FTSE 100 on the backfoot after inflation reading, HSBC appoints insider as new CEO - Market Report

Proactive - Interviews for investors

The FTSE 100 started on the back foot on a cautious reading of the latest inflation numbers. London’s blue-chip index was down 11 at 8,153 in early trades. UK inflation remained in line with the Bank of England's 2% year-on-year target last month. The consumer price index rose 0.1% over the month of June, as expected, which meant the annual rise in CPI remained at 2.0% for the second month running. Economists suggested that might postpone an interest rate cut until September. HSBC has gone in-house for its new chief executive with finance chief Georges El-hed-ery appointed to the role of group chief executive. Shares in the Asia-focused bank barely moved on the announcement. Shipbuilder Babcock has cut its profit guidance after taking a £90 million loss on the deterioration of the Type 31 warship contract. The defence contractor said it now expects to report an underlying operating profit of roughly £238 million or up 34% on the prior year. All eyes later will be on Keir Starmer’s plans as his first King’s speech is read out with housing, labour laws, railways and his predecessor’s smoking ban set to feature. #proactiveinvestors #marketreport #ftse #ftse100 #footsie #inflation #cpi #ratecut #bankofengland #boe #hsbce #georgeselhedery #babcock #typ31 #warship #keirstarmer #king'sspeech #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews