A few years ago a “lock-in” involved a few pints in the snug after closing time with a select handful of fellow regulars. These days a lock-in means the confiscation of your phone and two hours in a windowless “sub vault” of the Bank of England with a dozen or so economic journalists.
Yes, it is so-called “Super Thursday” when the Bank releases the latest decision of the monetary policy committee, the minutes of the MPC meeting and publishes its quarterly inflation report with its updated economic forecasts.
Few are betting on a rate rise with City economists expecting a 6-2 vote to keep the Bank rate at the historically low level of 0.25 per cent. After the weak start to the year for economy, the Bank is expected to lower its growth forecast for 2017 in its inflation report.
Tom Knowles, our economics correspondent, has “volunteered” for the lock-in, which means we will have a story on the inflation report and MPC vote on the website shortly after the Bank officially publishes them at midday. He’ll also be tweeting — once the bank gives him his phone back — @tkbeynon.
Ahead of the inflation report and MPC vote we get the services PMI data for July, according to a poll by Reuters City economists expect a reading of 53.6, up from 53.4.
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Shares in FTSE 100 medical devices company ConvaTec, which floated at 225p last October, have risen 32 per cent since the start of the year to close at 309p last night. But could the rally run out of steam? The company has posted a 0.3 per cent rise in revenue this morning stating that “underlying momentum has been offset … by phasing impacts and short-term fulfilment constraints”.
We have also got a second quarter trading update from retailer Next. Despite an 11.4 per cent rise in online and catalogue sales, full price sales rose just 0.7 per cent over the quarter and the chief executive Lord Wolfson of Aspley Guise has warned that “in the current consumer environment we remain cautious”. Next expects second half full price sales to be down -1.2 per cent. Our retail editor, Deirdre Hipwell, will have a story shortly on www.thetimes.com/business.
It is another busy day for FTSE 100 companies and their advisers. On the back of an 11 per cent rise in operating profit insurer Aviva has hiked its interim dividend by 13 per cent. Others updating shareholders this morning include the London Stock Exchange, the miner Randgold Resources and the packaging company Mondi.
Outside of the FTSE 100 we have got updates from the satellite group Inmarsat, the outsourcer Serco, the bookmaker Ladbrokes Coral Group and the defence group Cobham.
Please do keep sending me any your thoughts and observations - richard.fletcher@thetimes.co.uk - and don’t forget to follow me on Twitter — @fletcherr — for regular updates.
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Have a great day,
Richard
Markets snap
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