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Lloyds is up looks like markets are pricing in for tomorrow's rate hike

Sebastian raedler bank of america head of European strategy, he was on CNBC this morning saying his overweight on banks

Tim Moore, Economics Director at S&P Global Market Intelligence, which compiles the survey:

“UK service providers reported their worst month for business activity expansion since the national lockdown in February 2021. Reduced levels of discretionary consumer spending and efforts by businesses to contain expenses due to escalating inflation have combined to squeeze demand across the service economy. The near-term outlook also looks subdued, as new order growth held close to June's 16-month low and business optimism was the second- weakest since May 2020.
"The most encouraging development during July was a considerable slowdown in input cost inflation since the previous month, likely reflecting lower commodity prices and a gradual easing of global supply shortages. Overall cost burdens rose to the smallest extent seen so far in 2022, despite widespread reports citing pressure on operating expenses from higher fuel bills and staff wages. Any slowdown in inflationary pressures can't come soon enough for service providers, with many firms reporting growing customer resistance to price hikes and a subsequent downturn in demand as higher energy, fuel and staff costs are passed on to customers."

Duncan Brock, Group Director at the Chartered Institute of Procurement & Supply, said:

"The services sector was on a go-slow trajectory in July, with the weakest level of growth since February 2021, as some ongoing shortages and subdued new business gains hindered progress.
"Service firms responded with a downbeat view of the next 12 months, the second lowest since May 2020, aware that the looming threat of further interest rises and recession on the horizon is unlikely to encourage consumers to spend.
"A few bright spots in the figures, however, may offer some relief in terms of increasing operational capacity and managing business costs for the sector. The slowest rise in input prices since December 2021 hinted that we may be over the hump in terms of inflationary pressures at least and job seekers in need of work have the pick of the crop as employment levels continued to rise.
"A period of relative stability in terms of supply chain disruption was also a plus point, according to survey respondents. However, after the scramble to regain the heights in activity during the Covid bounceback loses momentum, the UK marketplace will have to improve much more to avoid a prolonged summer of discontent."

Weakest service sector performance since February 2021 as inflationary pressures continue to dampen demand

Key findings
Slowest output growth in 17 months of expansion
Employment rises markedly again, despite subdued order books
Input cost inflation softens to its lowest since December 2021
UK service sector activity growth eased to its slowest in the past 17 months during July as inflationary pressures and the cost-of-living squeeze resulted in heightened economic uncertainty. New business gains were limited as a result. Both operating expenses and average prices charged continued to rise at elevated rates, despite inflation easing considerably since June. Meanwhile, confidence about the future remained at an historically subdued level.
More positive news was the continued strength of the labour market, with jobs again added at a strong pace. That was despite continued challenges in the recruitment of suitably qualified staff.
The headline seasonally adjusted S&P Global / CIPS UK Services PMI® Business Activity Index posted above the 50.0 no-change mark for a seventeenth successive month in July. However, dropping to 52.6, from 54.3 in the previous month, the rate of growth signalled by the index was the lowest in this sequence and pointed to a noticeable loss of momentum compared to earlier in the year (the index peaked at 62.6 in March).

https://www.pmi.spglobal.com/Public/Home/PressRelease/bd74e27274ee46519b813bc05cd4e4ad

City economists are betting.

Governor Andrew Bailey and the rest of the monetary policy committee (MPC) will hike interest rates 50 basis points this Thursday.

https://www.cityam.com/bank-of-england-to-rip-up-history-books-at-this-weeks-rate-decision/

"Waiting for a market reaction"

Markets are down should of looked at the futures

FTSE 100 is expected to open slightly lower on Wednesday following falls in the US overnight with spread betting companies calling the lead index down 14 points.

In the US the Dow closed Tuesday down 402 points, 1.2%, at 32,369, the Nasdaq Composite lost 20 points, 0.2%, to 12,349 and the S&P 500 dropped 27 points, 0.7%, to 4,091.

British Airways has suspended ticket sales for short-haul flights from Heathrow Airport for a further week until 15 August.

