FTSE 100 LIVE: London stocks tread water as UK borrowing jumps above £20bn
This was the second highest borrowing figure since monthly records began in 1993, after that of June 2020 during the COVID-19 pandemic.
The figures cast a further shadow on chancellor Rachel Reeves' efforts to put the public purse in order, as government policy continues to come under scrutiny, particularly on welfare benefits and defence spending.
London's premier index was flat, with mining stocks such as Rio Tinto (RIO.L) and Glencore (GLEN.L) heading to the top of the index for a second day running.
The DAX (^GDAXI) in Germany dipped 0.4%.
The CAC 40 (^FCHI) in Paris was also 0.4% lower.
The pan-European STOXX 600 (^STOXX) was pulled 0.2% into the red.
Top movers in the FTSE 100
AstraZeneca places $50bn bet on US
Russ Mould, investment director at AJ Bell, said:
Oil prices dip
Pedro Goncalves writes:
Oil prices declined in early European trading on Tuesday as investors assessed limited near-term disruption to global supply from European sanctions on Russia, while mounting fears of a transatlantic trade dispute also weighed on sentiment.
Brent crude futures (BZ=F) slipped 0.6% to trade at $68.81 per barrel, at the time of writing, while West Texas Intermediate futures retreated 0.5% to $66.88 a barrel.
Market attention has turned to a possible trade rift between the US and the European Union, amid reports that Washington is seeking to impose tariffs of at least 15% on EU imports. Brussels is said to be preparing retaliatory measures in response.
Uncertainty over US trade policy is also casting a shadow over consumer confidence and broader economic prospects for the second half of the year. The International Energy Agency, in its July report, forecast global oil demand to rise by just 700,000 barrels per day in 2025, its slowest pace of growth since 2009.
Priyanka Sachdeva, senior market analyst at Phillip Nova, said: "Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of [the] 1 August deadline."
Analysts at ANZ wrote that the 'trade deal impasse could hurt economic activity and thus crude oil demand', particularly if the US moves forward with steep tariffs on EU goods.
Read more on Yahoo Finance UK
US stock futures tread water ahead of big tech earnings
From our US team:
US stock futures traded flat as investors prepared for earnings season to pick up steam, with Big Tech earnings ahead.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) traded flat. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) tricked down 0.1%.
On Monday, the S&P 500 and Nasdaq cleared fresh records even as the EU prepared for a no-deal scenario with the US ahead of President Trump's Aug. 1 deadline to strike trade agreements.
Meanwhile, Wall Street is eagerly waiting for second-quarter earnings results from tech heavyweights Alphabet (GOOGL, GOOG) and Tesla (TSLA) on Wednesday.
Capital gains tax windfall remains to be seen
Shaun Moore, tax and financial planning expert at Quilter commented on the public sector finances release this morning, noting:
'We're committed to the rules': Darren Jones
Darren Jones, chief secretary to the Treasury, said of the public sector finances:
UK borrowed more than expected in June
Vicky McKeever was up bright and early for public sector finances this morning. She writes:
The UK government borrowed more than expected in June as debt interest payments jumped, piling further pressure on chancellor Rachel Reeves.
Figures from the Office for National Statistics (ONS) showed that public sector net borrowing reached £20.7bn in June – £3.5bn higher than the £17.1bn forecast by the Office for Budget Responsibility (OBR), and £6.6bn above the same month in 2024.
Richard Heys, acting chief economist for the ONS, said: "The rising cost of providing public services and a large rise this month in interest payable on index-linked gilts pushed up the overall spending more than the increases in income from taxes and national insurance (NI) contributions, causing borrowing to rise in June."
Central government receipts rose by £5.7bn year-on-year to £86.8bn in June, boosted by a £1bn increase in income tax, £700m more in value added tax (VAT) and £500m in corporation tax receipts. An increase in employer NI contributions contributed to a £3.1bn rise in compulsory social contributions, bringing that total to £17.4bn.
Read more on Yahoo Finance UK
Good morning!
Hello from London. Public sector scruitny is on the agenda today: we've started the day here with public sector finances and rising debt costs for the UK.
Later this morning Bank of England governor Andrew Bailey speaks at a select committee in Westminster.
This afternoon, chancellor Rachel Reeves will also be centre stage at a committee session.
Markets are also gearing up for a big week of tech earnings beginning tomorrow.
