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Business news: US inflation and M&S (MKS) share price soar

By Jenny McCall

14:00, 10 November 2021

The word ‘inflation’ spelt out in Scrabble letters on top of US dollar notes
The word on the street today, in the US particularly, is inflation – Photo: Shutterstock

Biggest UK MOVERS on the FSTE 100 today

  • ITV – ITV Plc: +13.04%
  • SSE – SSE Plc (formerly Scottish and Southern Energy): +2.17%
  • BP – BP Plc: +2.06%
  • NG – National Grid: +1.96%

Source: Hargreaves and Lansdown

Despite no longer being listed on the FTSE 100, British multinational retailer Marks and Spencer’s (M&S) spectacular shares rise is worth a special mention: Marks and Spencer (MKS) rose by +25.05%. 

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Biggest UK LOSERS on the FTSE 100 today

  • DARK – Darktrace plc: -2.62%
  • AVV – AVEVA Group Plc: -2.68%
  • BRBY – Burberry Group plc: -2.03%
  • FRES – Fresnillo: -1.64%

Source: Hargreaves and Lansdown

Key points

  • US markets woke up to key inflation and consumer price index (CPI) data on Wednesday. The CPI data revealed that inflation in October hit a record high and was up 6.2% on an annualised basis – the largest 12-month increase since November 1990, according to new data from the US Bureau of Labor Statistics (BLS).
  • Financial updates were also busy across Europe, with abundant earnings reports published by companies including Credit Agricole, Engie, Alstom, EDF, Allianz, Continental, Dialog, E.On, Infineon, Siemens Energy, ABN Amro, Thomas Cook and Marks & Spencer (M&S), Adidas and others.
  • Elsewhere, European stocks were mixed on Wednesday as it awaited key data on US inflation.
  • Data for US October producer price index (PPI) came in on Tuesday, with PPI rising 0.6% month-on-month. Wholesale prices increased by 8.6% in October, versus the prior year.

Top business and economic news

  • Investors eagerly awaiting today’s US CPI and inflation data were unsurprised at the expected rise compared to the prior month. 
  • European Central Bank (ECB) – the ECB non-monetary policy meets today to administer foreign exchange reserves, deal with regulators and manage foreign policy.
  • Amazon and US airlines have joined together to push for a speedy development of carbon-reduction strategies by using sustainable aviation fuels (SAF) in an effort to decrease their collective carbon emissions-intensive footprints.
  • Europe’s second high court dismissed Google’s challenge to an antitrust ruling, deciding to fine the tech company to the tune of $2.8bn.

European markets today

Stocks: The pan-European Stoxx 600 hovered below the flatline by mid-morning, and travel and leisure stocks dipped slightly by 1% as investors reacted to the Chinese inflation data for October, which saw the CPI rise by 1.5% compared to the previous year.

US equity futures were lower on Wednesday, and Asia-Pacific markets dropped as the markets reacted to the Chinese inflation data.

GBP/USD

1.29 Price
-0.110% 1D Chg, %
Long position overnight fee -0.0046%
Short position overnight fee -0.0036%
Overnight fee time 21:00 (UTC)
Spread 0.00013

EUR/USD

1.08 Price
-0.040% 1D Chg, %
Long position overnight fee -0.0087%
Short position overnight fee 0.0005%
Overnight fee time 21:00 (UTC)
Spread 0.00006

AUD/USD

0.66 Price
-0.350% 1D Chg, %
Long position overnight fee -0.0065%
Short position overnight fee -0.0017%
Overnight fee time 21:00 (UTC)
Spread 0.00006

USD/JPY

154.75 Price
-0.530% 1D Chg, %
Long position overnight fee 0.0111%
Short position overnight fee -0.0194%
Overnight fee time 21:00 (UTC)
Spread 0.010

Oil: Oil and gas stocks gained 0.4% as the markets remained concerned that US President Joe Biden would go ahead with his plan to tap the country’s Strategic Petroleum Reserve (SPR) to cool fuel prices.

Gold: US gold futures eased at 0.2% to $1,827.40. Gold was up 0.6% in early morning trading and silver inched lower by -0.4%.

Forex: The US dollar rose 0.1% as investors waited for US inflation data.

Crypto: The price of the Cardano ADA token rose by 3% to $2.23 in early morning trade today. Both Bitcoin (BTC) and Ether (ETH) fell after hitting all-time highs yesterday.

Things to watch

  • UK multinational information technology consulting company Aveva announced today that it has suffered losses of £80.3m ($108.2m, €93.9m) for the first half of the year. The main driver has been connected to costs associated with Schneider Electrical software and OSIsoft, companies Aveva merged with and acquired in 2018 and 2020, respectively.
  • British broadcaster ITV’s shares rose today after it revealed it was on course to achieve record advertising revenues this year.
  • Marks and Spencer (M&S), reported a surge in its annual profits today, which beat analysts’ expectations. As a result, the retailers shared more than 15% in early morning trading today.

Top Tweets

Read more: Business News: Investors wait for US inflation test today

Markets in this article

BTC/USD
Bitcoin / USD
65745.55 USD
-166.25 -0.250%
ETH/USD
Ethereum / USD
3436.88 USD
-49.69 -1.430%

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