On Monday, the airline said it had stopped selling the tickets until 8 August, but now it has gone a step further.

SUFCESSEX

I'm not so sure 16th August is Charlies anniversary he would love to see Lloyds higher than when he took the rain's, let's face it interest rates are up, 2 billion buyback , house prices have rocketed in the last year, no doubt his bonus is somehow related to the share price

knivey
"Strange Antonio selling"
The share price is still down from a year ago Antonio he knows is onions if he thought Lloyds had any chance of a rise in the next year he wouldn't be selling

The latest Bank of England data found last week that net borrowing of mortgage debt by individuals decreased to £5.3bn in June, from £8bn in May.

Approvals for remortgaging, which only capture remortgaging with a different lender, decreased to 44,000 in June, from 47,200 in May.

Hardup
Shareholders not happy with the banks performance and 2019 dividend being withheld, looks like breaking away from the UK will increase profits

Nationwide house price index

In annual terms, prices were 11.0% higher than in July 2021, speeding up from growth of 10.7% in June but weaker than expected by all economists in the Reuters poll.

FTSE 100 is expected to open lower on Tuesday following falls in Asia overnight with spread betting companies are calling the lead index down by around 44 points to 7,386.

Asian markets were knocked by nervousness about an escalation in Sino-US tension, with US House of Representatives Speaker Nancy Pelosi expected to visit Taiwan during the day.

Bennett Parrish, Global Economist at J.P.Morgan, said:

“The Global Manufacturing output PMI fell 2.4pts to 50.0 in July. The underlying dynamics of the survey are tracking levels typically reserved for recessions, with the new orders PMI dipping below 50 and jobs growth near- stalling. While supply chain bottleneck pressures appear to be abating, as evidenced by shortening delivery times and fading price pressures, these improvements largely reflect a softening in the pace of demand growth as a consequence of last quarter’s surge in consumer prices."

J.P.Morgan Global Manufacturing PMI

Global manufacturing loses further momentum as developed world output contracts

Key findings
Global manufacturing upturn stalls as production stagnates and new orders contract
Price inflation and supply chain pressures show further signs of easing
Business optimism falls to 26-month low
The global manufacturing sector started the third quarter on a weak footing, as output stagnated and new order intakes contracted. International trade flows continued to retrench, while the pace of job creation near-stalled. The darkening economic backdrop also hit business confidence, with optimism dipping to its lowest level since May 2020.
The J.P.Morgan Global Manufacturing PMITM – a composite index produced by J.P.Morgan and S&P Global in association with ISM and IFPSM – fell to a two-year low of 51.1 in July, down from 52.2 in June. The headline PMI, which is calculated as a weighted average of five sub-indices including output and new orders, stayed above the neutral 50.0 mark due to gains in stocks of purchases, employment and longer vendor lead times (albeit to lesser extents than June for the latter two).
Please note that due to later release dates, data for Canada and Ireland were not available for inclusion in the July numbers.

https://www.pmi.spglobal.com/Public/Home/PressRelease/16df0a6f77e54d0c94bfa08048c65fdc

British Airways has halted sales of tickets on short-haul flights from Heathrow Airport until 8 August as disruption to air travel continues.

The move is due to the cap on daily passenger numbers that the UK's largest airport has imposed over the summer.

The sales suspension will affect BA's flights to domestic and European destinations.

https://www.google.com/amp/s/www.bbc.co.uk/news/business-62386909.amp

The UK is set for the slowest growth of the G7 richest economies next year, the International Monetary Fund has warned.

It is predicting UK growth will fall to just 0.5% in 2023, much lower than its forecast in April of 1.2%.

The global economy has shrunk for the first time since 2020, the IMF said, hit by the Ukraine war and Covid-19.

With growth stalling in the UK, US, China and Europe, the world "may soon be teetering on the edge of a global recession",

https://www.google.com/amp/s/www.bbc.co.uk/news/business-62299490.amp

talk2pkc

I expect they're get there pay rise got a good union