G20 to endorse global minimum tax in early July, says Reuters
The G20 group of countries will endorse a deal setting a global minimum corporate tax at the beginning of July, according to Reuters.
The world's financial leaders will endorse the deal on July 9th said Reuters, adding that a draft communique shows the 19 country group will call for technical work to be finished so they can approve the framework for implementation in October.
The Lancashire-based bathroom retailer's shares have continued to surge on the company's first day on the Alternative Investment Market (Aim).
The company rose 20pc, pushing its price up to 316p.
01:47 PM
Mixed opening for US stocks on Wall Street
US stocks were searching for direction following their biggest rally in five weeks, with traders waiting for today's testimony from Federal Reserve Chair Jerome Powell.
His written remarks prepared for the appearance before the House Select Subcommittee at 2pm Washington time (7pm UK time) show him sticking to the position that the pickup in inflation is transitory.
The hearing could shed more light on Powell’s view about the economic rebound and for how much longer the central bank should keep its monetary policy on an emergency footing.
The S&P 500 dropped 0.08pc, the Nasdaq rose 0.07pc and the Dow Jones fell 0.13pc.
01:36 PM
Bitcoin reverts to January lows
01:17 PM
Energy concerns also weigh on Bitcoin's price
It is not only the China crackdown that is weighing on Bitcoin's price which has now dropped to $29,927, analyst Fawad Razaqzada of trading site ThinkMarkets told AFP.
"Concerns mount over China's ongoing clampdown and fears that widespread acceptance of bitcoin and other digital currencies will be delayed because of concerns about their environmental impact," said
Bitcoin faces a green backlash because mining often uses electricity produced from fossil fuels, he noted.
In May, Elon Musk sparked a Bitcoin sell-off when he said his electric car company Tesla will no longer accept Bitcoin over climate concerns.
01:07 PM
Social media investors lament the 'cryptocrash'
Investors on social media are labelling the plunge in the price of cryptocurrencies as the #cryptocrash, with Bitcoin hovering just below $30,000, Ethereum down 7pc to $1,802 and Dogecoin down 20pc to $0.17.
Bitcoin has fallen below the key level of $30,000, as the cryptocurrency continues to suffer as a result of China's intensifying crackdown.
The coin is currently trading at $29,906, a five-month low.
The plunge in Bitcoin's price is a response to the People’s Bank of China (PBOC) summoning representatives from payment platform Alipay as well as the country's top banks to remind them of rules that ban them from providing cryptocurrency services.
The PBOC urged the banks and payment providers at the meeting to use thorough checks on clients' accounts to identify those involved in cryptocurrency transactions.
"Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people's wealth," the PBOC said.
The announcement was another blow to Bitcoin, after the enforced shutdown of cryptocurrency mines in China's southwestern Sichuan province last week.
On Friday, a provincial branch of the National Development and Reform Commission (NDRC) and the Sichuan Energy Bureau issued an order to “clean up and terminate” mining operation in the city of Ya'an, a major cryptocurrency mining hub.
The region had become popular among electricity-hungry cryptocurrency miners, who were drawn to the Sichuan's abundant hydropower that generates cheap electricity.
China's nationalist Global Times newspaper said that a series of Sichuan's bitcoin mines were closed over the weekend and more than 90pc of China's bitcoin mining capacity has now been shutdown.
12:31 PM
Travis Perkins raises its profit forecast, pushing up shares
Travis Perkins - Travis Perkins
Travis Perkins shares have surged 7.3pc after the builders merchant raised its profit forecast for 2021 to at least £300m.
The company posted a strong second quarter driven by the strength of domestic and commercial repairs, maintenance and improvement markets.
Sales in Travis Perkins' merchanting segment grew 6.3pc in April and May compared to the same period in 2019.
Strong demand has put supplies under the pressure, the company said. At the start of June, Construction News reported that the company had raised prices on a range of items, including a 15pc increase on bagged cement.
