UK inflation hit its highest since March 1992, as the cost of living in the UK continues to surge. The inflation 5.5% release this morning overshot the estimate at 5.4% as household and clothing prices rise. Fewer discounts on clothing were seen in January, which is typically a month for discounts following Christmas and with energy prices increasing and expecting to continue this way, household bills increased as a result.
Heads of Central banks and finance ministers from the Group of 20 are holding a virtual and in-person meeting in Jakarta on Thursday and Friday. Meeting to discuss the global recovery from the pandemic, investors will be keeping a keen eye on rhetoric over interest rate hikes as policy makers struggle to contain inflation.
With reports circling yesterday that Russia is starting to withdraw troops from the Ukrainian border, US President Joe Biden has reiterated that Russia could still invade as their troops remain in a threatening position. The US have yet to verify that Russian troops are withdrawing, as both Russia and USA continue to leave the door open for further diplomatic talks.
| Share Index | Prev. Close | Open |
| FTSE100 | 7608.92 | 7608.92 |
| DAX | 15412.71 | 15431.27 |
| CAC40 | 6979.97 | 7009.69 |