In the bond market, the U.S. 10-year Treasury yield was down less than 1 basis point to 4.49%. Germany's 10-year yield was up 1 basis point to 2.72%. UK's 10-year yield was up 4 basis points to 4.67%, its highest in six weeks, after June inflation came in above expectations at 3.6%.

Prices rose by 3.6% in the year to June, the steepest rise in inflation since January 2024, the Office for National Statistics said. That marks a significant rise from the 3.4% rate in May. The rate at which prices rise matters to shoppers, whose money doesn't go as far if goods and services are becoming rapidly more expensive.

WASHINGTON (AP) — Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.

It's a trove of information for portfolio managers and macro-watchers to gauge, and trade policy news headlines are likely to continue breaking. On July 9, President Trump announced a surprise 50% levy on copper imports, followed by a steep 50% duty on Brazil. 1 Together, it put the materials sector in focus.

The inflation data is top of the pile this morning, the first of two important data releases in two days for the UK. It’s on the slate at 7 a.m. Headline CPI is seen sticking at 3.4% for June, the same as in May.

While U.S. inflation figures didn't surprise market watchers and investors, the fact that the downbeat expectations were realized still weighed on stocks.