Eurozone inflation hits record high in new blow to Lagarde

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The owner of British Airways has returned to profit even as delays and cancellations have left British holidaymakers in dire straits.

IAG posted an operating profit of €293m (£245m) in the three months to the end of June, compared with a loss of nearly €1bn in the same period last year latest and ahead of expectations.

The group benefited from a rebound in demand after the pandemic, as well as a rise in ticket prices. But it also cut flights for thousands of passengers, who often faced long delays at airports due to a lack of staff.

IAG said a cap on passenger numbers at Heathrow would limit capacity to 80% of pre-Covid levels over the summer and 85% in the fourth quarter – a reduction of 5% from previous forecasts.

5 things to start your day

1) Defense companies revitalized by the war in Ukraine BAE Systems expects a flood of new orders from countries preparing for the return of industrial warfare

2) China’s ‘dark’ tanker fleet takes on Russian crude at sea Ships allegedly turned off their tracking signals to transfer Russian oil in the mid-Atlantic

3) Amazon warns of slowing hiring after second straight loss Jeff Bezos’ fortune rises by $14 billion as stocks jump

4) No new homes in West London as the power grid runs out of capacity Homebuilders have been told it will take until 2035 for new developments to be hooked up to the power grid

5) Lord Cruddas’ wealth plummets by £100m as CMC crashes 20% The company says a weak pound and unfavorable exchange rates are to blame

What happened overnight

Asian stocks took inspiration from a late rally on Wall Street as markets focused on a possible slower pace of rate hikes rather than a U.S. recession after data showed its economy contracted for a second consecutive quarter.

MSCI’s broadest index of non-Japan Asia-Pacific stocks rose 0.4% Japan’s Nikkei stock average opened 0.4pc, while the Seoul index and Australian index opened 0.75 pc and 0.76 pc respectively.

China did not mention its full-year GDP growth target after a high-level Communist Party meeting and said it would strive for the best possible outcome for the economy this year.

coming today

  • Company : AstraZeneca, Croda International, IMI, IAG, Intertek, Jupiter Fund Management, Morgan Advanced Materials, NatWest, Rightmove, Standard Chartered (interim); Glencore (Commercial Update)
  • Economy: GDP (EU), Inflation (EU), Core Personal Consumption Expenditure (US), Chicago PMI (US), Michigan Consumer Sentiment (US), National House Price Index (UK)


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Edward L. Robinett