As markets wait for a US interest rate rise that the Federal Reserve has already flagged, we’re ratifying other things we already knew. The war in Ukraine and COVID-19 lockdowns in China have driven the cost of household goods up at the fastest rate for 15 years, while a leading think tank says the biggest boom in City bonuses and pay since the 2008 financial crisis risks widening inequality across Britain. The first major study of the impact Brexit has had on UK citizens living in the EU says they’re ‘embarrassed to be British’.
CARRYING ON AS NORMAL
Corporates are largely doing what we expect, with the freight and logistics issues we’ve been talking about all year reducing Boohoo’s full-year profits by 28% and cost inflation and lower sales leaving JD Wetherspoon expecting to only break even. Without the US sports betting boom, Flutter Entertainment would be suffering from dipping UK revenues. While Aston Martin Lagonda’s CEO has been ejected from the driver’s seat, the luxury car maker already has an industry veteran confirmed to take his place. Pfizer is predictably having to deal with accusations of pandemic profiteering. The FTSE All Share is still not going up.
GETTING A BOOST
Still, there are some pleasant surprises, with HSBC launching a$1bn share buyback and credit ratings agency Fitch saying America will have recovered all the jobs lost during the pandemic by this summer. Crossrail’s opening date has finally been announced and it’s in just 20 days’ time. Edison has initiated research on alternative asset management specialist Gresham House. Watch the video highlights on our webinar on the industrialisation of space.
FOCUSING ON THE POSITIVE
Canoeists claim they’re only allowed to paddle in 4% of England’s rivers, while Parisians are up in arms over plans to fell trees near the Eiffel Tower for the 2024 Olympics. But there’s no complaining from a 100-year-old man who’s broken a Guinness World Record by working at the same company for 84 years.