The pound falls after surprising inflation

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Thank you for joining us. The inflation rate fell last month, according to the Office for National Statistics.

The consumer price index stood at 7.9 percent in June, down from 8.7 percent in May.

5 things to start your day

1) Jaguar Land Rover chooses UK over Spain as huge battery manufacturer | Britain wins race for leading battery manufacturer in boost for Rishi Sunak

2) Ocado admits disappointment in M&S project as tensions mount | Online grocer says joint venture ‘not where we wanted it to be’

3) Britain is bracing for “very worrying” inflation figures | Households are bracing for inflation figures that economists expect will drop to the lowest level since March last year.

4) A Hong Kong billionaire bids to own Britain’s offshore wind cable network | A consortium backed by one of Asia’s richest men is entering the race to acquire a critical energy grid

5) Bank of England staff receive £25m in bonuses despite Bailey’s ‘wage restriction’ warnings The payments have been revealed as the bank prepares to release its latest inflation figures

What happened overnight

Asian stock markets were mixed as growth concerns weighed on Chinese stocks.

However, stocks rose in Japan and Australia after healthy US corporate earnings and retail data boosted hopes that the world’s largest economy could avoid a recession.

MSCI’s broadest index of Asia-Pacific stocks outside Japan fell 0.6%, down 1.2% for the Hang Seng. It has fallen daily since China’s growth data on Monday confirmed the country’s recovery from the epidemic.

Japan’s Nikkei rose 0.9 percent, touching a two-week peak.

Wall Street stocks rose on Tuesday as upbeat earnings on Wall Street and retail sales fueled expectations that the Federal Reserve will raise interest rates next week.

The Dow Jones Industrial Average finished up 1.1% at 34,951.93 and is on track for its longest daily winning streak in more than two years.

The broad-based S&P 500 rose 0.7 percent to 4,554.98, while the technology-rich Nasdaq Composite rose 0.8 percent to 14,353.64.

The yield on the 10-year US Treasury fell by 0.2 basis points, at 3.8 per cent.

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