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Gatwick Airport will suffer eight days of strikes over the summer holidays as almost a thousand workers represented by the Unite union fight for better pay.

The strikes will take place between Friday July 28 and Tuesday August 1 and then again between Friday August 4 and Tuesday 8 August – a period which could be the busiest time for travel since the pandemic.

Major airlines which will be affected include British Airways, EasyJet, Ryanair, Tui and Wizz Air.

https://www.proactiveinvestors.co.uk/companies/news/1020747/british-airways-and-easyjet-face-disruption-to-busiest-summer-since-covid-1020747.html

Yayay

"We do all tend to get fixated on dates"

Bill did say shovel ready for early 2023 looks like he's only going to be a year out

US earnings season proper kicks off on Friday with big banks Citigroup, JPMorgan Chase and Wells Fargo, along with fund giant Blackrock.

After today there's only 12 working days left in July just hope they don't delay releasing the news to shareholders, the lack of information getting out is diabolical no wonder the share price is the lowest in 3 years

Eightyeight88

My average is 60p I'm hoping if all the stars lineup this year we'll achieve this, the 4 billion buyback and rate hikes has got to put Lloyds on the radar of the big hedge funds

GL

https://on.ft.com/44gdrkg

I have been loading up on Lloyds shares for two reasons. First, they look at cheap trading at 6.1 times earnings. The price-to-book ratio is just 0.6, where a figure of one represents fair value

https://www.fool.co.uk/2023/07/13/a-bull-market-is-coming-and-i-expect-my-dirt-cheap-45p-lloyds-shares-to-roar/

LONDON, July 13 (Reuters) - The pound rose for the sixth session running to a new 15-month high on Thursday after data showed the British economy shrank by less than expected in May.

Figures showed the economy contracted 0.1% in May, after growth of 0.2% the previous month. Economists expected a contraction of 0.3%.

Sterling rose to $1.3061, its highest since April 2022, and was last up 0.51% to $1.3057.

Expectations of higher interest rates in a country tend to boost its bond yields, making them look more attractive and boost the domestic currency.

Https://www.google.com/amp/s/amp.theguardian.com/business/live/2023/jul/13/uk-gdp-economy-may-king-coronation-obr-fiscal-sustainability-interest-rates-business-live

UK GDP report for May shows that factory output and construction shrank during the month, with some blaming extra bank holiday

Two weeks for Lloyds results SP should start climbing up as earnings season approaches

LONDON, July 12 (Reuters) - Sterling touched a fresh 15-month high on Wednesday after a Bank of England (BoE) banking system stress test showed Britain's largest lenders have enough capital to ride out a potential economic crisis, firming bets for more BoE rate hikes ahead.

The test showed Britain's eight biggest banks had enough capital to weather theoretical shocks under a scenario which the BoE said was more severe than the global financial turmoil of 2008 when British taxpayers had to bail out several lenders.

https://www.reuters.com/markets/currencies/sterling-hits-fresh-15-month-high-after-boe-banks-stress-test-2023-07-12/

LONDON, July 12 (Reuters) - The Bank of England said on Wednesday that Britain's financial system and households were proving resilient to the risks posed by higher interest rates, although it would take time for the full impact to feed through.

"The proportion of households with high debt service ratios ... has increased and is expected to continue to do so through 2023. But it is projected to remain some way below the historic peak reached in 2007," the BoE said in its half-yearly Financial Stability Report.

BoE Governor Andrew Bailey will present the report's findings in a press conference at 0800 GMT.

Max111

Are you on the payroll of alien metals

https://www.macrobusiness.com.au/2023/07/iron-ore-enters-twenty-year-bear-market/

https://tradingeconomics.com/commodity/iron-ore

Iron ore price posts worst day in 9 months on slowing steel output, weak China data

https://www.mining.com/web/iron-ore-price-posts-worst-day-in-9-months-on-slowing-steel-output-weak-china-data/

British Airways' recovery continues as Heathrow traffic stats stay strong

https://www.proactiveinvestors.co.uk/companies/news/1020386/british-airways-recovery-continues-as-heathrow-traffic-stats-stay-strong-1020386.html

Pound Sterling (GBP) rallied against both the Euro (EUR) and US Dollar (USD) on Tuesday after data from the ONS revealed an unexpected rise in regular wages and the unemployment rate.

