FTSE 100 Live: FTSE 100 hits 3-year high, gas prices drop 20%; Home prices fell 1.5%.

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1673027434 Those are all. Monday: The ES City Office shares tips for 2023

That concludes our live blog coverage for today, on the day the FTSE 100 finally recovered to pre-pandemic levels hovering around 7,700.

The Evening Standard City office will be back at 7 a.m. Monday where we’ll reveal team engagement tips for 2023.

1,673,027,236 FTSE 100 reaches a 3-year high; It closes only close to 7,700

London’s stock index rose to its highest point since 2019 on Friday, capping a solid opening week for the year with a strong performance.

The FTSE 100 peaked above 7,000 points for the first time in years, but ended the day at 7,699.49, up 66 points.

The 0.9% rise helped push the FTSE to its highest single point since the start of August 2019, long before the pandemic and the economy hit.

The move higher was driven by the UK’s natural resources sector, a major component of the FTSE 100.

1673022720 The United States can ease interest rate hikes

Will the Fed slow the rate hike?

That looked likely today when the latest US jobs report showed slowing wage growth, suggesting that inflation is under control.

In turn, the markets are beginning to bet that the next Fed rate increase will be a quarter of a percentage point, but no more.

This, in turn, may encourage the Bank of England to follow suit. In December, the Bank raised interest rates by 0.5 percentage point to 3.5%.

It was the ninth consecutive increase.

1673019865 Why outside capital still views London as an acquisition opportunity

With the economy sliding into recession, the war in Ukraine showing no sign of an end and the cost of living crisis escalating, you’d be forgiven for thinking the UK business M&A world would grind to a halt.

In fact, it is quite the opposite, as the latest figures issued by the Office for National Statistics confirmed that the value of acquisitions of British companies more than doubled to reach 25 billion pounds in the third quarter of 2022, compared to 12.5 billion pounds in the third quarter. quarter of 2021 and £11.1 billion in the second quarter of this year.

Read more City Sounds here

1673018271 BET365 Dennis Coates earned more than £200m despite massive pay cut

Bet365 boss Dennis Coates managed more than £200m last year despite more than £36m in pay cuts.

The company’s financial accounts show that the manager of the highest paying gambling firm – who is believed to be the majority owner, Ms Coates – earned more than £213m in wages last year, not including her earnings.

This number makes her one of the best paid employees in the world, and means she gets about a third of all the company pays all of its 6,100 employees.

As the majority owner of the company, Ms Coates has also received profits in the tens of millions of pounds. It is not clear exactly how much of the winnings she took, however, she is entitled to more than half of the £100m payout.

1673016424 Wall Street stocks rose after moderate US job growth data

Stocks made gains in the opening minutes of trading on Wall Street today, after moderate growth in US jobs reduced the chances of a sharp rise in interest rates when the next Federal Reserve meeting.

After the opening bell, the Dow Jones rose 0.38%, while the S&P 500 rose 0.40% and the Nasdaq Composite rose 0.57%.

The US Bureau of Labor Statistics reported today that total non-farm payrolls increased by 223,000 in December, and the unemployment rate fell to 3.5 percent. According to the Reuters news agency, that increase was higher than the 200,000 consensus that economists had expected.

Employment figures also pushed US Treasury yields lower, with the two-year yield dropping 5.1 basis points to 4.401%.

1673009941 The inflation rate in the euro area is falling more than expected

Inflation in the eurozone fell more than expected, figures released today show, as energy prices exited mid-2022 highs.

Consumer price growth slowed from 10.1% in November to 9.2% in December, well below market expectations of 9.7%, according to a Reuters poll.

However, core inflation, a measure that excludes a number of more volatile prices such as energy, rose from 6.6% to 6.9%, intensifying the challenge for the ECB in bringing inflation down to its 2% target and raising the odds of that happening. More rate hikes in the coming months.

Bert Cullen, chief economist at ING, said: “While supply-side shocks are fading — not just energy, but also think about container prices and various production inputs — core inflation is still adjusting with a lag.

“The ECB has taken a very hawkish stance on this development and has indicated that it will raise through a moderate recession to structurally bring inflation down to 2%.

“With energy inflation declining rapidly and the energy supply outlook improving, 2% could be reached much sooner than expected. However, a rise in core inflation would be enough for the ECB to continue rising by 50 basis points in February and March.”

1673008208FTSE 100 up to 26 points: Lunchtime Update

Five hours into today’s trading session in London, the FTSE 100 rose 26 points to 7,659.

Here’s a look at some of the biggest moves to date.

1673004868 Gas prices drop by 20% amid mild temperatures in winter

Gas prices fell 20% in the last week of December, according to new data from the Office for National Statistics this morning, amid unusually mild temperatures at the start of the new year.

The system average price (SAP) for gas was down 20% in the week ending January 1, 2023 compared to the previous week, broadly unchanged when compared to the level for the equivalent week in 2022, and 64% below the peak level on record. On August 28, 2022.

Caterer Sodexo hails a return to pre-Covid levels

Sodexo is back on the rise as workers return to offices and students to classrooms.

The French catering giant says revenue is now at pre-pandemic levels. Group sales came in at €6.3 billion for the year, better than expected.

Chief Executive Sophie Bellon said the site’s services division “continued to benefit from a higher level of attendance, in all geographies, in the workplace, in stadiums, in convention centers and at universities.”

Catering companies are trying to renegotiate tariffs and supplier agreements as the sector grapples with rising costs. Sodexo had previously indicated difficulties in contract negotiations in France.

“It’s getting better, but the discussions are still tense,” said Chief Financial Officer Marc Rowland. “We have intervened with the government…but some municipalities find it difficult to accept renegotiations or discussions.”

JP Morgan analysts saw the results as solid and “further evidence of improving Sodexo’s momentum and roadmap for recovery.”

Sodexo confirmed its forecast for organic revenue growth of 8% to 10% and an underlying profit margin of close to 5.5% for 2023. That would be seen as a good sign for investors in major UK outsourcing companies, especially as the central government looks for ways to achieve this. Cut costs.

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