Brent crude dips slightly below $78 a barrel; most Asian stock markets bounce back
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The UK housing market remains subdued but the downturn eased last month, while sentiment remains “fragile,” according to surveyors and estate agents.
June’s survey results offer some cautious encouragement that the worst of the slowdown in market activity may be beginning to pass, with several key indicators moving in a less negative direction for a second consecutive month. That said, any nascent improvement remains fragile and is now being tested by renewed political uncertainty on the domestic front.
While the Bank of England left interest rates unchanged, uncertainty around the outlook for inflation and borrowing costs continues to weigh on sentiment, even if the recent decline in oil prices is a welcome development.
Market uncertainty remains due to Labour leadership changes, cost-of-living pressures, fuel prices, the ongoing Russia–Ukraine war and the recent conflict involving Iran, all of which continue to weaken confidence.
12.30pm BST: ECB account of June meeting
1.30pm BST: US Initial job less claims for week to 4 July
3pm BST: US Existing home sales for June
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