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European markets have risen despite figures showing China in deflation territory. The 0.3% year-on-year decline in consumer prices for July comes a day after poor trade figures, when exports and imports both declined by double-digit percentages. Today’s corporate results include a profitable half year for Paddy Power owner Flutter Entertainment after it benefited from strong growth at its US-based FanDuel sports betting business.

The struggling China economy and results from Glencore, Abrdn and hotels group IHG are in focus for London traders today. China’s imports fell 12.4% year-on-year in July, much worse than the 5% forecast amid the weakening of domestic demand. The trade figures put pressure on Glencore shares in the FTSE 100 index after the commodities giant reported lower half-year earnings.

The Bank of England’s long-running fight against inflation will today see interest rates hit at least 5.25%. It will be the 14 consecutive meeting that policymakers have voted for an increase, with today’s options split between a 0.25% rise or half point increase to 5.5%. The Bank will also publish its latest projections for the UK economy.

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Figures showing a retail sales surprise in June’s heatwave were today clouded by a big fall in consumer confidence for July. GfK’s headline reading fell for the first time this year as the reality of price rises and higher interest rates is felt by households. On the corporate front, mining giant Glencore has reported that output of copper, zinc and nickel all fell in the first half of 2023.