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The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are NatWest, IAG, AstraZeneca, Rightmove, Standard Chartered and YouGov. Read the Friday 28 July Business Live blog below.
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The European Central Bank (ECB) raised interest rates to a joint record high – but hinted borrowing costs in the eurozone may now have peaked.
As it continued its fight against inflation, the Frankfurt-based bank pushed rates up by 0.25 percentage points to 3.75 per cent.
That was the joint highest level on record, and on a par with the rate hit in 2001 when it was trying to boost the value of the newly launched euro. The move followed a rise by the Federal Reserve in the US on Wednesday, with the Bank of England set to follow suit next week.
NatWest has posted a pre-tax profit of £3.6billion for the first half of 2023 as the embattled bank, which is currently embroiled in crisis amid the row over Nigel Farage’s Coutts account, benefited from interest rate hikes.
This compared to £2.6billion at the same time last year and beat forecasts of £3.3billion.
NatWest also announced an interim dividend of 5.5p per share and a share buyback of up to £500million for the second half of 2023.
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