Business
Stocks climb and pound firms as bond yields ease
Stocks in London rallied on Wednesday amid a calmer day on bond markets, supported by figures showing the UK services sector grew at its fastest rate since April 2024.
The FTSE 100 index closed up 61.30 points, or 0.7%, at 9,177.99. The FTSE 250 ended 150.18 points higher, or 0.7%, at 21,313.07, and the AIM All-Share finished up 2.90 points – 0.4% – at 768.47.
In Europe, the Cac 40 in Paris ended up 0.9%, while the Dax 40 in Frankfurt closed 0.5% higher.
The yield on UK 30-year government bonds fell to 5.61% on Wednesday from 5.71% at the time of the London equities close on Tuesday, while the yield on the 10-year bond narrowed to 4.75% from 4.81%.
The moves help ease some of the immediate pressure on Chancellor Rachel Reeves who set the date for her autumn Budget at November 26.
She acknowledged the economy is “not working well enough” and promised a “tight grip” on spending in her Budget, amid speculation about tax rises to plug a hole in the Government’s finances.
Ms Reeves said she had asked the Office for Budget Responsibility to prepare an independent forecast on the late November date to accompany the Budget.
Speaking to the House of Commons Treasury Committee, Bank of England governor Andrew Bailey said: “I do think it’s important not to focus on the 30-year bond rate… it is actually not a number that is being used for funding.”
He said that despite “dramatic commentary” he would not “exaggerate” the cost of government borrowing.
Mr Bailey said his main concern regarding the economy was the downside risks for the labour market.
In addition, he said there is “considerably more doubt” about how quickly and deeply the Bank can cut rates.
The pound rose to 1.3448 dollars late on Wednesday afternoon in London, compared with 1.3389 at the equities close on Tuesday. The euro firmed to 1.1679 dollars, against 1.1659. Against the yen, the dollar was trading lower at 147.95 compared with 148.20.
In better news for the Chancellor, the UK service sector grew in August at the fastest rate since April 2024, as output and new work climbed, a report from S&P Global showed.
The S&P Global UK services purchasing managers’ business activity index rose to 54.2 points in August from 51.8 in July, topping the flash reading of 53.6 released late last month.
“August data highlights a welcome acceleration of output growth and a swift rebound in order books after July’s dip, leaving the UK service economy on a much stronger footing as the end of summer comes into view,” said Tim Moore, economics director at S&P Global Market Intelligence.
Rob Wood, chief UK economist at Pantheon Macroeconomics, said the PMI signals growth close to potential, putting the Monetary Policy Committee in a tricky position, given that inflation is heading to double the 2% target shortly.
“The PMI suggests that rate setters will have to keep policy on hold for the rest of this year at least, as growth running around potential will fail to create the spare capacity needed to bring persistent wage and price inflation down,” he added.
In New York, markets were mixed after Tuesday’s hefty falls. The Dow Jones Industrial Average was down 0.4%, the S&P 500 rose 0.3% and the Nasdaq Composite was 0.8% higher.
Alphabet rose 9.5% and Apple 2.3% after a US antitrust ruling on Tuesday which rejected the US government’s demand that Alphabet sell its Chrome web browser was seen as a big win for the Google parent and the iPhone maker.
The yield on the US 10-year Treasury was quoted at 4.22%, narrowed from 4.28% on Tuesday. The yield on the US 30-year Treasury was quoted at 4.91%, lowered from 4.98%.
Data showed the number of job openings in the US surprisingly fell in July.
The number of job openings amounted to 7.181 million in July, falling from 7.357 million in June and 7.504 million 12 months earlier. The reading fell short of the FactSet-cited consensus of a rise to 7.373 million.
On London’s FTSE 100, Ashtead rose 0.8% as it raised cash flow guidance and stuck with its 4% rental revenue growth view for the current financial year.
The London-based industrial equipment hire company reported a pretax profit of 511.6 million dollars for the first quarter that ended July 31, falling 6.0% from 544.4 million dollars the year before.
Ashtead expects free cash flow between 2.2 billion and 2.5 billion dollars for the current financial year, compared with prior guidance for 2.0 billion to 2.3 billion dollars.
Chief executive Brendan Horgan said results were “solid” with revenues, profits and free cash flow “in line with our expectations as we continue to take advantage of secular tailwinds and the structural progression of our industry”.
On the FTSE 250, Hilton Food plunged 17% after it said a shortage of white fish prompted “significant” raw material inflation and softer UK demand, contributing to a drop in half-year profitability.
The Huntingdon-based food packaging company reported pre-tax profit of £24.3 million for the 26 weeks that ended June 29, falling 4.7% from £25.5 million the year before.
Weaker UK seafood demand has been driven by quota cuts leading to “significant” raw material inflation, the firm said.
Fresnillo and Endeavour Mining rose 8.1% and 3.6% respectively, reflecting the latest gains in the gold price.
JPMorgan thinks the gold price could reach 4,000 dollars per ounce by the second quarter of 2026 and 4,250 dollars by the end of next year.
