Oil prices rise as US-Iran ceasefire ends; UK wage growth slows amid cost of living squeeze – business live
Brent crude climbs above $91 a barrel Good morning, and welcome to our rolling coverage of the global economy, the financial markets, the eurozone and business. Oil prices have risen, trading above $90 a barrel, as hopes faded for a deal to end war in the Middle East, heightening fears about energy supplies. Regular wage growth has remained broadly stable in recent months. However, private sector…
Brent crude prices surged past $91 a barrel, signaling growing concerns over potential energy supply disruptions as the prospects for a Middle East ceasefire deal faded. Wages in the UK remained largely stagnant, but the pace of wage growth for private sector employees decelerated, dropping to 2.8% from 2.9% in the previous period.
Simultaneously, employment in the UK contracted further, with 13,000 jobs lost as indicated by PAYE payroll data. Housing markets also showed signs of strain, with UK private rents and house prices under scrutiny. Looking ahead, key economic indicators awaited release in the afternoon, including Germany's ZEW confidence index for August and U.S. housing starts data for July.
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