The new smartphones are likely to have slight improvements in terms of their chip and camera functionalities — and a new USB-C charging port is also expected to be part of its fresh line up in order to comply with European regulations.
Across the pond, the S&P 500 (^GSPC) slipped 0.4% and the tech-heavy Nasdaq (^IXIC) was 0.6% lower. The Dow Jones (^DJI) was 0.2% down in New York as investors await US inflation readings later this week.
Meanwhile, UK wage growth surged at a record pace, keeping up with inflation for the first time in nearly two years.
According to the Office for National Statistics (ONS), average regular weekly earnings growth remained at a record high of 7.8% in the three months to July, matching Consumer Price Index (CPI) inflation for the first time since October 2021.
Total pay including bonuses rose by 8.5% during the period. This meant that it exceeded inflation for the first time since March 2022, up 0.6% with CPI taken into account.
Meanwhile, the unemployment rate increased to its highest level for nearly two years at 4.3% in the quarter to the end of July, up from 4.2% the previous three months.
Darren Morgan, ONS director of economic statistics, said: “Earnings in cash terms continue to increase at a record rate outside the pandemic-affected period. Coupled with lower inflation, this means people’s real pay is no longer falling.
“Unemployment continues to increase in the latest three months. Correspondingly, employment is down, driven by falls among men and the self-employed.
“The proportion of people neither working nor looking for a job is slightly up, with more students, as well as the long-term sick reaching yet another record.”
London's benchmark index held gains north of 7,500 after making steady progress yesterday off the back of mining stocks. In Europe, the CAC (^FCHI) was 0.1% down in Paris, and the Frankfurt DAX (^GDAXI) was 0.3% lower.
Neil Wilson of Markets.com said: "Some rotation taking place with basic resources and energy giving back a bit today, whilst defensives like healthcare and telecoms are picking up some bid having slipped yesterday on a more risk-on trade."
Afternoon markets wrap
The FTSE 100, European stocks and Wall Street were mixed on Tuesday afternoon ahead of Apple's product launch with the company expected to reveal its new iPhone 15 models and Apple Watch products.
Oil prices extend gains
Craig Erlam, senior market analyst at OANDA, said: "Oil prices are creeping higher again on Tuesday, with Brent trading around $91 despite there being a mixed view on the economic outlook. As we heard from the European Commission yesterday, growth in the euro area is going to be relatively minor, with Germany struggling to avoid another recession.
"The UK has shown a lot more resilience than anticipated but still faces recession risks and marginal growth at best. People are feeling a little more optimistic about the US, with last week's services PMI backing that up, but even here there are significant downside risks. While China is a big unknown with efforts to stimulate the economy being targeted and far from guaranteed to boost growth substantially.
"That said, one thing we're guaranteed is supply to continue to be restricted until the end of the year at least following the recent announcement by Saudi Arabia and Russia."
Poundland owner Pepco buying 71 Wilko stores
Pepco Group, the owner of Poundland in the UK, has agreed to take on the leases of dozens of Wilko shops.
The company is expected to convert up to 71 Wilko outposts to the Poundland brand.
Poundland boss Barry Williams said it recognised the last few weeks had been difficult for Wilko workers, who will be prioritised for roles when the shops open under the new brand.
Poundland said its new lease agreements are set to be completed in “early autumn”, aiming to open the stores by the end of 2023.
What rising UK wages mean for your state pension
Record UK wage growth is set to see the state pension increase by 8.5%, rising from £10,600 to a projected £11,501 in April 2024.
Yahoo Finance UK's Rabina Khan writes...
Total pay including bonuses rose by 8.5% in the three months to July, according to new data from the Office for National Statistics (ONS).
Pensioners who retired before April 2016 will witness a weekly rise from £156.20 to £169.47, while their annual income will rise from £8,122 to £8,812.
What does this all mean for your state pension? Find out here
Santander pulls savings deal
Santander (BNC.L) has pulled its top 5.2% savings deal from the market — just over a week after it launched, the Telegraph reported.
The bank previously said it would pay 5.2% on savings up to £250,000 for 12 months on 4 September. It was the best easy-access savings deal for 14 years.
Martyn James, a consumer expert, said the bank's decision to axe the deal shows how “inconsistent” lenders have been with rate hikes.
He said: “Once again, the decision to close yet another beneficial rate of savings interest on an account early demonstrates just how jittery and inconsistent the industry is about interest rates that benefit its customers – particularly when a deal is popular.
“Compare that to the glacial pace that the same banks increase savings interest rates and it becomes apparent why the Government and regulator are so concerned about interest rates and the high street banks.”
Here are the 24 shops set to shut their doors on Tuesday:
Bishop Auckland, County Durham
Bletchley, Milton Keynes
Cardiff Bay Retail Park
Irvine, North Ayrshire
Liverpool Edge Lane
Port Talbot, Wales
Tunbridge Wells, Kent
Wakefield, 121 Kirkgate
Westwood Cross Retail Park, Broadstairs, Kent
Wilko shuts its first stores
Wilko is shutting its first group of shops today after the beleaguered chain recently collapsed into administration.
The retailer will shut 24 stores across the UK in the first phase of closures, with hundreds of workers set for redundancy.
This week administrators have already confirmed that all the group’s remaining shop, warehouse and support centre workers are set to lose their jobs.
A further 28 shops will shut after trading on Thursday.
Pub group to charge more at peak times
Stonegate Group, which owns chains including Slug & Lettuce and Yates, has said it will charge customers around 20p more for a pint of beer at some of its locations during the busiest periods.
It is set to hike prices at 800 of its venues during peak times, such as evenings and weekends to combat rising costs.
It has previously done so during one-off events, such as World Cups, but has now decided to introduce price variance on a more regular basis.
A spokeswoman for Stonegate said:
“Stonegate Group, like all retail businesses, regularly review pricing to manage costs but also to ensure we offer great value for money to our guests.
“Across the managed business, our dynamic pricing encompasses the ability to offer guests a range of promotions including happy hours, two-for-one cocktails, and discounts on food and drink products at different times on different days throughout the week.
“This flexibility may mean that on occasions pricing may marginally increase in selective pubs and bars due to the increased cost demands on the business with additional staffing or licensing requirements such as additional door team members.”
More on Barclays...
A spokeswoman for Barclays said:
“We continue to review and adapt our operations based on the ways customers are choosing to interact with us.
“These changes will enable greater collaboration across our teams, allowing us to continue to improve service for customers and clients.
“We are committed to supporting colleagues through this change, working closely with Unite.”