Last week was marked by the Prime Minister Sir Keir Starmer’s resignation on Monday, despite the exit being expected, anxieties still developed and the British economy continued to stall under cost pressures. The initial hit to corporate confidence was laid bare by a sharp contraction in the flash June Purchasing Managers' Index, as it slumped to a 14-month low. Manufacturing orders hit a six-year low, signalling an immediate freeze in business investment during the leadership transition, whilst Monday morning’s weak Confederation of British Industry Growth Indicator further validated this downwards trajectory. Even though some research data offered a silver lining with public inflation expectations cooling down to 3.8% from 4.7%, the Bank of England remains reluctant to cut interest rates as policymakers are keeping a cautious stance, particularly due to a recent data collection error at the Office for National Statistics which clouded their visibility on the true state of the jobs market.
Stocks featured:
Segro, 3i Group and Glencore
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