Closing post
A quick recap
More clouds are gathering over the US economy, as new data shows a rise in joblessness as inflation picks up.
Applications for US unemployment benefits jumped last week to the highest level in almost four years; Initial claims rose by 27,000 to 263,000 in the week to 6 September, the highest since October 2021.
This latest sign of a weakening jobs market has pushed shares higher on Wall Street, as investors anticipate cuts to US interest rates.
That’s despite US inflation rising in August, with the consumer prices up by 2.9% over the last year, up from 2.7% in July.
Rising food and housing costs were a factor, while economists warned that companies were passing on the cost of tariffs to consumers.
In the eurozone, the European Central Bank has left interest rates on hold today, while nudging some of its growth and inflation forecasts a litte higher.
In the UK, the owner of John Lewis and Waitrose has said its losses nearly tripled to £88m in the first half of this year, as it took a hit from restructuring costs as well as new tax and regulatory charges.
John Lewis Partnership, which operates 36 department stores and more than 300 Waitrose supermarkets, said new packaging regulations and increased national insurance contributions had cost it £29m, while it spent £54m on restructuring its business, mainly on replacing outdated technology.
As a result, the employee-owned group’s half year pre-tax losses widened from £30m over the same period a year before, despite a 4% rise in sales to £6.2bn in the six months to 26 July.
Wall Street opens higher on rate cut hopes
Wall Street’s main indexes have opened higher, despite today’s data showing a jump in unemployment claims and consumer prices.
Rather than worrying about the state of the labor market, traders seem to be betting that the US Federal Reserve is on track to cut interest rates next week.
The Dow Jones industrial average has risen by 218 points, or 0.5%, in early trading to 45,708 points.
The broader S&P 500 index is 0.25% higher.
Analysts at ING agree that the Fed’s focus is now the jobs market.
James Knightley, ING’s chief international economist, explains:
Inflation was a touch higher than expected and tariffs are likely to keep it elevated over coming months, but the the weakening of the jobs market is now the Fed’s priority, with rising jobless claims hinting at a pick-up in lay-offs at a time when hiring is subdued
Curiously, much of the increase in US jobless claims last week was recorded in Texas.
The number of initial claims (a proxy for layoffs) in Texas almost doubled in the week to 6 September, to 31,908 from 16,604 in the previous seven days.
There was also an increase of 2,980 in Michigan, but many other states recorded a drop in claims (before seasonal adjustments).
Bloomberg economist Eliza Winger says:
The surge in initial jobless claims in the first week of September came primarily from Texas, while claims declined in most states. While any deterioration in the labor market bears watching given growing labor-market weakness, a broader increase in claims would have been much more concerning.”
Experts: Fed likely to cut rates to help weak jobs market
The jump in US jobless claims last week, and the pick-up in inflation in August, are a worrying sign for America’s economy.
Together, they paint a picture of an economy losing jobs, as consumers are hit by rising prices in the shops, as tariffs are passed onto consumers.
Atakan Bakiskan, US economist at Berenberg bank, explains:
“The August CPI inflation report was a hot one, no matter how you slice or dice it. President Donald Trump’s inflationary policies – tariffs and restrictive immigration measures – are gradually showing up in the hard data and continue to erode consumers’ purchasing power. Although inflation came in hotter than expected, the Fed is likely to prioritise signs of labour market weakness for now.
“Supporting this view, initial jobless claims data – released at the same time as the CPI report – showed first-time applications for unemployment benefits jumping to 263k in the week of 6th September, up from 237,000 the week prior, which is the fastest pace of increase since October 2024 and the highest level since October 2021.
This reinforces the Fed’s view of an increasingly fragile labour market. Markets placed more weight on the weak jobless claims data than on the hot August inflation print – a leading to a drop in 2-year and 10-year yields, and traders fully pricing in three rate cuts this year.”
Kathleen Brooks, research director at XTB, agrees that the Fed should prioritise the ‘weak’ jobs market, saying:
While a 2.9% CPI rate is not exactly dovish, the lack of feed through from tariffs into the CPI report could ease Fed concerns about the future path of inflation. Added to this, there was more weakness in the US labour market. Initial jobless claims jumped from 236k to 265k last week, which is one of the highest levels over the last 4 years.
