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.

The FTSE 100 (^FTSE) was up 0.41% at 7,528.37 points, while the CAC 40 (^FCHI) in Paris fell 0.32% to 7,255.22 points. In Germany, the DAX (^GDAXI) declined by 0.48% to 15,725.56 points.

In the US, the Dow Jones (^DJI) was down 0.18% to 34,602.96 points. The S&P 500 (^GSPC) also fell, by 0.48% to 4,465.77 points, while the tech-heavy NASDAQ (^IXIC) declined 0.71% to 13,819.27.

Oil prices extend gains

Oil prices rose again this afternoon with US crude oil, or West Texas Intermediate (CL=F), up 0.80% to trade at $87.99 a barrel, while Brent crude (BZ=F) went up 0.68% to trade at $91.26 a barrel.

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

Wall Street opens lower

Across the pond, the S&P 500 (^GSPC) slipped 0.2% after the bell and the tech-heavy Nasdaq (^IXIC) was 0.3% lower. The Dow Jones (^DJI) was 0.1% down in New York as investors await US inflation readings later this week.

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.”

Wilko closures

Here are the 24 shops set to shut their doors on Tuesday:

Acton, London
Aldershot, Hampshire
Barking, London
Bishop Auckland, County Durham
Bletchley, Milton Keynes
Brownhills, Walsall
Camberley, Surrey
Cardiff Bay Retail Park
Falmouth, Cornwall
Harpurhey, Manchester
Irvine, North Ayrshire
Liverpool Edge Lane
Llandudno, Wales
Lowestoft, Suffolk
Morley, Leeds
Nelson, Lancashire
Port Talbot, Wales
Putney, London
Stafford, Staffordshire
Tunbridge Wells, Kent
Wakefield, 121 Kirkgate
Weston-super-Mare, Somerset
Westwood Cross Retail Park, Broadstairs, Kent
Winsford, Cheshire

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.”