In today's trading update, the company said: "The pace of the recovery has led to well documented challenges on both inflation and materials supply on a number of core products ranges. The Group's supply chain and network capabilities mean that it is well placed to manage these challenging circumstances, working closely with both customers and suppliers. "
12:21 PM
Pound rises back above $1.39
The pound has risen back above $1.39, after hitting a two-month low of $1.37865 yesterday. The currency is currently trading a $1.3906.
The US Federal Reserve surprised some markets last week by signalling that it would raise interest rates and end emergency bond-buying sooner than expected, prompting the dollar to rise and other currencies like the pound to lose out.
12:12 PM
Memestock GameStop jumps 10pc after $1bn share sale
A person walks past a GameStop in New York - Carlo Allegri /Reuters
The original memestock, GameStop, is climbing in premarket trading today after it said it had sold 5 million shares for a total of $1.13bn to accelerate growth.
Shares of the video-game retailer surged as much as 11pc to $223.21 in premarket trading after the announcement.
The company said it will use net proceeds from the offering for investing in growth initiatives and maintaining a strong balance sheet.
11:54 AM
Elon Musk's Starlink targets global broadband coverage by September
Elon Musk’s Starlink is targeting global coverage from its satellite broadband network by September as it attempts to overtake rivals including Amazon and Britain’s OneWeb, reports Matthew Field.
He writes:
Gwynne Shotwel, president of SpaceX, said its 1,800 satellites should be able to provide continuous coverage.
It is targeting a total of 12,000 satellites at a cost of $10bn (£7.2bn), which orbit at a height of 340 miles above the earth.
Starlink’s beta version of its broadband service is available in 11 countries. The satellite company will still need regulatory approval for its system as it enters new markets.
A view of a Morrisons supermarket in Stratford, east London - TOLGA AKMEN /AFP
Supermarket sales have dropped from their mid-pandemic heights as pubs and restaurants reopen.
New data from analytics company Kantar shows that take-home grocery sales fell 1.6pc in the 12 weeks to June 13, compared to the same period last year when supermarkets were warning shoppers to stop stockpiling.
However, grocery sales remain £3.3bn higher than the same period in 2019.
According to Kantar, shoppers are slowly returning to pre-pandemic habits such as making more trips to the supermarket and buying less.
11:19 AM
Monzo warned over statement failures for former customers
A pink Monzo card - Monzo /PA
The competition watchdog has hit banks including Monzo and NatWest with a warning after they broke a rule requiring them to send historic bank statements to former customers, reports Lucy Burton.
She writes:
The Competition and Markets Authority (CMA) said that almost 150,000 people, mostly former Monzo customers, may have found it harder to borrow money or apply for a mortgage because they were not given their transaction history in the required time after switching banks.
Monzo failed to write to more than 143,000 former customers, with NatWest, Bank of Ireland and Virgin Money accounting for the remaining breaches.
The rules were introduced in 2017 to address concerns that customers who switch banks could lose access to their banking history - a key requirement for lenders offering credit.
US stock futures inch lower ahead of Federal Reserve testimony
S&P futures held around 1pc below record highs as investors looked to Federal Reserve Chair Jerome Powell's remarks (detailed at 10.03am) for clues on how the central bank is interpreting the risk of inflation.
Dow e-minis were down 15 points, or 0.04pc. S&P 500 e-minis were down 1.30 points, or 0.03%. Nasdaq 100 e-minis were down 3.5 points, or 0.02pc.
Tech heavyweights Apple, Amazon.com and Alphabet dipped about 0.5pc each.
The latest memestock Torchlight Energy Resources Inc jumped 10.5pc as the company upsized its stock offering after its shares doubled in value last week.
Stocks tied to cryptocurrencies, including miners Riot Blockchain, Marathon Patent Group, Ebang International and MicroStrategy Inc, fell between 2pc and 3pc as China's crackdown expanded to the province of Sichuan which is popular with Bitcoin miners due to cheap electricity.
10:39 AM
Money round-up
Here's the daily round-up from The Telegraph's Money team:
Manufacturing output surged at the fastest pace on record in the three months to June as the economic recovery took hold of Britain’s factories, reports Tim Wallace.
