to reduce manpower by 1/10 due to excessive borrowing costs

2) Manchester plans world’s largest battery to tackle intermittent wind energy challenges | Approval of planning permit for 750 m2 project of aging coal-fired power plant

3) Why Rishi Sunak is reversing the 2030 petrol car ban | The Prime Minister paved the way for the Conservative Party to reconsider its net-zero pledge.

4) Inflation Driven by Higher Wage Demands, Warns Businesses | The UK economy is facing a downturn due to higher interest rates and tighter consumer spending.

5) Founder of ChatGPT plans to scan every retina in the world in exchange for cryptocurrency | Sam Altman argues that the Worldcoin project is necessary to counter the threat posed by AI.

what happened overnight

Chinese stocks surged and the renminbi gained after the Chinese government promised more policy support to support a post-COVID-19 economic recovery.

The blue-chip CSI 300 index continued its decline for the sixth day in a row, gaining 2.6pc at the midday break, marking its best day since last November, while the Hang Seng index rose 3.2pc.

On Tuesday, the yuan hit its highest level in nearly two weeks against the dollar on further support from state-owned banks seeking to sell the dollar and buy Chinese currency.

According to state-run Xinhua News Agency, the ruling Communist Party’s top decision-making body, the Politburo, said China would step up economic policy support to focus on expanding domestic demand, boosting confidence and preventing risks.

Elsewhere, the Tokyo Nikkei 225 index closed down 0.3pc at 32,605.97, and the Seoul KOSPI index closed down 0.1pc at 2,630.70.

The Sydneys S&P-ASX 200 rose 0.4pc to 7,336.20. New Zealand retreated while Singapore and Jakarta advanced.

On Wall Street, the benchmark S&P 500 index rose 0.4pc on Monday ahead of this week’s Federal Reserve meeting.

The S&P 500 index rose to 4,554.64. The Dow Jones Industrial Average ended up 0.5pc at 35,411.24 and the Nasdaq Composite closed up 0.2pc at 14,058.87.

Sources 1/ https://Google.com/ 2/ https://www.telegraph.co.uk/business/2023/07/25/ftse-100-markets-live-news-wheat-prices-russia-ukraine-port/ The mention sources can contact us to remove/changing this article

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