London equities are flat today, with miners taking a hit from the COP 26’s resolution to reduce the use of coal. Data also showed China crude steel output dropped for the fifth consecutive month in October.

Shell is up after it announced it would end its dual share system to replace it with a single class of shares to simplify its structure and boost dividends, while BT Group rose 1.8% after Reuters reported that telecoms tycoon Patrick Drahi is looking to increase his stake in the British company.

This week the focus will still be on inflation, with new data expected in the UK. There will also be labour data, which should give investors clues on the state of the economy following Covid and Brexit. The BoE Governor will also speak before the Treasury Select Committee to discuss the Monetary Policy Report, possibly giving indications on the timing of a rate hike.

 

Things to read today:

Yellen says inflation will stay high until Covid is under control (Financial Times)

U.K. Power Prices Soar Above £2,000 on Low Winds (Bloomberg)

Shares of Rivian Continue to Move Higher After Elon Mush Throws Shade (Forbes)