This supports the view that the Fed should be focused on the deterioration in the labour market rather than inflation risks, and it supports a 50bp rate cut, in our view.
New US unemployment claims hit near four-year high
Ouch! The number of Americans filing new claims for jobless support has hit its highest level in almost four years.
The number of ‘initial claims’ for unemployment benefits jumped by 27,000 last week to 263,000, the highest level for initial claims since October 23, 2021.
That will reinforce concerns that the US labor market has weakened, following recent weak non-farm payroll reports, and Tuesday’s news that the US added 911,000 fewer jobs than first estimated for the year to March.
Aaron Hill, chief market analyst at FP Markets, says the jobs slowdown will fan speculation that the US Federal Reserve will cut interest rates, adding:
The central bank faces mounting pressure, but its room to manoeuvre is razor-thin.
Companies 'passing rising costs from tariffs onto consumers'
US inflation “continued its march higher” in August, reports Katy Stoves, investment manager at Mattioli Woods.
Stoves says US companies are now passing the cost of tariffs onto customers:
With buffer inventories that had been built ahead of tariffs being depleted, businesses are now forced to replenish stock at elevated prices. With the tariffs looking to be more permanent, companies now have cover to pass these rising costs onto consumers, rather than compressing margins.
Whilst some had anticipated tariffs would create a one-off price adjustment, the data increasingly suggests this may be a more prolonged process with peak effects still to come.
The prices of all six major American grocery store food groups rose in August, today’s US inflation report shows.
The index for fruits and vegetables rose 1.6% over the month, as tomato prices jumped by 4.5% and apple prices increased by 3.5%.
The meats, poultry, fish and eggs index increased by 1.0% in August with the beef index up by 2.7%. On an annual basis, meats, poultry, fish, and eggs were 5.6% more expensive than a year ago.
The index for nonalcoholic beverages increased by 0.6% during August and the index for other food at home increased 0.1%.
Dairy and related products index and cereals and bakery products both rose by 0.1%.
Tariffs 'clearly hitting' as US inflation rises
On a monthly basis, the US inflation report shows prices rose by 0.4% in August alone.
That’s twice as fast as the 0.2% rise in prices recorded in July.
The BLS reports that housing (shelter) and food were key drivers:
The index for shelter rose 0.4 percent in August and was the largest factor in the all items monthly increase. The food index increased 0.5 percent over the month as the food at home index rose 0.6 percent and the food away from home index increased 0.3 percent.
Heather Long, chief economist at credit union Navy Federal, says “Tariffs are clearly hitting now”
JUST IN: Tariffs are clearly hitting now. U.S. Inflation rises to 2.9% (y/y) in August-->up from 2.3% in April.
— Heather Long (@byHeatherLong) September 11, 2025
Higher food, gas and shelter costs drove inflation up in August. Cars, apparel and airfares also saw costs surge. ***Inflation jumped 0.4% during the month, the… pic.twitter.com/ap0q4r4OxW
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US inflation rises to 2.9%
Newsflash: US inflation jumped last month, which could harden fears that Donald Trump’s trade war is driving up the cost of living for Americans.
The US consumer prices index rose by 2.9% in the year to August, up from 2.7% in July, in line with forecasts.
Food prices rose by 3.2% over the year, the Bureau of Labor Statistics reports, while energy prices were only up by 0.2% over the last year.
Core inflation, which strips out food and energy costs, rose by 3.1% in the 12 months to August.
Today’s statement from the European Central Bank doesn’t include any assessment of the eurozone economy, or cite any particular risk worrying policymakers.
It does, though, repeat the ECB’s pledge that it is “not pre-committing” to a particular path for interest rates, and will set policy based on data and infation dynamics.
It says:
The Governing Council is determined to ensure that inflation stabilises at its 2% target in the medium term. It will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance.
In particular, the Governing Council’s interest rate decisions will be based on its assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path.
Reuters’ correspondent Francesco Canepa says this takes being “deliberately” uninformative to new levels…
we knew the #ecb wanted to “deliberately” uninformative but the latest policy statement takes the cake. No analysis of current economic conditions, no reference to any particular risk. That increases the weight on Lagarde in a few minutes and on the projections’ report later
— francesco canepa (@FranCanJourno) September 11, 2025
ECB lifts inflation forecast for 2025 and 2026
We also have new inflation forecasts from the European Central Bank.
