Gas prices rise 40% as FTSE 100 slips

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gHello.

We start the day with major results, as Tesco reports on its trading for the first half of the year.

This is good news for the supermarket giant, which has exceeded analysts’ expectations in terms of sales and profits.

Tesco reported total revenue of £ 30.4 billion, up 5.9% from last year, while adjusted profit before tax rose 40% to 1.5 billion of pounds sterling.

As a result, the company has raised its profit forecast for the year. He also announced a £ 500million share buyback.

5 things to start your day

1) Facebook covered slide from younger users, whistleblower says

Former leak manager Frances Haugen told senators the company hid the drop to protect its image and its share price

2) Putin blames the “drastic” switch to renewable energies for the energy crisis

The Russian president said that the electricity crisis in the West is caused by an “unbalanced” and “drastic” move away from fossil fuels.

3) British pound struggles as investors lose faith in conservative competence

Fuel crisis along with shortages of goods and workers undermine confidence in government economic management

4) Amazon takes on John Lewis over new electronics store

Called 4 stars, the store carries around 2,000 of the company’s most popular products and is located in Bluewater.

5) Markets are betting inflation will hit 6pc

Money markets forecast the rise in prices to far exceed Bank of England expectations by next spring

What happened during the night

–Mark Zuckerberg on Tuesday evening dismissed claims that Facebook prioritizes profiting user safety as “simply bogus.” It comes in the middle of a catastrophic week for the social media giant after a massive outage hit 3.5 billion users and caused its share price to drop 5%.

– Asian markets resumed their retirement on Wednesday despite a strong lead from Wall Street. Tokyo, Hong Kong and Seoul fell by around 1 pc with Sydney, Wellington and Taipei also in the red. Singapore, Manila and Jakarta posted gains. Shanghai is closed until Friday for a public holiday.

Coming today

Intermediate outcomes

Tesco, allied spirits

Trade update

Imperial Brands, Ferrexpo, Topps Tiles

Economy

Building PMI (United Kingdom); retail sales (EU); ADP job change (United States)


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