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Business live
Stock markets remain volatile amid slowdown fears; Deliveroo hits profit milestone
Live  
Stock markets remain volatile amid slowdown fears; Deliveroo hits profit milestone
Rolling coverage of the latest economic and financial news,as markets remain tense, and Deliveroo makes profit in first half of the year
Headlines
Economics  
Jobs market and pay growth are cooling, large UK employers and recruiters warn
Jobs market and pay growth are cooling, large UK employers and recruiters warn
Glencore  
Investors push firm to scrap spin-off of heavily polluting coal division
Pensions industry  
UK shake-up proposes traffic-light scheme
Ocado  
Online supermarket starts trial selling everyday products in refillable packaging
Property  
Heatmaps show UK homebuyers look most at artwork and furniture
Pharmaceuticals  
Novo Nordisk cuts profit outlook after weaker sales of weight-loss drug Wegovy
Disney  
Company returns to profit as streaming service and Inside Out 2 boost income
Thames Water  
Turnaround plan to be supervised by independent monitor
Property  
UK house prices ‘to rise through rest of year’ after jump in July
NHS  
IT firm faces £6m fine over medical records hack
Manchester United  
Club plan to keep Old Trafford if they build new stadium
Today's agenda
Market jitters have not abated, after a disappointing end to trading on Wall Street last night while European markets are likely to open with a bump, wiping out some of yesterday’s recovery.

Investors are anxious after a bright start on the New York exchange faded by last night's close. The S&P 500 index fell 0.77% by close of trading, having been up 1% early on after dovish noises from the Bank of Japan supported shares earlier on Wednesday. That weakness has worried traders.

Stephen Innes, managing partner at SPI Asset Management, sums up the mood: "The US stock market wobbled and wavered on Wednesday, ultimately fizzling out as the day’s recovery hopes melted away like a popsicle in the summer sun. Nvidia and other tech behemoths kicked off the day with gusto but quickly lost steam as if deciding to take an unexpected afternoon snooze. This lethargy led to a broader market slump."

There remains anxiety that US policymakers may not pull off a ‘soft landing’, as they try to cool inflation without causing a recession. Geopolitical tensions are another worry.

Innes adds: "The potential for a broader US economic slowdown, misaligned global monetary policies, and the bubbling geopolitical tensions in the Middle East cast long, ominous shadows across financial markets. Furthermore, the US political election looms, potentially turning the markets into more of a chaotic mosh pit than a graceful waltz. Prepare for a potentially “Turbulent Thursday” and brace for what might become a “Frantic Friday.”

IT firm Super Micro Computer led the Wall Street rout, falling 20% after its latest results missed analyst expectations. This has pushed stocks down in Asia, where Japan’s Nikkei is down 0.75% and South Korea’s Kospi has lost 0.7%. European markets are set to open lower too.

The latest US weekly jobless claims data, due before Wall Street reopens, will set the mood. Economists expect about 240,000 new claims for unemployment benefit, down from 249,000 the previous week.

Delivery group Deliveroo has hit its goal of making a profit, at least for the first six months of the year, with a profit of £1m, up from a loss of £83m in H1 2023. This looks to be its first half-year profit since the company floated on the stock market in 2021. Will Shu, founder and CEO of Deliveroo, said changes such as improving its loyalty programme had helped.

Shares jumped 6% at the start of trading to 135.5p, meaning they’re also up 6% so far this year. But, those who bought shares in Deliveroo’s flotation three years ago are still facing a loss, having bought at 390p.

The agenda
• 
9.30am BST: UK mortgage and landlord possession statistics for April-June
• 11am BST: Ireland’s inflation report for July1.30pm BST: Weekly US jobless claims

We’ll be tracking all the main events throughout the day ...
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Why does Rachel Reeves want to copy Canada’s pensions model?
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