In response to the report, the Pound to Euro exchange rate jumped to 1.17098, a 0.18% gain on the pre-release pricing.

The Pound to Dollar exchange rate (GBP/USD) pushed 0.3% higher to test the best levels Sterling investors have seen so far in 2023, quoted at 1.29036.

The latest UK jobs data reveal significant shifts in the labour market, with wage growth remaining robust but the pace of employment growth and the unemployment rate both indicating a possible easing of labour market conditions.

Analysing the data, economists at Lloyds Bank focus on UK wage growth and employment trends.

"Regular wage growth (excluding bonuses) was stronger than forecast at 7.3% in the three months to May, which will likely be seen as uncomfortably high by most Bank of England policymakers," say Hann-Ju Ho, UK economist at Lloyds Bank.

Due to doubts about whether the US stock market's rally has more legs, hedge funds have made a big switch to European equities.

The latest data shows that hedge funds have reduced their stakes in US shares to the lowest level in at least a decade, according to Goldman Sachs (NYSE:GS) data cited by the Financial Times.

Meanwhile, analysis of the prime brokerage data reveals that the industry's weighting to European shares is at its highest since 2013, when the records began.

So far this year, the S&P 500 index is up 15.3%, while the more tech-powered Nasdaq Composite has jumped almost 32%. Refining it further, the Nasdaq 100 has leapt over 38%.

Meanwhile, the overall Euro Stoxx 600 has risen 5.4%, though Germany's DAX is up roughly 12%, France's CAC almost 10%, Spain's IBEX over 11.4% and Italy's MIB over 16%.

London's FTSE 100 has fallen 3.8% and the FTSE 250, a more domestically focused mid-cap index, has dropped 5.4%.

The US Federal Reserve, like its counterparts in London and Frankfurt have been raising interest rates to try and reduce inflation, even though the central banks all acknowledge that recessions are not unlikely as a result.

https://www.proactiveinvestors.co.uk/companies/news/1020379/hedge-funds-reduce-bets-on-us-stock-market-to-lowest-since-records-began-1020379.html?rel=scroll

British stocks are the cheapest in the world and could rally if inflation subsides, according to Morgan Stanley.

The US investment bank told clients: ‘Investor pessimism towards the UK is currently high. However, sentiment could shift if inflation starts to subside.’

Sterling has risen following today's average earnings figures and comments from the Bank of England governor Andrew Bailey in his Mansion House speech on Monday.

The pound is trading just below US$1.2875, after earlier hitting a 15-month high, above US$1.29.

Bailey vowed that the central bank must "see the job through" to quickly bring inflation back down.

He stressed that "unacceptably high" inflation is currently his "pre-occupation"

Back to the average earnings figures, Danni Hewson at AJ Bell thinks "both the chancellor and the governor of the Bank of England will be chilled by today’s numbers which have been released just hours after both spoke of the need for pay restraint if inflation’s sticky fingers are to be prized from the UK economy."

“But as calls for wage restraint ring in our ears there are signs that the labour market is changing. Vacancy numbers have continued their steady decline and more people are looking for work."

“The UK economy has been resilient and high employment has played a huge part in fostering that resilience. But if recession is really necessary to stamp out inflation’s smouldering embers, there are signs that it is creeping closer."

“The mood music is changing and pretty soon bad news won’t be in the lining of good news, it will just be bad news," she reckons

Heathrow Airport reported seven million passengers passed through the hub last month thanks to UK-US flights, a massive uptick on last year but still 200,000 behind pre-pandemic levels.

The figure, which comes as airports and airlines are in full swing with summer travel, still falls short of the equivalent month pre-pandemic – but marks a 17.5 per cent year-on-year rise.

https://www.cityam.com/heathrow-uk-us-flights-drive-summer-travel-surge-but-its-still-200000-behind-pre-pandemic/