Gold climbed to 3,565.82 dollars an ounce on Wednesday against 3,511.91 on Tuesday.
A barrel of Brent traded at 67.62 dollars late on Wednesday afternoon, down from 68.81 on Tuesday, after a Reuters report that the Opec+ group will consider a fresh increase to production when it meets over the weekend.
The biggest risers on the FTSE 100 were Fresnillo, up 155.0 pence at 2,074.0p, Endeavour Mining, up 96.0p at 2,760.0p, Babcock International, up 34.0p at 1,066.0p, Antofagasta, up 66.0p at 2,197.0p, and IAG, up 10.2p at 391.0p.
The biggest fallers were Pearson, down 38.5p at 1,047.0p, BT Group, down 3.6p at 206.1p, BP, down 6.8p at 427.3p, Airtel Africa, down 3.4p at 215.2p and Shell, down 36.5p at 2,694.0p.
Contributed by Alliance News
Workers at the John Lewis Partnership are set to find out whether they will receive their first annual bonus payment in four years next week.
The retail group, which runs the John Lewis department store chain and Waitrose supermarket business, will also reveal how it has been progressing with its transformation strategy in an update on Thursday March 12.
It will report its results for the year to January, which will include informing staff over its plans for any potential bonus.
It is still not clear whether the employee-owned business will pay an annual bonus to its staff, who the retail group call partners.
The payment of a bonus is decided by the company’s board.
JLP has not paid an annual bonus to workers since January 2022 amid a major turnaround strategy at the company.
Following the coronavirus pandemic, the group shut a number of John Lewis department stores and cut head office jobs in a bid to shore up its finances.
Last year, the company opted not to hand out a bonus again despite seeing annual profits triple.
JLP saw underlying profits rebound higher to £126 million for the year to January last year, from £42 million a year earlier.
Last summer, the company indicated in an internal update that staff could be in line for a bonus if it beats a £200 million profit target.
At its peak during the 1980s, the retailer paid an annual bonus worth as much as 24% of employee salaries.
After it was not paid out for a third consecutive year, a number of frustrated workers signed an open letter calling on bosses to bring the bonus back.
Last month, JLP said John Lewis and Waitrose partners would receive an inflation-busting 6.9% pay increase as part of a £108 million investment in its workforce.
On Thursday, the company will also shed more light on the progress of its major transformation under chair Jason Tarry.
The company’s strategy under the former Tesco UK boss has seen it pump more investment into its stores as JLP renewed its focus in its core retail business.
The firm is currently investing £800 million across its stores as part of a long-term investment.
It has refurbished 23 Waitrose stores over the past year, as well as five John Lewis shops.
It also launched the Topshop brand across all its 32 department stores last month as part of investment into its fashion offer.
Last month, Mr Tarry also pulled the plug on the partnership’s plans to build around 10,000 rental properties in order to focus further on retail.
It abandoned the build-to-rent ambitions launched under previous chairwoman Dame Sharon White in 2020, blaming higher costs and caution in the property market.
Last Updated:
On International Women’s Day 2026, Equirus Wealth reports Indian women investors’ shift from fixed deposits and gold to equity mutual funds.
Women investors are steadily reshaping India’s financial landscape, with rising participation in stocks, mutual funds, and digital investing platforms.
On International Women’s Day 2026, a key trend of behavior change among female investors has emerged over the past five years, particularly in their investment choices across various financial products. Women are now more confident while investing in high risk but rewarding equity market, as the portfolio allocation in equity mutual funds surged from 10 per cent to 32 per cent, while down from 40 per cent to 20 per cent in Fixed Deposits (FDs).
The five-year study on women investors and relationship managers was conducted by Equirus Wealth Limited, and was published in a report titled “Expanding Horizons: Changing Wealth Management Behaviours of Indian Women – Qualitative Analysis of Investor Evolution Across Age and Affluence.”
The study reveals that women investors are increasingly moving away from episodic product purchases such as fixed deposits, gold and property towards diversified, allocation-driven portfolios anchored around long-term financial goals.
This reflects the major behavioural change from ‘safety-first’ investing to allocation-driven portfolio strategies.
Female Investors Adopting AI Cautiously
According to the report ,Artificial Intelligence may dominate global investment conversations, but Indian women investors are adopting it cautiously. They are using AI primarily as research and learning tool rather than for autonomous investment decisions.
Not Panicking During Corrections
Another interesting thing being revealed by the study is that 70-90% of investors hold or review their investments during market corrections rather than exiting in panic, showing maturity during market cycles.
At the same time, around 55% selectively add capital during market dips, reflecting growing conviction and a longer-term approach to investing.
Rise of “bucket investing”
Investors are increasingly dividing portfolios into buckets like safety, growth, liquidity and legacy instead of buying random financial products.
Risk is no longer seen only as loss of capital.
Investors now also consider inflation, goal failure, and portfolio drawdowns as risks.
75–90% are discussing intergenerational wealth transfer and financial discipline for the next generation.
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March 08, 2026, 14:14 IST
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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