Let's get to it.
Top movers in the FTSE 100
AstraZeneca places $50bn bet on US
Russ Mould, investment director at AJ Bell, said:
Russ Mould, investment director at AJ Bell, said:
Oil prices dip
Pedro Goncalves writes:
Oil prices declined in early European trading on Tuesday as investors assessed limited near-term disruption to global supply from European sanctions on Russia, while mounting fears of a transatlantic trade dispute also weighed on sentiment.
Brent crude futures (BZ=F) slipped 0.6% to trade at $68.81 per barrel, at the time of writing, while West Texas Intermediate futures retreated 0.5% to $66.88 a barrel.
Market attention has turned to a possible trade rift between the US and the European Union, amid reports that Washington is seeking to impose tariffs of at least 15% on EU imports. Brussels is said to be preparing retaliatory measures in response.
Uncertainty over US trade policy is also casting a shadow over consumer confidence and broader economic prospects for the second half of the year. The International Energy Agency, in its July report, forecast global oil demand to rise by just 700,000 barrels per day in 2025, its slowest pace of growth since 2009.
Priyanka Sachdeva, senior market analyst at Phillip Nova, said: "Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of [the] 1 August deadline."
Analysts at ANZ wrote that the 'trade deal impasse could hurt economic activity and thus crude oil demand', particularly if the US moves forward with steep tariffs on EU goods.
Read more on Yahoo Finance UK
Pedro Goncalves writes:
Oil prices declined in early European trading on Tuesday as investors assessed limited near-term disruption to global supply from European sanctions on Russia, while mounting fears of a transatlantic trade dispute also weighed on sentiment.
Brent crude futures (BZ=F) slipped 0.6% to trade at $68.81 per barrel, at the time of writing, while West Texas Intermediate futures retreated 0.5% to $66.88 a barrel.
Market attention has turned to a possible trade rift between the US and the European Union, amid reports that Washington is seeking to impose tariffs of at least 15% on EU imports. Brussels is said to be preparing retaliatory measures in response.
Uncertainty over US trade policy is also casting a shadow over consumer confidence and broader economic prospects for the second half of the year. The International Energy Agency, in its July report, forecast global oil demand to rise by just 700,000 barrels per day in 2025, its slowest pace of growth since 2009.
Priyanka Sachdeva, senior market analyst at Phillip Nova, said: "Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of [the] 1 August deadline."
Analysts at ANZ wrote that the 'trade deal impasse could hurt economic activity and thus crude oil demand', particularly if the US moves forward with steep tariffs on EU goods.
Read more on Yahoo Finance UK
US stock futures tread water ahead of big tech earnings
From our US team:
US stock futures traded flat as investors prepared for earnings season to pick up steam, with Big Tech earnings ahead.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) traded flat. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) tricked down 0.1%.
On Monday, the S&P 500 and Nasdaq cleared fresh records even as the EU prepared for a no-deal scenario with the US ahead of President Trump's Aug. 1 deadline to strike trade agreements.
Meanwhile, Wall Street is eagerly waiting for second-quarter earnings results from tech heavyweights Alphabet (GOOGL, GOOG) and Tesla (TSLA) on Wednesday.
From our US team:
US stock futures traded flat as investors prepared for earnings season to pick up steam, with Big Tech earnings ahead.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) traded flat. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) tricked down 0.1%.
On Monday, the S&P 500 and Nasdaq cleared fresh records even as the EU prepared for a no-deal scenario with the US ahead of President Trump's Aug. 1 deadline to strike trade agreements.
Meanwhile, Wall Street is eagerly waiting for second-quarter earnings results from tech heavyweights Alphabet (GOOGL, GOOG) and Tesla (TSLA) on Wednesday.
Capital gains tax windfall remains to be seen
Shaun Moore, tax and financial planning expert at Quilter commented on the public sector finances release this morning, noting:
Shaun Moore, tax and financial planning expert at Quilter commented on the public sector finances release this morning, noting:
'We're committed to the rules': Darren Jones
Darren Jones, chief secretary to the Treasury, said of the public sector finances:
Darren Jones, chief secretary to the Treasury, said of the public sector finances:
UK borrowed more than expected in June
Vicky McKeever was up bright and early for public sector finances this morning. She writes:
The UK government borrowed more than expected in June as debt interest payments jumped, piling further pressure on chancellor Rachel Reeves.
