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(Sharecast News) - London stocks were set to fall at the open on Tuesday, having avoided the AI-fuelled weakness that hit European and US markets a day earlier, as investors mulled the latest UK jobs data.
The FTSE 100 was called to open around 18 points lower. At 0725 BST, Brent crude was up 1.7% at $107.42 a barrel and West Texas Intermediate was 1.8% higher at $103.16.
Figures released earlier by the Office for National Statistics showed the unemployment rate remained at 4.9% in the three months to July, versus expectations for an uptick to 5%.
Meanwhile, the number of payrolled employees fell by 26,000 between July and August and by 145,000 on the year.
Total pay growth including bonuses eased to 3.9% in May to July from 4.2% in the previous three months, while regular pay growth excluding bonuses was stable at 3.5%.
Annual average regular earnings growth was 6.3% for the public sector and 2.9% for the private sector.
Liz McKeown, director of economic statistics at the ONS, said: "The labour market remains broadly stable, with employment and unemployment rates largely unchanged in the latest period. However, payrolled employee numbers continue to edge down, with falls over the past year particularly evident in the retail and hospitality sectors.
"Regular wage growth has remained relatively stable in recent months, while total pay growth, which includes bonuses, has eased and was last lower nearly six years ago. There remains a notable difference between public and private sector pay growth, with public sector figures continuing to be affected by the timing of NHS pay awards this year."
In corporate news, DIY chain Wickes said it was on track to meet expectations of a 10% jump in adjusted annual profit despite an uncertain consumer environment.
The company posted a 1.1% rise in earnings to £27.6m for the six months to 27 June. Like-for-like sales rose 0.7%.
Drugmaker GSK said that it would pay up to $750m to acquire full global rights to a trispecific Tcell engager for multiple myeloma from privately held biotechnology company Chimagen Biosciences.
GSK said the agreement includes an upfront payment and further development and commercial milestones, with the programme expected to enter phase I trials in 2027.