They now predict the cost of living will rise a little faster than it had expected this year and next.
ECB forecasts now estimate headline inflation will average 2.1% in 2025, up from 2% forecast in June.
Inflation is then expected to slip to 1.7% in 2016, up from the 1.6% forecast three months ago, For 2027, it’s seen at 1.9%, below the 2.0% forecast in June.
The ECB’s goal is to keep inflation at 2% over the medium term.
New ECB growth forecasts
The ECB has also raised its forecast for eurozone growth this year (hurrah!), but tempered this by slightly cutting its 2026 forecast.
It says:
The economy is projected to grow by 1.2% in 2025, revised up from the 0.9% expected in June. The growth projection for 2026 is now slightly lower, at 1.0%, while the projection for 2027 is unchanged at 1.3%.
ECB leaves eurozone interest rates on hold
Newsflash: The European Central Bank has left interest rates across the eurozone unchanged, at its latest policy meeting.
Announcing the decision, the ECB says:
Inflation is currently at around the 2% medium-term target and the Governing Council’s assessment of the inflation outlook is broadly unchanged.
The decision means:
The ECB’s deposit facility, used by banks to make overnight deposits with the Eurosystem, remains at 2%.
The main refinancing operations rate, paid when banks can borrow funds from the ECB on a weekly basis, remains at 2.15%.
The marginal lending facility rate, paid when banks borrow overnight from the ECB, remains at 2.4%
Tube strike latest
Meanwhile in London, the underground system remains seriously disrupted by today’s strike action.
Most tube lines are still suspended, with three exceptions:
District Line: Service is operating with minor delays between Upminster and Whitechapel only
Metropolitan Line: Service is operating with minor delays between Baker Street and Watford only.
Piccadilly Line: Service is operating with minor delays between Acton Town and South Harrow and Arnos grove to Cockfosters only.
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Turkey cuts interest rates by more than expected
Over in Istanbul, Turkey’s central bank has announced a large cut to interest rates, but borrowing costs still remain high.
Turkey’s central bank has lowered its policy interest rate by 250 basis points to 40.5%, a slightly bigger cut than expected.
It eased policy after inflation slowed to 32.95% in August 2025 from 33.52% in July.
The Central Bank of the Republic of Türkiye explained:
The underlying trend of inflation slowed down in August. While GDP growth was above projections in the second quarter, final domestic demand remained weak. Recent data indicate that demand conditions are at disinflationary levels. Food prices and service items with high inertia are exerting upward pressure on inflation. Inflation expectations, pricing behavior, and global developments continue to pose risks to the disinflation process.
The tight monetary policy stance, which will be maintained until price stability is achieved, will strengthen the disinflation process through demand, exchange rate, and expectation channels.
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Back in the UK, the motor finance firm which lost a key case at the supreme court last month has put aside an extra £122m for compensation for UK drivers, but denied that the ruling set precedent for mass payouts.
FirstRand, which owns UK car lender MotoNovo, said it had taken a 2.7 billion rand provision, and absorbed another R253m in legal and professional fees, in relation to the car finance case, resulting in a R2.9bn (£122m) charge for the financial year to 30 June.
However, this did not hinder its financial success, having reported a 10% rise in net profit to R41.82bn - marking a fresh record high, according to Bloomberg.
The South African lender is steeling itself for a compensation scheme that could collectively cost lenders £18bn. The FCA scheme, which is due to go out for consultation next month, is meant to draw a line under the car finance scandal, compensating millions of drivers who were overcharged as a result of controversial commission arrangements between lenders and car dealers.
It follows a supreme court ruling in August, which ruled against FirstRand and sided with a former borrower.
Judges upheld the case lodged by Marcus Johnson, saying the terms of the deal were “unfair”, due in part to the size of the commission that was paid to the car dealer, as well as the fact that it was never disclosed that FirstRand had first dibs on the contract.
But in filings released alongside its annual report on Thursday, FirstRand pushed back against any suggestions that Johnson’s case would open the door to a raft of costly claims against the South African lender.
It said:
“The group’s view is that although the UK Supreme Court ordered repayment of commission (plus interest at an undefined commercial rate) in this particular case, this does not create a precedent for other courts to follow as any remedy for an unfair relationship should be based on the specific facts.