The strongest quarter since the CBI’s long-running survey began in 1975 was driven by rebounding domestic and foreign demand, helping push up output in almost every type of factory.
Growth was strongest in motor vehicles and transport equipment, the business group said, as well as food, drink and tobacco.
Most businesses said output had risen over the past quarter while one-third said it held steady and just one-in-six reported a fall. It took the CBI’s output tracker to a positive net balance of 37, up from 18 in May, 3 in April, and negative territory for the entirety of 2020, including the pre-Covid months.
Companies expect the surge to keep growing, with a balance of 33pc anticipating higher output over the coming three months.
However, factories are also struggling with shortages of key components and skilled staff, according to Tom Crotty, group director at Ineos and chair of the CBI manufacturing council, which could dent output and push up prices.
“The picture is not all rosy, with firms continuing to face difficulties arising from supply chain disruption and cost pressures. Staff shortages are also causing issues for many manufacturing businesses across the country,” he said.
“It will be critical for the government to continue to work with manufacturers to address these issues if the sector’s robust performance is to last over the long-term.”
Meanwhile companies are not all back to pre-Covid levels of output despite the recent surge, and Anna Leach, economist at the CBI, said that depends on the future of Covid restrictions.
“Businesses will be closely following the news on reopening, and will be looking to the government to provide some clarity on longer-term requirements on workplace testing and social distancing,” she said.
“This will be crucial in enabling firms to plan ahead with confidence and plot a trajectory to full recovery.”
Manufacturers reported that stock adequacy in June worsened to its weakest on record (since 1977) pic.twitter.com/a6BULf2HUz
EU opens new antitrust probe into Google’s advertising technology
Google has been landed with another competition investigation, this time from the European Commission, which has already fined the tech giant close to $10bn, reports Matthew Field.
The search giant has come under renewed scrutiny over its display advertising business lines, such as AdX and DV360. AdX allows advertisers to bid for advertising in real time, while DV360 helps manage video and display advertising campaigns online.
Margrethe Vestager, Europe's competition chief, said: "We are concerned that Google has made it harder for online advertising services to compete in the so-called ad tech stack. A level playing field is of the essence for everyone in the supply chain."
Google faces further investigations in the UK and US. The Competition and Markets Authority is examining its app store practices, while US regulators are investigating whether Google should be broken up due to its huge power over digital advertising and online search.
09:56 AM
Oil retreats from two year highs
An oil pumping jack, also known as "nodding donkey", operated by Tatneft PJSC, stands in an oilfield near Almetyevsk, Tatarstan, Russia - Andrey Rudakov /Bloomberg
Oil is retreating from a two-year high of $75 a barrel, after reports suggested Russia was considering an OPEC+ oil-output increase at the group’s meeting next week. It is currently trading at $74.41.
During Asia trading, Brent crude edged above $75 for the first time in two years, as price indicators and inventory data showed that demand continues to outstrip supply.
However those gains faltered as Russia mulled policies to ease the supply deficit,
Brent is also the most expensive against Middle Eastern oil in 21 months. That’s likely to boost the appetite of Asian refiners for barrels from the Persian Gulf linked to Dubai crude at the expense of Atlantic Basin grades.
The global crude benchmark has rallied more than 40pc this year as a strong rebound from the pandemic in the U.S., China and Europe underpins increasing fuel consumption.
09:45 AM
Amazon signs deal with self-driving truck company
Amazon has signed a purchase and investment deal with the Californian autonomous truck company Plus, agreeing to buy 1,000 self-driving systems and acquiring the option to buy a 20pc stake, reports my colleague Io Dodds.
The e-commerce giant has the right to buy up to 421m shares for a total of around $196m (£141m), according to paperwork filed with US regulators by Hennessy Capital Investment, a Spac that is set to merge with Plus later this year.
It is the latest in a string of automotive investments by Amazon, which include the electric van maker Rivian, the autonomous car start-up Aurora and a similar company called Zoox, which it bought outright last year for more than $1bn.
