White House tells investors ‘they shouldn’t panic’ but says job numbers will be lower in future because of US deportation programme; Heineken hit by slower beer sales
Oil prices have climbed more than 1% amid US-Iran tensions and signs of stronger demand.
Brent crude, the global benchmark, is up nearly $1, or 1.4%, at $69.77 a barrel, while US West Texas Intermediate crude gained almost 1.5% to $64.91 a barrel.
Ongoing tensions in the Middle East continue to support prices, although so far there has been no supply disruption.
While rhetoric remains belligerent at times, there are no signs, at least for now, of escalation, and the US president believes that Iran will ultimately want to strike a deal on its nuclear missile programme.
During the first half we delivered a resilient performance in a subdued market while making strong progress integrating Redrow. As that integration nears completion, our focus is on disciplined execution. We are embedding our proven operating model across the enlarged group, delivering operational excellence, strengthening efficiency, and positioning Barratt Redrow to deliver volume growth, margin progression, and capital returns through the cycle.
However, while progress made on planning reform is encouraging, a stable and supportive demand environment is essential to enable increased delivery at scale across the sector.
Along with its peers, Barratts suffered an extended period of uncertainty from buyers ahead of the budget, although once this hurdle was overcome, many customers then decided to complete before the end of the calendar year.
Even so, the currently unstable political environment continues to weigh on consumer confidence, while affordability concerns remain in sharp focus particularly for first-time buyers. That being said, mortgage availability constraints are easing and the possibility of interest rate cuts later this year could help to spark the sector as a whole into life.
