The index is taking a breather today, rising 0.6%. Banking stocks rose on expectations of higher profits due to interest rate hikes, while mining stocks are among the best performing stocks, due to high metal prices.

Shell gained 0.4% after it named Wael Sawan as chief executive. He was previously in charge of the oil major’s integrated gas and renewables division.

John Lewis Partnership posted a half-year loss of £99 million, partly due to soaring prices, and said the outlook for the rest of the year is “highly uncertain”.

 

Things to read today:

Putin and Xi: still partners with ‘no limits’? (Financial Times)

Putin's War Machine May Be Giving His Economy A Quiet Boost (Bloomberg)

U.S. Considers Sanctions on Iran-Linked Entities After Salman Rushdie Attack (WSJ)