Cupertino-based Plus, which was founded in 2016 and is backed by Sequoia Capital China, ClearVue Partners and China Growth Capital, announced in May that it would combine with Hennessy via a "blank cheque" acquisition that will raise $500m in new capital and value it at around $3.3bn.
Under the agreement, which was first reported by Bloomberg, Amazon will buy 1,000 "retro-fit" units that plug into existing vehicles to grant them autonomous capacity. It appears to be Plus's first such deal, since it previously told investors that it had a US order for 1,000 units from an unnamed customer.
Analysts believe that autonomous driving is part of Amazon's plan to cut its need for third-party logistics companies such as FedEx and run its own delivery infrastructure.
It has ordered 100,000 Amazon-branded electric vans from Rivian, which is reportedly scouting potential locations in the UK to build a new factory. In January, it also bought 11 passenger jets from two struggling North American airlines laid low by the pandemic.
09:35 AM
Avacta shares drop 9pc
Shares of British biotechnology group Avacta plunged 9pc today, after the company said yesterday it had signed a distribution agreement with a company called Calibre for its coronavirus lateral flow tests.
Investors appeared disappointed that the deal does not guarantee any earnings and Avacta still has to sell its Covid-19 tests once they are listed on Calibre’s website.
This month, Avacta's Covid test has received approval from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) and the European Medicines Agency (EMA).
09:15 AM
Property sales surge in first quarter of 2021
Property sales in the first quarter of this year surged to their highest since before the financial crash, reports Rachel Mortimer.
The latest data from HM Revenue & Customs recorded 392,860 residential transactions in the first three months of 2021, the highest quarterly figure since 2007.
The spike coincided with the initial stamp duty holiday deadline, when buyers were scrambling to complete by the end of March in a bid to save thousands of pounds in tax.
In the following months activity slowed slightly, but sales were still taking place at a pace not seen in years.
HMRC recorded 103,100 transactions in May, a drop of 8.7pc on April's figure but more than 123pc higher than the same month in 2020, when the market shut down during the first national lockdown. It was also the highest May figure since 2014.
09:03 AM
Powell reiterates his view that US inflation will be transitory
Federal Reserve Chairman Jerome Powell - Susan Walsh /AP
Federal Reserve Chair Jerome Powell said inflation has increased but should retract toward the US central bank’s 2pc target once supply imbalances are resolved.
“Inflation has increased notably in recent months,” Powell said in remarks prepared for his Tuesday testimony before the House Select Subcommittee on the Coronavirus Crisis, citing increases in oil prices and a “rebound” in spending as the US economy reopens.
“As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal,” he said.
Investors will be looking for clues in Tuesday's that shed more light on how Powell interprets the economic rebound and how much longer the central bank will keep its monetary policy on an emergency footing.
08:52 AM
Sterling falls below $1.39
Sterling has fallen back below $1.39 today, as the dollar picked up in early trading. However the currency was still above the two-month lows it reached yesterday after the US Federal Reserve signalled last week it would raise interest rates and end emergency bond-buying sooner than expected.
Those comments prompted the dollar to rise and riskier currencies to lose out.The pound hit a two-month low of $1.37865 early on Monday, recovered later in the session, then dipped back down again today, currently down 0.4pc at $1.3875.
Versus the euro, it was down 0.2pc at 85.75 pence per euro, still trading within recent ranges.
Investors will be paying attention to the Bank of England meeting on Thursday. Analysts expect no changes to policy after the BoE last month said it would slightly slow the weekly pace of its bond purchases.
"There is a strong correlation between GBP/USD and the direction of travel in interest rate expectations so any change in the BoE’s language or guidance, along the lines of the Federal Reserve will be able to help GBP recover, at least against the dollar," Geoff Yu, senior EMEA market strategist at BNY Mellon, said in a note.
08:37 AM
China's crypto crackdown pushes Bitcoin towards $30,000
People pass in front of a cryptocurrencies exchange in Istanbul, Turkey - ERDEM SAHIN/EPA-EFE/Shutterstock
China’s intensifying cryptocurrency crackdown means Bitcoin is now within touching distance of the key $30,000 price level.
