Speculation over an early rise in UK interest rates continued today after oil prices stayed near multi-year highs and a Bank of England policymaker warned inflationary pressures could become more persistent if action is not taken.
The comments from Michael Saunders that markets are right to start betting on faster rate rises strengthened the pound and pushed the 10-year bond yield close to levels last seen in May 2019.
Brent crude was today trading at a three-year high of near $84 a barrel, which helped the FTSE 100 index to rise on the back of gains for commodity-based stocks. ASOS shares slid 15% after a profits warning and the exit of chief executive Nick Beighton.
Meanwhile, GSK today pressed the button on its £70 billion break-up with plans to put its global corporate HQ in west London up for sale.
