Saga unveils NatWest savings tie-up
09:00 , Graeme Evans
Saga has unveiled a seven-year tie-up with banking giant NatWest to launch a range of savings products for the over-50s.
Saga, which offers cruises through to insurance services for people over 50, said an instant access savings product would be the first to launch under the partnership later this year.
London-listed Saga struck a 20-year partnership for motor and home insurance with Belgian firm Ageas late last year, while also agreeing to sell its underwriting business Acromas to the group.
CityFibre £2.3bn financing deal set to “supercharge” growth
08:52 , Graeme Evans
Broadband network firm CityFibre today said a £2.3 billion financing deal marked a significant moment in the upgrading of the UK’s digital infrastructure.
The challenger to BT Openreach said the new package included £500 million in new equity secured from existing shareholders such as Goldman Sachs.
Debt facilities have been expanded by £960 million, alongside a new £800 million facility to catalyse CityFibre’s growth through M&A.
Chief executive Greg Mesch said the financing will “supercharge” CityFibre’s next phase of growth as it looks to consolidate the alt-net sector and accelerate the pace of customer connections.
He added: “There is a huge opportunity ahead for CityFibre and it is testament to the success of the company that we have such strong backing from our lenders and shareholders.”
AstraZeneca supports FTSE 100, WPP shares weaker
08:26 , Graeme Evans
The FTSE 100 index has risen 11.94 points to 8953.06, countering expectations for a weak start. The FTSE 250 index is 27.38 points lower at 21,585.87.
Mining and pharmaceutical stocks offered support to the top flight, led by AstraZeneca after a rise of 1.5% or 162p to 10,612p.
GSK also lifted 6.5p to 1415p and Rio Tinto improved 35.5p to 4492.5p. Other risers included Diageo after an advance of 10.5p to 1911p.
On the fallers board, WPP shares remain under pressure after a decline of 5.1p to 415.7p.
Wall Street futures lower, Bitcoin above $120,000
07:48 , Graeme Evans
Wall Street’s S&P 500 and Nasdaq futures are down 0.4% ahead of the US earnings season and key US inflation data due this week.
President Trump’s proposed 30% tariff on EU and Mexican imports has also unsettled markets, IG said today.
The Nikkei 225 has fallen 0.2%, while the Hang Seng index is 0.3% higher. The FTSE 100 index is seen opening about 21 points lower, according to IG.
Meanwhile, a 2.5% rise means the price of Bitcoin is above $120,000 for the first time.
Inflation figures and US banking results in focus
07:41 , Graeme Evans
The corporate reporting season gets underway this week, beginning with JPMorgan, Wells Fargo and Citigroup results tomorrow.
Bank of America, Morgan Stanley and Goldman Sachs follow on Wednesday, while UK-listed Ocado, Frasers Group and easyJet report on Thursday.
Figures on Tuesday are expected to show a rise in US inflation to 2.6% from May’s 2.4%, driven by factors including higher gas prices.
The UK’s rate is seen staying at 3.4% on Wednesday, which together with labour market statistics the following day will help determine an August interest rate cut.
Rate cuts possible if jobs market slows - BoE chief
07:09 , Graeme Evans
The Bank of England could make cuts to interest rates if the jobs market slows down, governor Andrew Bailey has said.
Businesses are “adjusting employment” as a result of the Chancellor’s decision to raise national insurance contributions for employers, Bailey told The Times.
In an interview with the newspaper, the governor also said the British economy was growing behind its potential.
The current Bank rate of 4.25%, which has a bearing on all lending in the UK – including mortgages – will be reviewed again on 7 August by the Bank’s Monetary Policy Committee.
“I really do believe the path is downward,” Mr Bailey told The Times.
He added: “But we continue to use the words ‘gradual and careful’ because… some people say to me ‘why are you cutting when inflation’s above target?’”
FTSE 100 seen flat, oil price above $70
07:02 , Graeme Evans
Global markets are set for a subdued start to the week amid the latest tariffs uncertainty.
On Saturday, President Trump pledged to introduce 30% levies on imports from the European Union and Mexico from 1 August.
Leading Asia benchmarks are slightly higher but Wall Street futures are pointing to a weaker start later today.
On Friday, the FTSE 100 index closed a stronger week on the back foot by falling 0.4% or 34.54 points at 8941.12. It is seen opening broadly unchanged this morning.
Meanwhile, the price of oil is back above $70 a barrel after Brent Crude futures rallied by more than 2% on Friday.
This article was written by Graeme Evans from The Evening Standard and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.