British equities started the day on a positive note Wednesday, with the FTSE 100 inching up following data indicating a cooling in UK inflation for May. Meanwhile, the British pound strengthened against the US dollar, surpassing the $1.34 mark.
At 07:05 GMT, the FTSE 100 gained 0.08%, while the pound advanced 0.2% against the dollar. In Europe, Germany’s DAX index slipped 0.1%, whereas France’s CAC 40 edged up 0.1%.
UK Inflation Shows Slight Easing in May
Inflation in the UK softened modestly in May but remained above the Bank of England’s target rate of 2%, ahead of the central bank’s forthcoming interest rate announcement. Consumer prices increased 3.4% year-over-year, a slight decrease from April’s 3.5% rise. Monthly inflation was 0.2%, aligning with expectations but significantly down from March’s sharp 1.2% increase.
Other Market Highlights
- AO World (LSE:AO) reported a 27% rise in annual profit, fueled by strong consumer sales and improved cost efficiency.
- Unilever (LSE:ULVR) has nominated Peter ter Kulve to head its soon-to-be-listed ice cream business, despite some previous internal board concerns related to his role in the Ben & Jerry’s division.
- Ocado (LSE:OCDO) is expanding its partnership with Catalonia’s Bon Preu, planning a new fulfillment center to support online grocery deliveries in the region.
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