UK stock exchange today, Wednesday 17th August – what you need to know

Markets closed yesterday amid strong performance from miners Glencore, Rio Tinto (RIO) and Anglo American and rumors of takeover deals for fashion brand Ted Baker and Cambridge-based cybersecurity firm Darktrace.

Britain’s top stock index, the FTSE 100, finished 0.42%, an eight-week high, with miners the biggest winners as European power prices hit record highs.

BHP (BHP) stocks were up 5.3% year-on-year, with earnings up 173% thanks to rising prices of commodities like coal, and the news drove gains for miners like Glencore (GLNCY).

Fears of recession and inflation continue to weigh on the UK economy, with real wages falling 3% in the last quarter, according to figures from the Office of National Statistics and unemployment at 3.8%. Inflation in UK supermarkets reached 11.6% in the four weeks to August 7, research by Kantar shows.

Two major deals also boosted inventories, with Ted Baker (NL:TED) rising 17.3% on news of the acquisition by Authentic Brands Group and Darktrace (NL: DARK) a 23.8% gain on news of a takeover bid by US private equity firm Thoma Bravo.

Business headlines in UK newspapers today: Record wage drop signals higher cost of living for UK households (Financial Times)

Ted Baker: A story of ‘forced hugging’ and stock market turmoil (The Times)

Elon Musk says to buy Manchester United (Telegraph)

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