Despite the EU and US agreeing a basic trade deal on Monday, the FTSE 100 and some European stocks fell on the day after a strong start. The UK index ended more than half a percent down, but remains over ten per cent in the green for the year and is only just below record highs.
The next test came with Tuesday morning earning calls, with a host of big-name firms delivering their latest results including Greggs, AstraZeneca and Barclays.
Outside of stock markets, we can expect further reaction to the latest tariffs and trade deals as Keir Starmer seeks an exemption for steel, while the latest data on UK mortgage approvals will be coming ahead of Nationwide’s latest House Price Index on Wednesday. Rachel Reeves, meanwhile, was warned by Ray Dalio over the UK’s “debt doom loop” of rising taxes and slow economic growth.
Follow The Independent’s live coverage of the latest stock market and business news here:
Business news live - Tuesday 29 July
- AstraZeneca report profit rise and increase interim dividend ahead of $50bn US investment
- Barclays beats profit estimate and returns £1.4bn to shareholders
- Greggs signals intent to open 100 more stores this year despite profit fall
- UK food inflation rises for sixth straight month
- Why the FTSE 100 is breaking records — and why that’s good for your pensions
- POLL: Do you pay into a pension outside of your workplace one?
Business news live - Tuesday 29 July
16:41 , Karl MatchettThat’s it for us tonight - we’ll be back 7am as usual for another round tomorrow. Here are the key headlines for you from today:
- Supermarket announces yet another pay rise for staff
- HMRC issues warning over late tax payments due imminently
- Cancer drug demand drives higher sales for AstraZeneca
- Why the FTSE 100 is breaking records — and why that’s good for your pensions
Business news live - Tuesday 29 July
06:58 , Karl MatchettGood morning and welcome to our live business coverage - coming up today we’ll look at the firms reporting their latest profits and plans, how the FTSE 100 moves after a sharp downturn yesterday afternoon and plenty more besides.
Is Greggs about to go the same way as Starbucks?
07:08 , Karl MatchettThe popular high-street bakery now sells a million sausage rolls every day – but such wild success has caused alarm among key investors, who believe Greggs may be fast reaching saturation point.
Can it learn the lessons of the Seattle coffee chain before it also overreaches itself, asks James Moore.
High risk for EU consumers of finding illegal products on Temu, EC reports
07:16 , Karl MatchettTemu is not doing enough to assess the risks of illegal products being sold online and could be in breach of a new digital services law, the European Commission said.
The commission said on Monday that there was a “high risk” of consumers in the EU encountering illegal products on the e-commerce giant’s platform.
Specifically, analysis of a mystery shopping exercise conducted by the commission found that consumers shopping on Temu were very likely to find non-compliant products, including baby toys and small electronics.
UKSIF hit back at Trump claims over wind power
07:31 , Karl MatchettOn his trip to Scotland, Donald Trump has been extolling the virtues of drilling for oil and deriding wind power as an energy source.
James Alexander, CEO of UK Sustainable Investment and Finance Association (UKSIF), said in response:
“Cheap wind and solar power have the potential to drive economic growth and jobs right across the country. Those who ignore the huge value of these rapidly expanding sectors are placing politics before economic opportunities.
“We can’t rely on our limited North Sea oil reserves to cut the cost of energy, as the international market dictates the prices. Instead, we need to rapidly roll out homegrown clean power alternatives, which will counter the threat of future fossil fuel crises.
“The government must ignore the naysayers and continue its efforts to attract crucial private investment into our renewable industries."
AstraZeneca profits surge and interim dividend increased
07:55 , Karl MatchettPharmaceutical firm AstraZeneca has reported profits increasing 13 per cent in this morning’s half-year financials.
Revenue rose to more than £28bn and the company has announced a 3 per cent rise of the interim dividend, to 76.7 pence per share.
“Our strong momentum in revenue growth continued through the first half of the year and the delivery from our broad and diverse pipeline has been excellent,” CEO Pascal Soriot said in a statement.
AstraZeneca recently pledged $50bn of investment into the US for a manufacturing facility in Virginia to push further growth.
Barclays beats profit estimate and returns £1.4bn to shareholders
08:06 , Karl MatchettBarclays have this morning announced a share buyback of £1bn and a half-year dividend of 3 pence per share, totalling £1.4bn in value returned to shareholders - a 21 per cent rise year on year.
That comes on the back of increased profits thanks to heightened market volatility during the Donald Trump tariff phase earlier this year.
