Dollar edges higher ahead of Fed minutes; sterling gains after CPI increase
Investing.com -- British stocks opened lower on Wednesday, while the pound held steady as U.K. inflation rose more than expected in July, with the broader European market also trading in the red.
As of 0708 GMT, the blue-chip index FTSE 100 fell 0.2% and the British pound rose 0.03% against the dollar to slightly below 1.35.
DAX index in Germany slipped 0.9%, the CAC 40 in France dropped 0.5%.
U.K. inflation rises to 3.8% in July
U.K. consumer price inflation increased to 3.8% in July from 3.6% in June, according to official data released Wednesday. The figure came in slightly above the consensus forecast of 3.7%.
Energy prices were a major factor in the inflation rise, with fuel price inflation improving from -9.0% in June to -6.7% in July. This change added 0.1 percentage points to the overall Consumer Price Index (CPI).
Services inflation also pushed the headline figure higher, increasing from 4.7% to 5.0%. This exceeded the Bank of England’s forecast of 4.9%. The services inflation rise was partially attributed to unfavorable base effects in communications and restaurants/hotels sectors.
Ithaca Energy doubles production, raises 2025 outlook
Ithaca Energy PLC (LON:ITH) reported a significant increase in first-half earnings and upgraded its 2025 outlook, driven by higher production and improved cost efficiency.
The North Sea oil and gas producer achieved average production of 123.6 kboe/d in the first half of 2025, more than doubling from 53 kboe/d in the same period last year.
The company’s adjusted EBITDAX climbed to over $1.1 billion, up from $533 million in the first half of 2024. At the same time, unit operating costs decreased to $17.5/boe from $27.3/boe.
Lion Finance delivers record H1 profit, boosts shareholder returns
In other earnings news, Lion Finance Group PLC (LON:BGEO) announced a half-year dividend of GEL 5.10 per share and approved a GEL 98 million share buyback program.
The financial group reported second-quarter profit of GEL 513.2 million, representing a 19.4% increase compared to the same quarter last year.
Lion Finance’s first-half profit rose 28.4% year-on-year to GEL 1.03 billion, with return on average equity reaching 27.9%. The company’s profit before one-off items was GEL 513.2 million for the quarter and GEL 1.03 billion for the half-year.
(This story will be updated)