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FTSE 100 Live: Blow for City as WE Soda cancels IPO; Fed rates call


FTSE closed at 7,602.74

The FTSE 100 closed slightly higher at 7,602.74, with investors cautiously optimistic about the Federal Reserve’s interest rate decision.

Mining, manufacturing and construction accounted for the majority of the gain, in which Smith and Nephew were the group that gained the most. On the other hand, Ladbrokes Coral owner, Entain, was the biggest loser after offering shares with a 6.9% discount to buy bookmaker olish STS.

Meanwhile, gold-plated production is down slightly from the 15-year high reached yesterday, but still higher than any other day since 2008.


Shocked when WE Soda canceled the London IPO

London’s desire as a place to list was once again called into question, as soda ash company WE Soda scrapped its planned IPO in an attempt to revive the City’s fortunes.

Alasdair Warren, CEO of WE Soda, blamed “excessive investor caution in London”.

He said: “Ever since we had intended to make a floating announcement a few weeks ago, we have been encouraged by the level of investor participation globally and subsequent interest from investors. potential investors for our IPO. WE Soda is the largest and fastest growing natural soda ash producer and one of the lowest cost soda ash producers in the world. We lead in our industry, not only in terms of scale but also in innovation and sustainability.

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US shares rise slightly

Stocks on Wall Street rose slightly after the opening bell, as the market awaited the Federal Reserve’s latest interest rate decision.

The S&P 500 rose 0.3% to 4,381 with hospital operator Universal Health Services the biggest gainer.

The Fed is expected to pause its rate hike cycle after receiving positive news on inflation this week.

Click through the charts to see all key market data.


Pound highest since April 2022

The British pound is at a 14-month high, as investors sold the dollar in anticipation that the US Federal Reserve would pause its rate hike cycle today.

The dollar fell against all major currencies, but the biggest drop was against the pound, now buying $1,269. That is the highest value for Sterling since April 2022.

One pound buys €1,170.


EU says Google is abusing its position by calling for a breakup

The EU’s competition regulator has accused Google of abusing its position in the online advertising market, calling for the dissolution of Google’s advertising business.

The bloc’s competition regulator said the tech giant should sell off its ad buying arms, Google Ads and DV 360, to reduce the conflict of interest it has with its auction and ad selling arms online, AdX and DFP.

The split of the ad business could be a big blow to Google, with its advertising empire worth up to 80% of its annual revenue. The EU can fine up to 10% of Google’s worldwide annual revenue if it believes the company has violated competition law.

The Competition Commission said Google prioritized AdX over its competitors to make it the most attractive ad exchange, which it considers an abuse of its dominant position in the market.

The regulator said: “A behavioral remedy may not be effective…therefore, the Commission’s preliminary view is that only Google’s mandatory divestment of part of its services would be new. address competition concerns.”

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Wall Street is about to rise slightly

US shares are set to rise slightly this morning, ahead of the Federal Reserve’s interest rate decision later today.

S&P 500 futures rose 6 points to 4422, while Nasdaq futures rose 18 points to 15117 and Dow Jones futures fell 0.2% to 34450.


Market snapshot when stocks rise

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US producer price inflation eases, adding to hopes of rate pause

U.S. producer price inflation fell to just 1.1% year-on-year in May, lower than the 1.5% expected and likely giving the Federal Reserve a sense of urgency. due to pause the rate hike cycle today.

The producer price index fell 0.3% month-on-month, with food and energy prices both falling.

The core PPI, which is closely watched by the Fed, fell to just 2.8%, showing signs that US inflation is moving closer to its 2% target.

The Fed will announce its latest decision at 7pm UK time.


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Evening Standard

The Voice of the City: Go Back to the 1980s When Bond Warns Was Busy

Michael Keaton may be returning as Batman in the summer blockbuster Flash, but an entirely different guard is raging in the UK bond market.

After much higher inflation than the Bank of England (again), the yield on two-year gilts has increased significantly to 4.84%. It may have escaped the attention of many people due to the lack of media coverage compared to last September, but government lending rates are now higher than seen at the height of the recession. financial failure Kwasi Kwarteng.

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