Figures from the Office for National Statistics (ONS) showed that public sector net borrowing reached £20.7bn in June – £3.5bn higher than the £17.1bn forecast by the Office for Budget Responsibility (OBR), and £6.6bn above the same month in 2024.
Richard Heys, acting chief economist for the ONS, said: "The rising cost of providing public services and a large rise this month in interest payable on index-linked gilts pushed up the overall spending more than the increases in income from taxes and national insurance (NI) contributions, causing borrowing to rise in June."
Central government receipts rose by £5.7bn year-on-year to £86.8bn in June, boosted by a £1bn increase in income tax, £700m more in value added tax (VAT) and £500m in corporation tax receipts. An increase in employer NI contributions contributed to a £3.1bn rise in compulsory social contributions, bringing that total to £17.4bn.
Read more on Yahoo Finance UK
Vicky McKeever was up bright and early for public sector finances this morning. She writes:
The UK government borrowed more than expected in June as debt interest payments jumped, piling further pressure on chancellor Rachel Reeves.
Figures from the Office for National Statistics (ONS) showed that public sector net borrowing reached £20.7bn in June – £3.5bn higher than the £17.1bn forecast by the Office for Budget Responsibility (OBR), and £6.6bn above the same month in 2024.
Richard Heys, acting chief economist for the ONS, said: "The rising cost of providing public services and a large rise this month in interest payable on index-linked gilts pushed up the overall spending more than the increases in income from taxes and national insurance (NI) contributions, causing borrowing to rise in June."
Central government receipts rose by £5.7bn year-on-year to £86.8bn in June, boosted by a £1bn increase in income tax, £700m more in value added tax (VAT) and £500m in corporation tax receipts. An increase in employer NI contributions contributed to a £3.1bn rise in compulsory social contributions, bringing that total to £17.4bn.
Read more on Yahoo Finance UK
Good morning!
Hello from London. Public sector scruitny is on the agenda today: we've started the day here with public sector finances and rising debt costs for the UK.
Later this morning Bank of England governor Andrew Bailey speaks at a select committee in Westminster.
This afternoon, chancellor Rachel Reeves will also be centre stage at a committee session.
Markets are also gearing up for a big week of tech earnings beginning tomorrow.
Let's get to it.
Hello from London. Public sector scruitny is on the agenda today: we've started the day here with public sector finances and rising debt costs for the UK.
Later this morning Bank of England governor Andrew Bailey speaks at a select committee in Westminster.
This afternoon, chancellor Rachel Reeves will also be centre stage at a committee session.
Markets are also gearing up for a big week of tech earnings beginning tomorrow.
Let's get to it.
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Oblong (Nasdaq: OBLG) is building a robust cryptocurrency treasury focused on decentralized artificial intelligence (AI) and the acquisition of $TAO, the native cryptocurrency of Bittensor, a decentralized blockchain network for machine learning and AI. By leveraging the power of decentralized AI, Oblong aims to provide investors with unparalleled exposure to the future of open-source intelligence. The Company also provides innovative video collaboration and network solutions, centered around our patented Mezzanine™ product line and managed services. Forward-looking and cautionary statements This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities that Oblong assumes, plans, expects, believes, intends, projects, estimates, or anticipates (and other similar expressions) will, should, or may occur in the future are forward-looking statements and include, but are not limited to, statements regarding market opportunity and the Company's new Bittensor-centric AI and digital asset strategy. Oblong's actual results may differ materially from its expectations, estimates, and projections, and consequently, you should not rely on these forward-looking statements as predictions of future events. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include statements relating to the Company's plans to i) identify high-impact investment opportunities in development teams on the Bittensor platform, known as subnets, and fostering partnerships within the decentralized AI space and ii) establishing credibility and delivering long-term value for retail and institutional investors. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events and involve factors, risks, and uncertainties, including market and other conditions and the volatility of market price for our securities, that may cause actual results in future periods to differ materially from such statements. A list and description of these and other risk factors can be found in the Company's Annual Report on Form 10-K for the year ending December 31, 2024, the Company's Form 8-K filed on June 6, 2025 and in other filings made by the Company with the SEC from time to time. Any of these factors could cause Oblong's actual results and plans to differ materially from those in the forward-looking statements. Therefore, the Company cannot give any assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, correct, update, or revise any information contained herein.