Half-year pre tax profits totalled £5.2bn, beating expectations.
Shares are up more than a third this calendar year.
“We remain on track to achieve the objectives of our three-year plan, delivering structurally higher and more stable returns for our investors,” said CEO C. S. Venkatakrishnan in a statement.
Greggs sees profits fall but intends to keep opening new stores
08:19 , Karl MatchettGreggs has reported pre-tax profits of £63.5m for the half-year to the end of June - down 14 per cent compared to last year at the same time.
Warm weather was blamed for the downturn as well as domestic economic matters leaving people spending less in general.
Despite that, Greggs still plans to open well over 100 new shops this year and, over the longer term, has visions of opening more than 2,000 additional stores across the UK - bringing the total to over 4,500.
"After a challenging start to 2025 we remain clear on the strategic opportunities that lie ahead," Chief Executive Roisin Currie said on a call.
Greggs’ share price has dropped more than 40 per cent this year so far.
Greggs analysis: Short-term tough, long-term optimism
08:30 , Karl MatchettResponding to the latest financial results, analysts have largely agreed that Greggs is facing some real short-term issues - but looks well-placed to ride out the storm.
New plans include a collaboration with Tescos, later opening hours and
“The company is continuing to look at diversifying its offering, however, perhaps to help remove some of those risks seen in its stores,” said Mamta Valechha, consumer discretionary analyst at Quilter.
“It announced this morning that it has signed a new contract with Tesco, which will see its ‘Bake at Home’ range on offer in the UK’s largest supermarket chain from September, building on the success the product range has had in Iceland.
“However, while these strategic initiatives are positive developments, the food on the go market remains tough with inflation biting into consumers’ wallets.”
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, added:
“While these issues shouldn’t be overlooked, they appear to be well baked into the valuation now, and the longer-term investment case remains intact.
“Growth is a key focus for the group. The number of shops is set to rise to over 3,000 over the next few years, with management doubling down on its guidance to open between 140 and 150 new stores in 2025. Many of these stores will be open into the evening, which happens to be the group’s fastest-growing daypart.
“There’s a lot to like about Greggs’ proposition and long-term outlook. But in the near term, there are some hurdles for the nation’s most popular bakery to jump, so investors will need some patience if Greggs is to prove it’s worth its crust.”
Is Greggs about to go the same way as Starbucks?
08:40 , Karl MatchettCOMMENT: The popular high-street bakery now sells a million sausage rolls every day – but such wild success has caused alarm among key investors, who believe Greggs may be fast reaching saturation point.
Can it learn the lessons of the Seattle coffee chain before it also overreaches itself, asks James Moore?
AstraZeneca analysis: Industry fears but company growth on track
09:00 , Karl MatchettAstraZeneca lost top spot in the FTSE 100 by market cap earlier this month - but it’s back on top now, very slightly ahead of HSBC.
The latest results this morning have sent the share price up 1.2 per cent for the day and Derren Nathan, head of equity research, Hargreaves Lansdown, says there’s scope for more gains ahead.
“AstraZeneca looks in rude health at this year’s halfway mark, after narrowly beating market expectations. Astra’s keeping up a frenetic pace of innovation and commercialisation with 12 positive late stage read outs from clinical trials and 19 approvals in major territories,” he said.
“Given the strong financials, it was a little disappointing not to see an upgrade to full-year guidance, which now feels to be within relatively easy grasp. Meanwhile, the pipeline progress adds confidence that the 2030 revenue target of $80bn is one to meet or beat.
“But alongside the wider industry AstraZeneca’s share price has been dragged down by fears of US tariffs and policy on drug pricing. These concerns look to have been overplayed with the threat of enormous import levies subsiding for now, and Astra’s $50 billion pledge for US investment likely to leave it in the Trump administration’s good books. With a valuation at well below the long-term average, this could be an opportunistic moment for investors to gain exposure to a world-class name in the pharmaceutical sector.”
Supermarket announces yet another pay rise for staff
09:20 , Karl MatchettAldi store workers are set for a pay rise as the supermarket announced it was hiking its minimum wage to £13 an hour from September.
The discount grocery chain claims to be the first UK supermarket to introduce the new minimum rate.
Store assistants will be paid a minimum of £13 an hour nationwide from September 1 – up from a current £12.75.
More here from PA:
FTSE 100 in slight rise after most Asian stocks fall overnight
09:40 , Karl MatchettAsia suffered a very mixed trading session overnight as stocks fell in Saudi’s Tadawul, Hong Kong’s Hang Seng and Japan’s Nikkei 225 - the latter by 0.77 per cent.