The world's most popular crytpocurrency fell as much as 4.3pc today to $31,171. For cryptocurrency investors, a breach of $30,000 would dent sentiment and raise the risk of a steeper selloff.
The coin is currently trading at $31,992.
“We’re most likely going to continue to trade within the $30,000 to $40,000 range and, hopefully, $30,000 will hold as the low of the year,” Antoni Trenchev, co-founder of crypto lender Nexo, told Bloomberg.
“If not, we should revisit $25,000 and even $20,000 before the next leg up.”
08:24 AM
Victorian Plumbing shares surge on first day as a listed company
Shares of online bathroom retailer Victorian Plumbing have surged on the company's first day as a listed company in the biggest ever float on London's junior market.
The Lancashire-based group launched on to the Alternative Investment Market (Aim) with shares priced at 262p, giving it an initial valuation of around £850m, before the stock quickly jumped higher to settle at around 309p after reaching 314p at one stage.
Chief executive Mark Radcliffe, who founded the Lancashire-based firm in his parents' garden shed back in 2000, said the IPO was a "landmark day in the history of Victorian Plumbing".
Victorian Plumbing's listing raised £11.9m for the company and £285.9m for the selling shareholders, netting Mr Radcliffe a multimillion-pound fortune.
The entrepreneur sold £212m worth of shares, reducing his holding from 72pc of the company's issued share capital to 46pc.
His parents and brother Neil are also shareholders, and following the IPO the Radcliffe family will keep majority control with a 58pc stake.
08:12 AM
National Express acquires Spanish bus group Rober
National Express announced today it has acquired Spanish bus group Transportes Rober for €13m (£11.1m).
Rober has operated the urban bus contract in Granada for more than 20 year. National Express subsidiary ALSA has been aiming to consolidate the regional and urban bus markets across Spain, including in Andalusia, Galicia, the Basque region and Leon.
Ignacio Garat, CEO of National Express said:
I am delighted that in addition to maintaining tight control on costs, we are able to focus on growth and continue our successful 'consolidate and compound' strategy. The acquisition of Rober adds another revenue-protected contract to ALSA, consolidating its leadership position in another region, further diversifying its revenue streams and delivering operational synergies.
07:44 AM
Aston Martin launches legal action against Swiss partner over missing cash
The Aston Martin Valkyrie 'hypercar' - Julian Simmonds /Telegraph
Aston Martin has launched legal action against a Swiss dealership network over alleged failures to hand over customer deposits for its £2.5m Valkyrie hypercar, the company said.
PA has the details:
Civil proceedings have been filed against Nebula Project, and the luxury car maker has asked Swiss prosecutors to consider a criminal investigation into the matter.
As a result of the saga, Aston Martin Lagonda said it expects to take a £15m hit to profits this year as it tries to recoup the money.
Nebula Project signed an agreement with the company in 2016 to help finance the Valkyrie and handled some deposits from customers, which were used to fund development of the car.
The plan had been for Nebula to receive a commission on sales of the car, alongside Aston's Valhalla and Vanquish models.
But the contract, which was signed at a time when the carmaker was struggling financially, has now been terminated following Aston's allegations that Nebula failed to hand over the deposits.
07:28 AM
FTSE buoyed by landlord and energy stocks
Commercial landlords and energy shares are boosting the FTSE 100 this morning, as investors hoped that the central bank will keep interest rates at record lows despite a recent rise in inflation.
British Land and Land Securities are both up more than 2pc, on pandemic recovery hopes following British Land's commitment to the second phase of London's Aldgate Place development, a project that includes 159 rental flats, and 19,000 square feet of offices.
Shares of Melrose Industries also edged 2pc higher on its plans to return about £730m ($1bn) in cash to its shareholders.
Energy heavyweights BP and Royal Dutch Shell were also tracking a jump in oil prices after Brent oil hit $75 a barrel for the first time in more than two years as signs of a rapidly tightening market added to the bullish outlook.
