Apple shares hit a new high on iPhone sales
Apple shares hit a fresh record hight on Tuesday after the US tech giant announced it had sold 41m iPhones in the last three months.
Investors were also reassured as Apple suggested rumours of a delay to the launch of the iPhone 8, due in September, were incorrect.
Read our full story here:
FTSE dragged down by commodity stocks
The FTSE 100 is off 19 points this morning, with commodity stocks dominating the list of the biggest fallers:
Commodity shares are down on lower oil prices, with the Brent crude down 1% this morning at $51.29 a barrel. Rising US stocks of oil added to concerns about oversupply, pushing prices down.
Figures from the American Petroleum Institute showed that US crude stocks rose by 1.8m barrels to 488.8m in the week ending 28 July.
European markets fail to get Apple boost
Markets in Europe are mixed this morning. Shares have failed to get any major boost from the Apple-led tech rally that drove Wall Street higher on Tuesday.
The scores so far in Europe:
- Germany’s DAX: +0.1% at 12,266
- France’s CAC: -0.3% at 5,113
- Italy’s FTSE MIB: +0.1% at 21,624
- Spain’s IBEX: -0.1% at 10,577
- Europe’s STOXX 600: -0.1% at 380
The agenda: UK economy to rebound in 2018, NIESR predicts
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
We have some upbeat predictions for the UK economy this morning, as the National Institute of Economic and Social Research publishes its latest set of forecasts.
Economists at the thinktank predict growth will accelerate to 1.9% in 2018 from 1.7% this year. They believe the fall in the value of the pound since the Brexit vote will give that long-awaited boost to exports.
As a result of stronger growth, NIESR says policymakers at the Bank of England will be ready to vote for a rise in interest rates in the spring. Previously they predicted the first rate hike would come after the second quarter of 2019, when Britain had left the European Union.
Jagjit Chadh, the institute’s director, says rate rises from the current all-time low of 0.25% will be a slow process:
We are not talking about a rapid return to higher interest rates, but signalling that process – even if it takes five to seven years – will help banks rebuild their balance sheets and create a healthier financial system.
Here is our story on the NIESR forecasts:
- Also today we have the latest healthcheck on the UK construction sector at 9.30 with the publication of the latest PMI survey. It is expected to show a slight dip in growth in the sector in July.
- At 13.15 the ADP employment survey for July will provide the latest insight into the US jobs market.