There were rises for India’s Nifty 50 and the Shanghai Composite, however.
This morning, the FTSE 100 is back on the up - the index is up 0.26 per cent.
Around Europe it’s looking green too - the German DAX and the CAC 40 are both up 1 per cent.
Just as a cautionary note, all three indices started strong yesterday before fading back and finishing the day down.
UK food inflation continues to rise for sixth month in a row
10:00 , Karl MatchettThe price of groceries around the UK has risen for for the sixth consecutive month, analysis shows.
British Retail Consortium (BRC) data shows meat and tea being key contributors to price rises, with food as a whole rising 4 per cent in July compared to a year ago.
Bread, cereals, cake, meat, milk, cheese and eggs went up in price. There were small downward movements in chocolate products, as well as fruit juice.
BRC chief executive Helen Dickinson said: “Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month.
“Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies.”
Three train operators given go ahead to run extra East Coast services
10:20 , Karl MatchettThree East Coast Main Line train operators have been granted permission to run additional services from December.
Regulator the Office of Rail and Road (ORR) said it approved some proposals from open access operators Lumo, Grand Central and Hull Trains to enhance their timetables.
It rejected some proposed services, citing concerns over insufficient capacity, the potential impact on performance, and the effect on the Government’s revenue.
The approvals include Lumo extending some of its existing London King’s Cross-Edinburgh services to Glasgow, and additional services between London King’s Cross and Newcastle.
More details from PA:
Three train operators given go ahead to run extra East Coast services
Investors not feeling the strain as stock markets continue to rise
10:40 , Karl MatchettRuss Mould, investment director at AJ Bell, says the volatility index - also known as the fear index - is at a low level for the year, highlighting why markets have risen of late: investors are fine with the tariff uncertainty and are piling into equities again.
As well as other risk-on assets, of course.
“The FTSE 100 enjoyed another good start, lifted by positive market reaction to AstraZeneca’s numbers and Games Workshop delivering yet another strong set of results,” said Mr Mould.
“It’s a busy week for corporate earnings in the UK and US, and investors have plenty of news to digest. The latest set of UK results were generally well-received apart from Barclays’ numbers which didn’t trigger the all-important upgrade to guidance from management.
“Gains were recorded across all the major European indices, with investors sitting more comfortably after the US/EU trade agreement at the weekend.
“In the US, the Vix measure of volatility sat at its lowest level since mid-February which indicates how investors are feeling much calmer after a whirlwind period on the markets.”
Why the FTSE 100 is breaking records — and why that’s good for your pensions
11:00 , Karl MatchettThe FTSE 100 has surged to new record levels after investors piled back into the stock markets they deserted in April following Donald Trump’s announcements of tariffs.
The new highs are seen as good news for investors but also for most people in the UK, whose pensions will likely be invested in companies in the stock market.
And the levels could continue to go higher in the wake of a trade agreement between the US and the EU.
Here, The Independent takes a look at what this could mean for you in future:
Why the FTSE 100 is breaking records — and why that’s good for your pensions
Bank of England data shows UK mortgage borrowing increased
11:21 , Karl MatchettThe latest Bank of England Money report is out and it shows that households are borrowing more through credit cards - but many are also managing to put more money into savings.
While rates are still reasonably high that makes sense if people are indeed getting good interest on their cash - make sure you’re raking in at least 4 per cent on your own money.
However, the housing market is still looking pretty stuck, as Ian Futcher, financial planner at Quilter, explains.
“The latest Bank of England figures illustrate the pressures the housing market continues to face, with the aftereffects of the stamp duty threshold changes, alongside ongoing affordability issues and the yearly summer lull all weighing heavily,” he said.
“Net borrowing increased by £3.1 billion to £5.3 billion in June. This is up from £2.2 billion of net borrowing in May, but is still a far cry from the £13.0 billion seen in March.
“However, net mortgage approvals for house purchases, which is indicative of future borrowing, increased only marginally. The figure rose by just 900 to 64,200 in June and suggests prospective buyers have taken their foot off the pedal ahead of the summer months. Remortgages were similarly light, with approvals up just 200 to 41,800 in June.
“Credit card debt is growing at pace, up to £0.7 billion in June from £0.2 billion the month prior, and with rates on these products still high, this raises longer-term concerns around financial resilience.
