Today's financial news

Wednesday 21st June

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UK Inflation news hasn’t hit the spot but Rivian’s charging news might help ramp things up on the markets

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Stubborn UK inflation

The UK inflation announcement shows zero movement on the base line inflation, with it remaining stubbornly at 8.7% for the month of May. Many analysts predicted that it would’ve fallen by a small amount, so this news has done nothing to appease markets who were hoping for falling inflation. Markets will now nervously await the decision on interest rate changes, which might have to be higher than many would like.

Adobe investigated 

The tech company Adobe will have its takeover of the cloud based software Figma investigated by antitrust regulators in Europe. This investigation is due to fears that large tech companies acquiring smaller names could reduce competition in the market. The Adobe share price fell on the back of the news yesterday as some have suggested that it might take months for the deal to go through, if it can even progress at all. 

Rivian’s charging pivot

The US based electric vehicle maker Rivian saw their share price jump by over 5% yesterday after announcing that they would align with the Tesla charging structures. As Tesla has a well established network of charging stations across the US, this helps any potential and current, Rivian drivers to access a broader range of charging points and thus makes the vehicles more of an attractive buy. 

Sources: AJ Bell, IG update, Reuters, Investopedia, Financial Times

Zoe Burt