19th Aug 2026 08:00
(Alliance News) - UK inflation accelerated as expected in July, while producer price pressures eased on lower oil costs. Smith & Nephew announced the departure of its finance chief, while Trainline responded to a Competition & Markets Authority investigation into how it presents mandatory booking fees.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called marginally lower at 10,724.54
GBP: higher at USD1.3552 (USD1.3539 at previous London equities close)
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ECONOMICS
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UK consumer price inflation accelerates to 2.9% in July from 2.6% in June, in line with FXStreet-cited consensus, as higher housing and household services costs outweigh weaker transport inflation, according to the Office for National Statistics. The consumer prices index including owner occupiers' housing costs, the ONS's preferred inflation measure, rises 3.1% annually from 2.8%, slightly below the 3.2% consensus. Core CPI remains unchanged at 2.6%, above forecasts for 2.5%, while goods inflation quickens to 2.2% from 1.7% and services inflation eases to 3.4% from 3.6%.
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UK producer price inflation eases in July as lower oil prices reduce cost pressures for manufacturers, according to the Office for National Statistics. Producer input prices rise 4.9% annually, slowing from a revised 7.4% in June and below the FXStreet-cited consensus of 6.6%, while factory gate output price inflation eases to 3.1% from 3.5%. On a monthly basis, input prices fall 1.7%, and output prices edge up 0.2%. The ONS says an 18% monthly drop in crude oil prices is the largest driver of the slowdown in input cost inflation, while refined petroleum products, down 2.9% on the month, make the biggest contribution to softer factory gate inflation.
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BROKER RATINGS
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Bernstein raises Whitbread to 'market-perform' (underperform) - price target 2,400 (2,100) pence
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Berenberg cuts Segro to 'hold' (buy) - price target 991 (995) pence
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Deutsche Bank Research cuts Safestore Holdings to 'hold' (buy) - price target 700 (880) pence
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COMPANIES - FTSE 100
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Medical devices maker Smith & Nephew says Chief Financial Officer John Rogers will leave the company on September 30 to take up an external role in the US. Rogers steps down from the board with immediate effect, and the company has begun a search for a permanent successor. Senior Vice President Finance & Group Controller Pierre Palassian is appointed interim CFO. Chief Executive Officer Deepak Nath thanks Rogers for his contribution over the past three years, citing progress on the group's '12-Point Plan', improved financial performance and the development of its 'Rise' strategy.
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COMPANIES - FTSE 250
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Trainline says it is working "constructively" with the UK Competition & Markets Authority after the regulator opens a formal consumer protection investigation into how mandatory booking fees are presented on its platform under the Digital Markets, Competition & Consumers Act. The CMA is investigating whether mandatory train and coach booking fees are included in the total upfront price shown to customers at the start of the booking process, as part of a wider crackdown on so-called "drip pricing". The investigation follows earlier advisory letters sent to businesses over pricing practices, although the regulator stresses it has reached no conclusion that Trainline has breached consumer law. If it ultimately finds an infringement, the CMA can order customer compensation and impose fines of up to 10% of global turnover. Trainline says it has engaged proactively with the regulator for several months and is already taking steps to enhance the presentation of certain UK booking fees. The company adds it remains committed to transparent pricing, full compliance with consumer law and continuing to cooperate fully with the CMA, while highlighting its 4.9-star app rating as evidence of customer satisfaction. The CMA also opens separate investigations into Virgin Atlantic over package holiday pricing and RED Driving School over mandatory booking and digital fees as part of the same enforcement action against drip pricing.
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discoverIE Group opens a new 9,000 square metre manufacturing facility in Bangalore, India, more than doubling the footprint of its existing site and tripling production capacity to support growing customer demand. The facility forms part of the Guildford, Surrey-based customised electronics manufacturer and designer's previously announced expansion programme in high-growth markets and will serve both domestic and export customers. The Bangalore operation, part of discoverIE's Noratel business, produces specialised power transformers and magnetic components for electrification applications, with around 70% of current output supplied to customers in India. The company says the investment supports its long-term growth strategy in India and follows the UK-India Free Trade Agreement, which comes into force in July.
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Oxford Nanopore Technologies reports first-half revenue of GBP116.7 million, up 11% from GBP105.6 million and 12% at constant currency, as its adjusted Ebitda loss narrows to GBP22.1 million from GBP48.3 million and pretax loss shrinks to GBP44.9 million from GBP69.0 million. The molecular sensing technology company reiterates guidance for adjusted Ebitda breakeven in 2027 and positive free cash flow in 2028, while maintaining 2026 constant-currency revenue growth guidance of 16% to 20%, excluding a one-off USD20 million licensing payment announced post-period. Including the licensing revenue, 2026 constant-currency growth is expected at around 23% to 27%. Oxford Nanopore also unveils new 2030 targets of more than USD700 million in annual revenue and an adjusted Ebitda margin above 15%, supported by accelerating growth in its BioPharma and Clinical businesses.
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OTHER COMPANIES
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Nanoco Group says trading for the year ended July 31 is in line with expectations, reporting unaudited revenue of GBP11.3 million and underlying adjusted Ebitda of GBP6.1 million, with year-end cash of GBP9.3 million, both slightly ahead of market expectations. Excluding licence agreement revenue, sales total GBP1.5 million, in line with forecasts. The nanomaterials developer says it remains on track to deliver all first-year milestones under its three-year joint development agreement with its first Asian chemical customer, with volumes expected to more than double in financial 2027 from a relatively small base. Nanoco also continues discussions with a second Asian chemical customer following a programme extension in June and says it is engaging with other potential customers to secure further joint development agreements or material supply contracts, mainly in sensing. The company adds that its shareholder consultation process to de-list from the London market, launched in June, remains ongoing.
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By Eva Castanedo, Alliance News senior economics reporter
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