Rolling coverage of the latest economic and financial news
Britain’s FTSE 100 has rallied the start of trading, following Monday’s bank holiday break.
Banks are among the risers, with Barclays (+2.9%), HSBC (+2.5%) and Lloyds (+2.3%) benefitting from expectations that interest rates will keep rising.
Although it raised its operating margin outlook, Bunzl is still expected to fall in the full year versus 2021. The supplies distributor enjoyed a boost in demand for its products during the pandemic but has since struggled during the post-covid economic normalisation.
The global geopolitical uncertainty and equity market turmoil weighed on the stock between April and June but since the lows, Bunzl has enjoyed a strong uptrend, rallying by more than 20%. Shares are giving back some of those gains today.
Huaqiangbei, a busy shopping area home to thousands of stalls selling computer components, mobile phone parts and microchips, is among three neighborhoods placed under a mandatory four-day lockdown in Futian district, according the district government.
Residents in those neighborhoods are forbidden to leave their homes except for Covid testing, which they are required to undergo daily until Thursday.