07:20 AM
DS Smith profits sink
Box maker DS Smith said its profits this year were curbed by higher input costs of packaging, energy, transport and labour as well as the lower average selling prices for boxes.
In the 12 months to 30 April, revenue dropped 1p to £5.9bn with profit before tax down 37pc to £231m. The company declared a 12.1p dividend.
"The Group benefited from a strong performance by the Packaging business in mitigating various commercial pressures, including the headwinds of cost inflation prior to the pandemic and lately the impact of rising paper prices," the company said.
Shares dropped 2.5pc in early trading.
07:07 AM
FTSE opens 0.2pc up
The FTSE 100 has opened up 0.2pc or 12 points up. It is now trading at around 7,073 points.
The FTSE 250 has inched 0.1pc or 23 points up, trading at around 22,483 points.
06:45 AM
Borrowing edges down
The Government borrowed £24.3bn in May, the second-biggest ever deficit for that month according to the Office for National Statistics.
It is down from £29.1bn in April and from £43.8bn in May 2020 when the economy was still in the depths of the first lockdown, Tim Wallace writes.
This takes the national debt up to £2.2 trillion, or 99.2pc of GDP.
The slowdown to this still-high level of monthly borrowing shows some life is coming back into the economy as the restrictions imposed in the latest lockdown are eased.
Public sector net debt excluding public sector banks was £2,195.8 billion at the end of May 2021 or around 99.2% of GDP, the highest ratio since the 99.5% recorded in March 1962 https://t.co/XCGbj8sclDpic.twitter.com/njDg5OYlaT
— Office for National Statistics (ONS) (@ONS) June 22, 2021
06:29 AM
Markets rally
Good morning. The FTSE 100 is set to open higher, following a rally in Asian and American markets.
Overnight the Dow registered its strongest session in more than three months as investors shrugged off last week's hawkish comments from the US Fed.
3) Tube to get mobile phone coverage by 2024: BAI Communications will offer 4G coverage across the London Underground network and charge mobile operators to use its network.
Most Asian markets rebounded Tuesday from the previous day's sell-off as concerns about the pace of expected Federal Reserve monetary tightening eased.
In early trade, Tokyo led gains, rallying nearly three percent by lunch, having lost more than that on Monday, while Sydney was up more than one percent. Hong Kong, Shanghai, Seoul, Taipei, Wellington, Manila and Jakarta also rose, though Singapore struggled.
Analysts said there was a lower level of angst on trading floors after less hawkish comments from a number of Fed policymakers.
David Jason and Nicholas Lyndhurst will forever be remembered for their roles as Del Boy and Rodney Trotter in Only Fools and Horses, but the pair's relationship off-screen has been far from perfect.
Maxine Longmuir, 69, was thrilled when she won a £2,500 holiday to Portugal on the ITV quiz show, but claims she was left devastated when she was told she was unable to rebook it
The Queen might have dined on some of the finest food in the world - but she was still partial to the occasional takeaway, and would send a footman to collect it
A driver who had been parking in a neighbour's space for three years was left fuming after his car was towed away - and the whole thing was caught on camera.
Prince Harry was left upset by his father's decision to evict him and Meghan from Frogmore Cottage as they were under the impression that the property would always be available to them, according to a royal expert.
Britain's Got Talent judge Amanda Holden isn't afraid to show off her enviable figure, and she recently did just that in an array of skimpy bikinis aboard a yacht
PoolDonald Trump just can’t help himself.Moments after a contentious hearing about whether Trump should be held in contempt for violating his narrowly worded gag order, the former president took to his favorite social media platform to trash the judge who holds his fate. “HIGHLY CONFLICTED, TO PUT IT MILDLY, JUDGE JUAN MERCHAN, HAS TAKEN AWAY MY CONSTITUTIONAL RIGHT TO FREE SPEECH. EVERYBODY IS ALLOWED TO TALK AND LIE ABOUT ME, BUT I AM NOT ALLOWED TO DEFEND MYSELF,” Trump wrote on Truth Social
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