"On a more positive note, however, households have been topping up their savings considerably. Households’ deposits with banks and building societies increased by £7.8 billion in June from May and was mainly driven by £3.6 billion being ploughed into ISAs.”
WH Smith sells online cards department for £24m
11:40 , Karl MatchettCard Factory has agreed to buy online firm Funky Pigeon from WH Smith for £24 million as it looks to boost its web offering.
Funky Pigeon, which operates out of Guernsey and Bristol, specialises in personalised cards and gifts and makes around £32 million in sales on average a year.
Card Factory said it wants to expand its online business, with Funky Pigeon’s technology platform set to be the basis for its digital business in the UK and Ireland “over time”.
It claims the deal will see it become the UK’s second largest online card and related gift retailer.
More here from PA.
EU leaders share disappointment over US trade deal
12:00 , Karl MatchettThe EU and US have agreed a broad trade deal with a 15 per cent tariff rate - but leaders of nations within the European bloc are far from universally happy.
“There is no escaping the fact that this is an asymmetrical deal in favour of the US,” the European Trade Union Confederation said, while suggesting there would be “significant job losses” in nations who export heavily.
German chancellor Friedrich Merz said his nation would now expect to suffer “substantial damage”, while French prime minister Francois Bayrou said the deal was a complete “submission” to Donald Trump, labelling the deal a “dark day” for Europe.
Spain’s prime minister Pedro Sanchez said he was behind the deal but “without any enthusiasm”, while French European affairs minister, Benjamin Haddad, said the “state of affairs is not satisfactory and cannot be sustained”.
UK tin mine set to reopen and create over 1,000 jobs
12:20 , Karl MatchettThe South Crofty tin mine, near the Cornish village of Pool, is set to reopen after almost 30 years.
More than 1,000 jobs are set to be created by its reopening after a £29m government investment.
It was the last such mine to close in the UK when it shut in 1998 due to falling tin prices, but the price of the metal has more than doubled over the last decade with its use in consumer electronics and EVs.
Don Turvey, the chief executive of Cornish Metals, said: “Tin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles and renewable infrastructure. By reviving domestic production at South Crofty, we’re not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.”
Rachel Reeves and Bank of England battle over Revolut licence
12:40 , Karl MatchettRachel Reeves set up a meeting between key finance figures and the fintech bank Revolut - only for Bank of England governor Andrew Bailey to step in and prevent it, the FT has reported.
Revolut has yet to receive full authorisation despite receiving a banking licence in the UK last year.
The report claims the meeting was cancelled as the BoE believe regulation “should be independent from political interventions”.
Uber loses tax battle over rival apps
13:00 , Karl MatchettUber have lost a UK supreme court case where they sought to force rival operators to pay 20 per cent VAT on profits outside London.
The court found there was no contract between private hire operators and customers.
It followed the 2021 case which classed Uber drivers as workers, having a knock-on effect on profits, taxes and obligations.
Water regulator orders Anglian Water to pay £62m fine
13:20 , Karl MatchettAnglian Water have been handed a £62.8m fine by water regulator Ofwat.
The fines relate to failures to manage wastewater treatment and having “failed to operate, maintain and upgrade” their assets managing sewage flows.
Anglian Water is one of six water companies, along with Thames Water, that are banned from paying bonuses for the 2024-25 financial year to their chief executives and chief financial officers.
Trump's North Sea oil comments criticised - 'It won't cut bills'
13:40 , Karl MatchettDonald Trump has again cited North Sea oil drilling as a means to increase energy production, but his claims are repeatedly being met with resistance and fact-checking.
Tessa Khan, executive director of Uplift - an organisation which claims to “support efforts to create a rapid and fair transition away from oil and gas production in the UK” - says further oil drilling in the region will not cut bills and urged ministers to ignore his overtures on the matter.
“Donald Trump’s knowledge of the North Sea is clearly limited to his view from his golf course. His demand for more drilling is pure fantasy – it will do nothing to provide us with an affordable supply of energy. New drilling won’t cut bills and, after 50 years of extraction, the basin is fast running out of gas – that’s geology not a political choice,” Ms Khan said.
"The reason the UK’s energy bills are high is because of our reliance on expensive gas – and the way to reduce them is to shift to homegrown renewable energy, offshore wind in particular, which the UK is lucky to have in abundance.
“Why on earth would Scotland forego some of the best wind resources on the planet and abandon an industry that is vital to replacing declining oil and gas jobs?
