London steady despite tech rout

Big tech stocks continue to suffer in the US, and a shift to equities that were neglected is taking place. London's FTSE 100 index remains flat this morning, despite a further slump in US technology shares overnight.

Energy stocks are up as crude prices steadied. Admiral is the best performer on the FTSE 100, rising 1.7% after Berenberg upgraded it to 'buy'. Conversely, Melrose and Rolls-Royce were the worst performers due to Airbus's revised delivery forecast and supply chain issues. 

Funding Circle surged 17% after announcing the sale of its US business to iBusiness Funding LLC for £33 million, allowing it to focus on its UK operations.

In other news, San Francisco Fed President Mary Daly warned that the US labor market could pose challenges for the Federal Reserve. While inflation has been reduced with minimal impact on unemployment, future labor market slowing could lead to higher unemployment.

Investors are cautious ahead of US personal consumption expenditure data and UK GDP numbers, which could influence interest rate expectations. The Bank of England's next meeting is scheduled for August 1st, following the parliamentary elections on July 4th.

Things to read today:

• Exxon Mobil's giant project to create Guyana's newest petro-state (Financial Times).
• Jeo Boden, Doland Tremp... "meme" cryptocurrencies take on US elections (The DNA).
• Low migration risks an economic doom loop for the UK (Financial Times)
• A British Tory Half-Apology to Liz Truss (WSJ)