- FTSE 100 up 2.3% to 6,569
- Gold down 0.23% to $1,208.73/oz
- £/$ - 1.5090
Tesco's announcement of cost-cutting impressed investors shares rose 15%. Sainsbury's followed suit with a 9.9% rise, and Morrisons gained 7.8%.
In European markets, the Paris CAC 40 rose 148 points to 4,260, and the German Xetra Dax gained 319 points to 9,837.
In the US, the Dow Jones Industrial Average and the S&P 500 each rose 1.8% to 17,907 and 2,062 respectively. The Nasdaq Composite also added 1.8% to 4,736.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Overnight in Japan, the Nikkei 225 rose 0.2% to 17,197, and the broader Topix index added 0.2% to 1,380. And in China, the Shanghai Composite fell 0.2% to 3,285, and the CSI 300 was 0.4% lower at 3,546.
Brent spot was trading at $51.00 early today, and in New York, crude oil was at $49.02. Spot gold was trading at $1,212 an ounce, silver was at $16.34 and platinum was at $1,220.
In the forex markets this morning, sterling was trading against the US dollar at 1.5105 and against the euro at 1.2797. The dollar was trading at 0.8472 against the euro and 119.36 against the Japanese yen.
And in the UK, the rate at which companies are hiring permanent staff is rising at its fastest since March 2010, and salaries are rising at their fastest in six years, according to the Recruitment and Employment Confederation (REC) and KPMG. Growth in temporary employment was at its strongest in 15 years.
David Stevenson, former MoneyWeek writer and director of The Fleet Street Letter, believessilver could be about to start a record climb. Click here(capital at risk)to read about the three irresistible forces David believes could push the price of silver through the roof.
-
ONS wage growth data puts Bank of England UK interest rate cuts into doubt, analysts warnNews ONS wage growth data has shown earnings are continuing to rise at an inflation-busting rate. It means cuts to the base rate may come later in the summer
-
Most expensive street in Britain to buy on has houses with '£10m average asking price', Rightmove findsNews Rightmove found Buckingham Gate, close to Buckingham Palace, was the most expensive street in the country. Do you live near one that's been included on the list?
-
How to profit from rising food prices: which stocks should you invest in?Tips Food prices are rising – we look at the stocks to avoid and the one to invest in this sector.
-
Tesco looks well-placed to ride out the cost of living crisis – investors take noteAnalysis Surging inflation is bad news for retailers. But supermarket giant Tesco looks better placed to cope than most, says Rupert Hargreaves.
-
Tesco sells its retail subsidiary in Thailand and Malaysia for £8bnNews Tesco has agreed to sell its southeast Asian operations to Thai conglomerate Charoen Pokphand for £8.2bn in cash.
-
Tesco should keep its Asian assetsOpinion The £7bn that Tesco could get for its Tesco Lotus business in Asia looks enticing. But holding on to it would be smarter, says Matthew Lynn.
-
Tesco cashes out of the mortgage businessFeatures Tesco Bank has left the mortgage market by selling its £3.7bn loan book. Its 23,000 customers will be moved to the Halifax, a subsidiary of Lloyds.
-
Share tips of the weekFeatures MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
-
Tesco wields the axeFeatures Britain’s biggest supermarket is cutting back on staff and fresh food. Will the move prove counterproductive? Matthew Partridge reports.
-
If you'd invested in: Tesco and Associated British FoodsFeatures Tesco has seen its market value rise almost 50% in a year, while AB Foods has seen shares slide despite a rise in profits.