“Trump is cheerleader-in-chief for an oil and gas industry that has made obscene profits while millions of people here have struggled with unaffordable energy bills, and which is fuelling the rapid changes we’re seeing to our climate. Already Scotland is struggling with record wildfires, drought, and flooding – let’s not make this worse for ourselves or our children by following the advice of someone who is in denial of the science.
“Let him play his golf, but let’s not listen to him when it comes to how we power our country.”
Morrisons supermarket launch initiative to back Marie Curie
14:01 , Karl MatchettSupermarket chain Morrisons are launching a new initiative to raise awareness and funds for Marie Curie, showing that a quarter of people die without proper end-of-life care.
“Morrisons has turned one in four supermarket items yellow to raise awareness of the fact that a quarter of people in the UK die without receiving the end of life care they need,” read a statement.
“To celebrate the launch, the Morrisons Croydon store has brightened up its baskets, trolleys, café chairs and even car parking spaces in daffodil yellow to launch its ‘Every Pack Gives Back’ initiative, which will see donations made to Marie Curie for every promotional product purchased by customers.”
Yellow packaged products being bought will see a percentage of the price donated to the cause.
Investors return as Barclays hits highest share price since 2008 financial crisis
14:20 , Karl MatchettBarclays’ results earlier today have propelled the share price 2.4 per cent higher today - reaching a level not seen since the 2008 financial crisis.
Profits continue to grow and the bank looks in good shape according to analysts - with scope for further improvement.
“It has taken an awfully long time for shareholders to forgive and forget but Barclays is finally earning and paying its way back into investors’ affections, as its share price hits its highest mark since 2008 after a strong set of second-quarter profits,” said AJ Bell investment director Russ Mould.
“The April-to-June period was the fourth best quarter for Barclays this decade, as the loan book grew, net interest margins held firm and litigation costs and loan losses remained subdued, with the result that the bank sanctioned both a new £1 billion share buyback and an increased dividend.”
BT refunds customers £18m
14:40 , Karl MatchettBT has paid out £18m in refunds to customers after regulator Ofcom decided they did not give enough information on contracts.
More than 1.1m customers were affected by the breach and the company was ordered to also change its sales process.
It relates to not giving EE and Plusnet customers the required information in the “clear and simple” manner mandated.
Why the FTSE 100 is breaking records — and why that’s good for your pensions
15:00 , Karl MatchettThe FTSE 100 has surged to new record levels after investors piled back into the stock markets they deserted in April following Donald Trump’s announcements of tariffs.
The new highs are seen as good news for investors but also for most people in the UK, whose pensions will likely be invested in companies in the stock market.
Here’s what that means for your pensions and investments, now and across the rest of the year.
Why the FTSE 100 is breaking records — and why that’s good for your pensions
HMRC issues warning over late tax payments due imminently
15:25 , Karl MatchettHMRC has issued a warning to anyone who completed a self-assessment tax return earlier this year, as a new deadline looms.
A self-assessment tax return must be completed by anyone who is self-employed or who receives income other than from their regular job, such as from a rental income, dividend or a side hustle. That helps to determine how much tax and National Insurance Contributions they must then pay on those earnings.
While self-assessments must be completed annually by 31 January, a second mid-year payment must be made on 31 July, which goes towards the next tax year bill. That means payments made this month contribute to the final tax payment needed on your 2024-25 tax bill.
Anyone who misses the 31 July deadline will see fines imposed at a high rate of interest – 8.25 per cent on any tax owed – with further penalties possible the longer non-payment continues.
More details:
Vote in our poll: Do you pay into a pension?
15:53 , Karl MatchettPensions are all the rage these days - but do you pay into one outside of a workplace pension?
You'll never guess the everyday item putting up the cost of your weekly shop…
16:20 , Karl MatchettFor the sixth month in a row, food prices have risen in the UK – with the latest figures from the British Retail Consortium (BRC) revealing the worst hit items are basics, such as eggs, meat, cheese and milk.
Another casualty of food inflation, according to this month’s data, is the humble cuppa – with teabags seeing a sharp increase of 4 per cent this month, up from 3.7 per cent in June. These increases are cumulative. Even if food price inflation falls – and there is precious little sign of that – prices will still rise.
The BRC’s number isn’t quite as bad as that produced by WorldPanel, formerly Kantar, though, which recorded a 5.2 per cent rise during July. But that’s just comparing “bad” with “worse”.
The combination of employment and packaging taxes, as well as climate change, is proving costly for Britain’s supermarket customers, warns James Moore...
You’ll never guess the everyday item that’s putting up the cost of your weekly shop…
