Daily-Wrap

Macro Update:Make UK reports manufacturers’ investment in plant and machinery has fallen to 6.8% of turnover (from 8.1% in 2024), the lowest since 2017, with R&D down to 6.2% as firms prioritise staff costs and training, prompting calls to refine tax incentives in the …

Macro Update:UK retail sales rose 0.5% in September, lifting Q3 retail growth to 0.9% and adding about 0.04pp to GDP, driven by new iPhones, strong online gold demand, and warm-weather clothing; volumes hit their highest since Q3 2022, and sterling firmed. Labour reiterated no …

Macro Update:Britain’s median full-time salary rose 4.3% to £39,039 in 2025, the smallest gain since 2021 but still ahead of post-financial-crisis trends, with real wages up 1.1% after inflation and care and leisure sectors benefiting from a higher minimum wage. Hindustan Unilever posted a …

Macro Update:British inflation held steady at 3.8% in September, surprising markets and raising hopes of a Bank of England rate cut later this year ahead of Rachel Reeves’ November budget. Rio Tinto is reportedly exploring an asset-for-equity swap with Chinalco to cut the Chinese …

Macro Update:Britain’s defence minister John Healey plans to grant new powers allowing troops to shoot down unidentified drones near military bases amid rising Russian provocations, including recent airspace violations and cyber interference. Meanwhile, the government launched the “Sterling 20” initiative — a coalition of …

Macro Update:The UK housing market showed muted activity, with average asking prices rising just 0.3% in the four weeks to October 11—well below the seasonal norm of 1.1%—and down 0.1% year-on-year, as buyers await Rachel Reeves’ November budget amid uncertainty over potential property-related taxes. …

Macro Update:Man Group’s shares climbed 2.6% to a six-month high after reporting a 22% YoY rise in AUM to a record $213.9bn, surpassing forecasts of $201.7bn, supported by $10bn in investment performance and broad growth across new areas like credit strategies. Meanwhile, AI-driven investment …