The FTSE 100 opened 13 points lower at 10,495 amid easing US-Iran tensions, while the Bank of England’s chief economist warned against complacency on inflation. Labour leadership frontrunner Andy Burnham is also set to unveil a major devolution plan. Meanwhile, Brent crude futures rose 0.67% to $72.47 a barrel. US West Texas Intermediate (WTI) advanced 1.80% to $70.05 a barrel.
On the upside, Lion Finance Group rose 3.22% to £11,220, while Entain advanced 2.70% to £593.40. BT Group gained 1.59% to £198.10, and Scottish Mortgage Investment Trust moved higher by 1.56% to £1,433. Pershing Square Holdings added 1.22% to £3,812, while Computacenter climbed 0.89% to £4,292.
On the downside, Endeavour Mining declined 2.36% to £3,761, while British American Tobacco slipped 1.37% to £4,686. Next edged lower by 0.27% to £14,575, and AstraZeneca fell 0.28% to £14,278. Unilever moved lower by 0.87% to £4,560.50, while 3i Group eased 1.58% to £2,492.
Bank of England’s chief economist Huw Pill told the Press Association that policymakers "should not be complacent" about inflation, after the Consumer Prices Index remained above the Bank’s 2% target in May, at 2.8%.
"I think it should be seen as problematic, because our mandate is very clear; inflation at 2% at all times. I do fear a little bit that, because we saw inflation go to 11%, policy discussion becomes, oh, inflation at 3% is not so bad."
Pill, one of two policymakers to vote for a rate hike when the Bank’s monetary policy committee split 7-2 to hold rates earlier this month.
Astrazeneca has secured EU approval for its breast cancer drug Datroway after studies found it was about to improve survival rates for patients.
The drug, which targets the especially aggressive form of cancer known as metastatic triple-negative, was able to improve the average survival of the disease by five months.
Today, only 15% of patients with metastatic triple-negative breast cancer survive beyond five years, making the disease one of the hardest to treat. AstraZeneca had already secured approval for the drug in the US in May.
Also Read: Stock Market Today: Pharma Gains Lift Nifty50 as Sensex Holds at 77,083
Bridgepoint Group shares jumped 7.9% in early trade, hovering at £251, but shares remain down 10.2% since January.
The group is acquiring real estate investment platform Kayne Anderson for $1.4 billion (£1 billion), comprising $759 million in cash and roughly $189 million in newly issued Bridgepoint shares.
The deal is anticipated to “strengthen Bridgepoint’s position” in global private markets and increase the group’s assets under management (AUM) to $117 billion. This includes $40 billion in private equity, $30 billion in infrastructure and $22 billion in real estate.
In the US, the tech-heavy Nasdaq closed 0.24% down. The S&P 500 was nearly flat at 7,354.02, while the Dow declined 0.09%.
In Asia, South Korea’s Kospi fell 0.2% to 8,394.65. Japan’s Nikkei 225 rose 0.15% to 69,468.11 points. Taiwan’s TAIEX dipped 0.96%. India’s Nifty 50 and Sensex both fell 0.41% and 0.5%, respectively.
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