Markets: Live

Hargreaves CEO retires | AMTE Power raises funds


4.30pm: London market closes higher

The FTSE 100 closed 61.45 points higher at 6,920.24, having peaked in mid-afternoon.

The pound was also higher, trading 1.94% up against the US dollar at $1.141.

7am: Hargreaves Lansdown

Chris Hill, chief executive of Hargreaves Lansdown, has announced he is retiring after six years in the role.

Under his leadership the firm has delivered significant growth in assets under administration and client numbers.

He will remain in post until his successor is appointed and to allow time for a handover up to November 2023.

7am: AMTE Power secures funding

Electric vehicle battery manufacturer AMTE Power has agreed a £5 million convertible bond facility with Arena Investors to help ramp up production at its plant in Thurso.

It will also provide general working capital for the group into the second quarter of 2023, at which point it anticipates producing cells under customer production contracts at the UK Battery Industrialisation Centre.

Recession forecast

Britain will be in recession until next summer as it seeks to regain credibility in global markets, according to forecasting group.

The EY Item Club expects gross domestic product to contract by 0.3% next year, down from a previous estimate of 1% growth, although the risk of a severe downturn has been mitigated by the government’s intervention on energy bills.

Global markets

Attention will focus on how the markets react today ahead of a statement by Chancellor Jeremy Hunt who effectively ditched the Prime Minister’s economic agenda.

Sterling rose more than 1% against the dollar to above $1.13 and 0.9% against the euro to €1.159.

Concerns about financial stability turn to UK bonds, now that the Bank of England’s (BoE’s) emergency buying spree is over.

Brent crude oil firmed 64 cents to $92.27 a barrel, while US crude rose 55 cents to $86.16 per barrel.

The Nikkei 225 in Tokyo was down 1.3% in late trade, while the S&P/ASX 200 gave up 1.4% in Sydney. In China, the Shanghai Composite was 0.1% higher, though the Hang Seng in Hong Kong was down 0.7%.

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