“It is important to note that the level of commission in the Johnson case is not indicative of the level of commission across the overall MotoNovo book.
“Less than 3% of total commissions pre-2021 match the Johnson commission outcome, which was 25% of advance
and 55% of total charge for credit. It is worth pointing out that Mr Johnson received the lowest interest rate available from FirstRand Bank London branch via the motor dealer selling the car.”
In another sign of trouble in Europe’s largest economy, German business insolvencies have risen this year.
The number of standard insolvencies filed in Germany increased by 11.6% in August 2025 compared to the same month last year, statistics body Destatis reported this morning.
Destatis also showed there were 12.2% more corporate insolvencies in the first half of this year than in January-June 2024, with consumer insolvencies up by 7.5%.
Die Zahl der beantragten Regelinsolvenzen ist im August 2025 voraussichtlich um 11,6 % zum Vorjahresmonat gestiegen. Im 1. Halbjahr 2025 meldeten die Amtsgerichte 12 009 beantragte Unternehmensinsolvenzen, 12,2 % mehr als im 1. Halbjahr 2024. https://t.co/l19R8di9SN #Insolvenzen pic.twitter.com/LRN2tN3guP
— Statistisches Bundesamt (@destatis) September 11, 2025
The slowdown in German exports may be on the European Central Bank governing council’s mind when it sets interest rates later today.
The ECB is expected to leave eurozone interest rates on hold, as it weighs up the state of the eurozone economy and the outlook for inflation.
Michael Field, chief equity strategist at Morningstar, says:
“It seems the ECB will be holding interest rates steady at 2%, for the third straight month, if economists’ expectations are anything to go by. A decision we can certainly the logic in, given where inflation, and the health of the underlying economy currently.
The ECB’s calls on interest rates have been a large success, cutting fast and hard over the last year or so. Particularly considering recent criticism of the US Federal Reserve by the current administration. GDP is incrementally improving across the Eurozone, while inflation has been moving in the other direction.
Investors will not be overly disappointed that the incremental cuts to rates will remain halted. 2% represents a very reasonable level for interest rates, one which should be very supportive of businesses across Europe looking to borrow and invest in the coming months and could potentially bolster equity markets here.”
German exports threatened by trade war tariffs, and weak demand
Germany’s exporters are warning today that their overseas sales will shrink this year, due to weakening global demand, higher domestic costs and rising protectionism.
The BGA trade association has predicted that German exports will slump by 2.5% this year, and warned that many firms are reporting stagnant or falling sales.
“The situation remains fragile,” BGA President Dirk Jandura warned, adding:
“Foreign trade will remain the engine of our economy only if policymakers act decisively now.”
Jandura cited rising barriers to commerce, geopolitical tensions and a slowing world economy as key risks to global trade.
Germany’s exporters have been hurt by the disruption caused by Donald Trump’s trade wars, which has resulted in most EU goods entering the US being subject to a 15% baseline tariff.
London commuters have increasingly been cycling to work because of this week’s Tube strike, new figures show.
New figures from employee benefits provider YuLife showed that cycling miles tracked across London have jumped by 32% this week, from 3,878 to 5,120 miles, as workers turn to their bikes to beat the chaos, PA Media reports.
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Ryanair boss warns Russia-Ukraine war will be issue for airlines for years
Michael O’Leary, the chief executive of budget airline Ryanair, has warned that the Russia-Ukraine war will be an ongoing issue for all European airlines for years to come.
Speaking after Poland shot down suspected Russian drones in its airspace, O’Leary told Ryanair’s annual general meeting:
“This is going to be an ongoing issue for all airlines and all European citizens for the next number of years.”
O’Leary added that Ryanair’s board discussed safety issues at a meeting yesterday.
BAE Systems leads FTSE 100 risers
City traders who have braved the underground strike are pushing share prices higher in London this morning.
The FTSE 100 index has risen by 34 points, or 0.37%, to 9259 points.
Defence company BAE Systems is the top riser, up 2.9% at £18.85. Other European weapons makers’ shares are also rising today, with tensions rising after 19 Russian drones entered Poland’s airspace on Tuesday evening.
London’s Metropolitan Line is now running a minor service, despite today’s strike.
Trains are operating with minor delays between Harrow-On-The-Hill and Baker Street – which will help passengers looking to travel to/from the west of London.
