Markets in London held flat by midday Wednesday, as investors weighed corporate shakeups, inflation concerns, and fresh momentum in global tech and Asian stocks. Burberry surged despite reporting a loss, unveiling a bold turnaround strategy under new CEO Joshua Schulman. Meanwhile, Marks & Spencer rebounded, and gains in Asia pointed to improving sentiment.
We also unpack the Bank of England’s cautious stance on interest rates, Imperial Brands’ profit miss and CEO exit, and strong earnings optimism in the Chinese tech space. Plus: how Nvidia and AMD’s $10bn Saudi data centre project is lifting the sector, and what India’s inflation print could mean for rates.
CityCast Lunchbreak is your midday market digest from the Square Mile.
⏱️ Timestamps:
00:00 – Intro & FTSE midday: Flat at 8,603.77
00:25 – BoE watch: Inflation still sticky, fewer rate cuts expected
01:05 – Burberry surges on turnaround plan despite £66m loss
01:55 – Movers:
• M&S rebounds post-cyber attack
• Mondi upgraded by JPMorgan
• Hikma initiated positively
• Imperial Brands dips on miss and CEO retirement
• Spirax-Sarco down on tariff-linked uncertainty
03:10 – Europe: Stoxx 600 and DAX edge lower
03:30 – Asia:
• Shanghai +0.86%, Hang Seng +2.3%
• Chinese shipping, chemicals, tech surge
• Tencent & Alibaba in focus ahead of earnings
04:45 – Asia macro:
• South Korea jobs improve
• India inflation cools to 3.16% – June rate cut eyed
05:30 – Wall Street preview: Futures cautious after Tuesday rally
• Nvidia gains on export relief
06:10 – Wrap-up: Back at close with full day recap
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