FTSE 100 live: Blue-chip ends three-day winning streak as Burberry and Ocado shares dive

The latest updates on the FTSE 100 and London’s financial markets from City A.M.’s newsroom in the heart of the City of London.

Former President Donald Trump was shot in the ear during a campaign rally in Pennsylvania on Saturday, which the FBI is treating as an assassination attempt. 

Australian and South Korean stocks saw positive movements, contrasting with Hong Kong futures pointing to a potential early decline at the market open.  

Australian bond yields showed a slight decrease, while Bitcoin surged past $60,000 following recent market developments. 

In specific indices, Hong Kong’s Hang Seng index dropped 0.4 per cent, whereas China’s CSI 300 index rose 0.16 per cent after the release of economic data. South Korea’s Kospi index dipped 0.11 per cent, and the smaller Kosdaq index fell 0.24 per cent.  

Australia’s S&P/ASX 200 continued its upward trend for the third consecutive day, rising 0.79 per cent to reach a new all-time high, making it the sole major Asian benchmark in positive territory. 

Japan’s markets remained closed due to a public holiday. Futures for the S&P 500 and Nasdaq showed marginal gains, while EURO STOXX 50 futures also edged upwards. 

Meanwhile, in the UK, the FTSE 100 climbed 0.36 per cent on Friday, but futures indicated a weaker start to Monday’s trading with a 0.21 per cent decline to 8,259.0 points. 

In commodity markets, gold held steady at $2,408 per ounce, just shy of last week’s peak at $2,424. Oil prices rebounded slightly after Friday’s decline amidst progress towards a ceasefire between Israel and Hamas.  

Brent crude rose by eight cents to $85.11 per barrel, while US crude also increased by eight cents to $82.29 per barrel. 

China’s economy expanded by 4.7 per cent year-on-year in the second quarter, according to official data released on Monday, falling short of economists’ expectations of 5.1 per cent, slightly lower than the 5.3 per cent recorded in the previous quarter. 

China’s new home prices experienced their most significant drop in nearly nine years during June. Property investment across the country declined by 10.1 per cent in the first half of 2024.  

China’s central bank maintained its medium-term lending rate unchanged as expected while renewing maturing medium-term loans. 

Swati Dhingra, a member of the Bank of England’s interest rate committee, stated that a sharp rise in inflation in Britain is unlikely and recommended that the central bank lower borrowing costs. 

British home prices dropped this month as buyers anticipated Bank of England rate cuts. The average asking price was £373,493 from June 9 to July 6, down 0.4 per cent from the previous month but up 0.4 per cent from last year. 

The country is waking up to an England Euro loss, with figures likely out this week about the economic impact of the tournament on the UK economy.

There was some good news however with a raft of economic forecasters rushing to upgrade the UK’s outlook after the economy surpassed expectations again in May.

In other news, the new Labour government aims to tighten spending rules and empower the official budget watchdog in its upcoming agenda. 

This week, China’s focus is on the Third Plenum, held from Monday to Thursday in Beijing.  

In the UK, the highlight is the State Opening of Parliament, where the new Labour government will unveil its legislative plans for the first time in 14 years.  

The second-quarter earnings season is ramping up, especially in the US, with many companies set to report. This week, a number of notable companies are set to announce their earnings, including Goldman Sachs, BlackRock, Bank of America, Morgan Stanley, Netflix, and Taiwan Semiconductor Manufacturing. 

Key economic updates are also on the horizon, including the European Central Bank’s rate decision, which is expected to stay the same but might offer hints about future changes, along with inflation data from Britain and Japan.