Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
London pre-open: Stocks seen higher as inflation jumps past forecasts
(Sharecast News) - London stocks were set to rise at the open on Wednesday following a positive session in Asia, as investors digest the latest UK inflation data.
The FTSE 100 was called to open 24 points higher at 7,560.
Figures released earlier by the Office for National Statistics showed that UK consumer price inflation rose to 10.1% in July from 9.4% in June as food and energy prices jumped. This marked the highest rate since February 1982 and was above analysts' expectations of 9.8%.
Core inflation, which strips out food and energy costs, rose to 6.2% from 5.8% a month earlier.
Helen Dickinson, Chief Executive of the British Retail Consortium, said: "Consumers had little respite from the cost-of-living squeeze as prices rose again in July. Soaring household bills and transport costs remain the biggest headache, holding back discretionary spending across the UK as real incomes continued to fall.
"Retailers are trying to support their customers by expanding value ranges, fixing prices for some essential goods, offering discounted kids meals, and providing discounts for vulnerable groups. However, the sheer weight of costs bearing down on the industry and its supply chains has been proving impossible to fully absorb.
"With inflation showing little sign of slowing, retailers could face a 10% hike in their business rates bill in the coming year. This would impose a cost-nightmare of hundreds of millions of pounds on retailers who are already struggling with razor-thin margins. The next Prime Minister must act, freezing the multiplier to avoid placing a further burden on retailers, and the customers they serve."
In corporate news, housebuilder Persimmon posted a fall in interim profits, but reiterated completion guidance and said price rises were offsetting cost inflation.
The company said pre-tax profit for the six months to June 30 fell to £439.7 from £480m.
Total revenue fell to £1.68bn from £1.84bn, while completions fell to 6,652 from 7,406 against a strong comparator last year when demand for larger homes surged during the Covid pandemic.
Guidance of 14,500-15,000 completions for the full year was maintained.
Construction firm Balfour Beatty upgraded full-year guidance after interim profits more than doubled and new orders rose 10%.
The company posted a pre-tax profit of £83m, up from £35m a year earlier and now expects annual earnings to be ahead of previous expectations.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.