UK inflation rate rises to 9.4%
On Wednesday, it was revealed that inflation in the United Kingdom rose to 9.4% last month, which was its highest in over four decades.
Figures from the Office for National Statistics showed that its annual consumer price inflation rose in June hitting its highest point since February 1982.
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This was up from May’s number of 9.1% and above market expectations for a 9.3% sum.
Many believe that this could lead the Bank of England to take further action, by increasing rates once again.
London’s FTSE 100 closed 0.44% lower on the day.
Oil price slips, despite fall in crude inventories
Crude oil prices were in the red on Wednesday, as prices moved closer to falling below the $100 per barrel mark.
The move came following data from the Energy Information Administration, which showed that inventories declined by 0.446 million barrels last week.
This comes after the expectation was that stockpiles of crude would rise by 1.357 million barrels, following on from a significant build of 8 million-barrels the week prior.
Whilst crude inventories fell, so did summer demand for gasoline in the United States, which also contributed to the drop.
As of writing, WTI is trading at $102.22.
Shares in Netflix were higher in today’s session, following the company’s Q2 earning’s call after yesterday’s closing bell.
For the second consecutive quarter it was revealed that the streaming giant had lost over a million subscribers, with revenue also falling below expectations.
Revenue for the quarter came in at $7.97 billion versus expectations of $8.04 billion, however subscriber count declined by -970,000, less than the 2 million markets were anticipating.
this resulted in earnings of $3.20 per share, which surpassed expectations of $2.91 per share for the quarter.
$NFLX closed up 7.35% as of the close.
“Trade what’s happening… Not what you think is gonna happen.”–Doug Gregory.