The index remained flat this morning. Miners bounced back as metal prices advanced on a weaker dollar.

New data from the Office for National Statistics showed British wages excluding bonuses rose 7.3% in the three months to May compared to the year-ago period, which matches the previous record and is higher than the 7.1% expected. This adds to worries about inflation and rate hikes.

However, there are signs that the labour market is cooling, as the unemployment rate unexpectedly rose to 4.0% from 3.8%.

In other news, June retail sales were 4.9% higher than last June, boosted by purchases of swimwear, outdoor games and garden furniture, according to the BRC-KPMG Retail Sales Monitor.

Things to read today:

The magnificent seven, revisited (Financial Times)

Europe’s Defense Dilemma: To Buy, or Not to Buy American (WSJ)