British consumer confidence is currently subdued ahead of the government’s budget on 26 November which could bring further tax increases, the boss of retailer the John Lewis Partnership has warned.
Speaking to reporters this morning, chairman Jason Tarry said:
“There’s no doubt consumer confidence is subdued…
We’ll focus on what we can control and what we can do.”
Back on the London underground, there’s some action on the District Line.
District Line services are now operating with minor delays between Upminster (the eastern end of the line) and Whitechapel (in the East End).
John Lewis results: What the analysts say
Retail analyst Nick Bubb has predicted that John Lewis will grow its full-year pre-tax profits (before exceptional items) to £200m this year, from £126m a year earlier.
He says today:
Well, JLP seem confident about second half prospects, but the first half results were badly affected by the surprisingly high £29m cost of the new Packaging Levy (£22m at Waitrose and £7m at John Lewis)...
Victoria Scholar, head of investment at Interactive investor, suggests John Lewis may have benefitted from the cyber attack on Marks & Spencer:
“John Lewis reported a loss before tax and exceptional items of £34 million in the six months to 26th July, widening from a loss of £5 million in the same period last year. It blamed the Extended Producer Responsibility (EPR) packaging levy, higher National Insurance contributions, and additional investment for the deepening loss.
John Lewis might have got a boost from disruptions at its rival M&S during its cyber attack in April. While its 36 physical bricks and mortar retail stores have been operating in a challenging space for many years, Waitrose has been a bright spot which continues to prioritise quality while also focusing on competitive pricing, particularly in the face of intense competition from the likes of Aldi and Lidl.
The partnership said it remains ‘well positioned’ to deliver full-year profit growth despite the challenging macro backdrop. The final quarter of the year is seasonally important for John Lewis and its supermarket Waitrose because of typically strong sales in the build up to Christmas.”
Robyn Duffy, consumer markets senior analyst at RSM UK, says John Lewis Partnership’s turnaround strategy is maintaining momentum, adding:
“Waitrose’s performance has been a key driver, benefiting from a renewed focus on its food proposition, including a greater emphasis on lower prices and a more effective adoption of technology to improve the customer experience.
“Meanwhile, the John Lewis retail arm is successfully drawing in customers through a combination of revitalised physical stores, a focus on meaningful brand partnerships, and the reintroduction of its Never Knowingly Undersold price matching strategy. The retailer is clearly thinking smart with its partnerships, tapping into the current nostalgia trend with the announcement that Topshop will return to UK high streets.
Additionally, new collaborations with brands like Waterstones are designed not only to get the right products in-store, but also to increase dwell time and boost add-on sales.
The Docklands Light Railway is also suspended today, due to the strike action.
That could hit attendance at the DSEI UK defence show, where weapons manufacturers are showing off their wares this week.
A full DLR service is expected to run for the rest of the week, though.
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Speaking of Heathrow…. London’s largest airpost has reported that it handled more than eight million passengers in August, a record high.
Heathrow says it is the first major European airport to hit the 8m passenger mark.
It adds that this “milestone achievement” further cements its role as “the UK’s gateway to growth”, before warning that it is now operating at “full capacity”.
It adds:
With record numbers choosing Heathrow this summer, we hit our busiest ever day on 1st August with over 270,000 passengers, we eclipsed our previous record departures and arrivals days and Terminal 5 set a new single-day record on 22nd August - successfully welcoming more than 112,000 travellers.
Heathrow says it welcomes the government’s commitment to expanding the airport – last month, it submitted plans for a third runway.
Heads-up, London commuters: the Piccadilly Line is stirring into life.
Having been listed as ‘suspended’ this morning, the Piccadilly Line has been upgraded to “part suspended, minor delays’.
This is because trains are now running with minor delays between Acton Town and South Harrow, two stations on the west side of the capital. There is still no service on the rest of the line due to strike action.
That’s only of limited use for travellers hoping to get all the way into London. It also won’t get passengers out to Heathrow airport (where one leg of the Piccadilly Line terminates, when it’s running).
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Waitrose, John Lewis’s upmarket grocer, racked up record sales in the last six months.
JLP reports that Waitrose performed ahead of the market with sales surpassing £4bn in the first half of the year for the first time.
