Housebuilders surge as property prices rise to new record

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Good morning. The FTSE 100 is set to open flat after Asian markets turned cautious. Other European markets are tipped to open flat or lower.

5 things to start your day 

1) Analysts warn of ethical investment bubble. The amount of money pouring into green and ethical funds has more than doubled to nearly £1 trillion in a year.

2) Any further restrictions could spell end for Caffe Nero​. The business has been carrying out stress tests to examine the potential impact of a drop in revenue.

3) Steel industry fears UK will be flooded by cheap imports. Britain’s steel industry is braced for a decision on the UK’s tariff protections as soon as this week.

4) Navy ‘should double in size’ to help shipyards. The chairman of the Commons defence select committee says the UK should build more ‘low-end’ ships – both for its own Navy and for export.

5) Royal Mail plans timed delivery slots in Amazon battle. Customers will be offered the ability to pay extra for a premium service that allows them to specify time windows for receiving parcels.

What happened overnight 

Asian shares turned lower on Monday as relief over the benign US jobs report was chilled by caution ahead of key inflation data later this week, while a coronavirus outbreak in Taiwan took a toll on chip manufacturers.

Investors were wary on how shares of major tech firms would react to the G7’s agreement on a minimum global corporate tax rate of at least 15pc, though getting the approval of the whole G20 could be a tall order.

So far, the reaction was muted with both Nasdaq and S&P 500 futures down 0.2pc. EUROSTOXX 50 futures and FTSE futures eased 0.1pc.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3pc and risked a fourth session of losses. Japan’s Nikkei edged up 0.2pc and touched its highest in almost a month.

Taiwan stocks lost 1.7pc as a spike in Covid cases hit three tech companies in northern Taiwan, including chip packager King Yuan Electronics.

Chinese blue chips were off 0.3pc ahead of data on exports and imports for May.

Coming up today

  • Full-year results: Sirius Real Estate
  • Economics: Halifax house prices index (UK), imports, exports (China), manufacturing orders (Germany), industrial production (Spain)



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