Sales rose by 6% to £4.124bn, up from £3.909bn in the 26 weeks to 27 July 2024, with sales volumes up 3% (implying that rising prices were also a factor).
John Lewis reports that its investments have helped build momentum over the first half, “delivering growth in sales, customer numbers, loyalty and satisfaction”.
It cautions that it expects the macroeconomic environment to remain challenging, but insists it is “well-positioned” to deliver full year profit growth.
The Metro newspaper predicts another day of “commuter hell” in London, with long queues for buses, higher prices on Uber and Bolt, and the risk of “miserable cycling journeys” with rain forecast.
They point out that most of the Elizabeth line – which runs from as far as Reading in the west to Shenfield and Abbey Wood in the east – is running today, along with the buses and Overground trains.
However, Elizabeth line trains were not expected to stop at Bond Street, Tottenham Court Road, Farringdon, Liverpool Street and Whitechapel stations before 8am today.
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John Lewis’s profits were also hit by £30m of “investment in operating costs” spent on its technology, financial services, and its head office and distribution teams.
The partnership says this spending is needed to accelerate its growth, explaining:
While this impacts profitability in the short term, it is a foundational part of our strategy for the benefit of our customers and Partners. Our strong cash generation and liquidity, combined with our ability to take a long-term perspective, enables us to make these crucial investments to support our growth in the second half and for years to come.
Tube lines suspended as final day of strike gets underway
Travellers in the UK capital are facing another day of disruption, as staff on the London Underground continue to hold a strike.
All 11 underground lines are currently suspended this morning, meaning commuters will be attempting to squeeze onto busus, cycling, or walking to the office.
There were already crowds building at the bus stops outside Kings Cross as I cycled into the office early this morning – good luck to all attempting to get to work today.
Yesterday, some limited tube services did run, and Transport for London (TfL) had hoped to run more trains again today.
Yesterday, RMT general secretary Eddie Dempsey called on the London mayor, Sadiq Khan, to meet the union.
He told the TUC Congress:
“Stop going on social media, invite us to the meeting, let’s have a discussion, because I want to know what is going on in London.”
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Introduction: Losses widen at John Lewis amid rising costs
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Losses have widened at John Lewis, as the high street bellwether is hit by rising costs as it tries to nail its turnaround plan.
The John Lewis Partnership has reported an £88m pre-tax loss for the first half of its financial year this morning, up from £30m a year ago.
It points the finger at the higher National Insurance Contributions (NICs) brought in by chancellor Rachel Reeves in last year’s budget, plus £29m of costs from the UK’s new packaging levy.
On a brighter note, sales across the partnership – which includes Waitrose and John Lewis department stores – rose by 4% in the 26 weeks to 26 July 2025, to £6.2bn. That may indicate that the turnaround strategy is paying off.
Chairman Jason Tarry insists that the Partnership is on track to deliver profit growth for the full year, saying:
“Our clear focus on accelerating investment in our customers and our brands is working: more customers are shopping with us, driving sales, and helping Waitrose and John Lewis outperform their markets. We achieved our highest recorded levels of positive customer satisfaction, a testament to the great service of our Partners.
The investments we are making, combined with our plans for peak trading, provide a strong foundation for the remainder of the year. While we are reporting a loss in the first half, we’re well positioned to deliver full year profit growth, which we’ll continue to invest in our customers and Partners.
Last year, the company tripled its profits to £126m; earnings are higher in the second half of the year due to Christmas and Black Friday.
Also coming up today.
The European Central Bank is expected to leave eurozone interest rate on hold, at a governing council meeting overshadowed by the political crisis in France.
Investors will also be watching the latest US inflation report, which is expected to show the cost of living rose at a faster pace in August. Headline inflation is forecast to rise to 2.9%, up from 2.7% a month earlier.
Kathleen Brooks, research director at XTB, sets the scene…
We are reaching the apex of the week, US CPI and to a lesser extent the ECB meeting, will determine the direction of markets in the short term.
As we lead up to these key events, the dollar is mixed, market enthusiasm for stocks remains high, the S&P 500 made a fresh record on Wednesday, and futures suggest that the US and European stocks could open slightly higher later today.
The agenda
9am BST: IEA’s monthly oil market report
1.15pm BST: European central bank interest rate decision
1.30pm BST: US inflation report for August
1.45pm BST: ECB press conference
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