Key events

9m ago UK grocery price rises ease per Worldpanel
41m ago South Korean shares plunge nearly 10% amid tech losses
1h ago Nissan halts electric Qashqai project in Sunderland while discussing options with officials
2h ago StubHub UK told to repay 50,000 buyers due to undisclosed charges
2h ago UK grid firm downplays power cut threats for coming winter
2h ago Start: Crude values decline after US decision on Iran sanctions and peace efforts advance

UK grocery price rises ease per Worldpanel

Food price increases in the UK fell to 3% in the latest period, reducing worries about effects from Middle East tensions, as hot weather drove up purchases of sun protection items and flavored water mixes.

Price growth dropped from 3.1% and 3.8% in prior periods based on Worldpanel by Numerator figures, helping ease worries tied to regional conflict impacts on store costs.

Home grocery purchases rose 2.4% in the four weeks ending 14 June, helped by a 10-day warm spell that set a UK May heat record.

Buyers spent more on warm weather items, with sun care products jumping over 128%. Fresh beef burgers increased 40% as outdoor cooking rose. Ready salads and cold dips each gained 13%.

Sugar-free water flavorings saw 31% higher sales year over year, supported by social media trends like #WaterTok.

Alcohol-free and low-alcohol beverages grew 23%, beating the overall beer and cider category rise of 6%.

Fraser McKevitt, retail and consumer insight lead at Worldpanel by Numerator, noted:

A classic British pattern shows how warm spells shift shopping habits, and buyers needed little push to start grilling and eating outdoors this season.
Grill favorites selling well alongside moves toward lighter choices mark typical summer patterns, and this should extend through June and July given ongoing warm forecasts.

Worldpanel figures indicate household food spending nearly doubles during barbecue periods, reaching nearly £5 per person versus just over £2.50 for indoor meals.

Stores increased deals as the men's World Cup began, covering beer, snacks, crisps and chilled pizza, leading to peak promotion levels in June for five years.

Overall grocery spending on deals rose for the 39th straight month, reaching 30.4% of sales. Online grocery purchases climbed 9.1%.

McKevitt further stated:

Almost one third of grocery outlays now involve promotions, with the upward pattern showing no break. Paired with solid online gains, this reflects buyers who know their needs and seek value confidently. Retailers must work harder to win summer business.

Ocado led growth again with a 13.5% sales rise over 12 weeks to 14 June.

Lidl drew over 500,000 new buyers, lifting its share to 8.7%, a 0.5 point gain and the biggest retailer advance.

Convenience chain Co-op also saw share growth to 5.3%.

Sainsbury's sales rose 2% for a 15.3% market share.

Tesco holds 28% share after 1.2% sales growth. Morrisons stayed at 8.4% with 1.4% sales increase. Asda has 11.5% while Aldi reaches 10.7%.

Waitrose sales grew 1.7% and Iceland 2.2%, both holding shares at 4.5% and 2.2%.

South Korean shares plunge nearly 10% amid tech losses

South Korean equities fell almost 10% due to heavy technology stock selling.

Overseas investors sold major chip and other holdings to lock in gains after US tech declines. The won weakened versus the dollar.

The main Kospi index dropped 910.71 points or 9.99% to end at 8,203.84. Trading paused briefly at 2.33pm local time after an over 8% fall.

This marked the fourth halt this year and tenth overall, stopping all trading for 20 minutes.

In the US, the Nasdaq Composite fell 1.3% on Monday amid renewed big tech concerns.

SpaceX shares dropped 16.4% after reports of bond sales for AI funding efforts.

Chris Beauchamp, chief market analyst at IG, commented:

SpaceX's pullback followed the expected path, returning shares to earth and cooling high spirits. The scale of losses affects the wider market too.
A cooling effect spreads across global markets as investors observe the sales. This acts as a needed sentiment reset that could theoretically boost appeal, yet feelings do not align that way. Hopes of continued rises give way to worries of further drops, spreading gloom over trading.

Nissan pauses electric Qashqai work in Sunderland amid government talks

Marking a decade since the Brexit referendum, reports show Nissan has paused development of a fully electric Qashqai at its Sunderland plant as part of cost controls.

The Reuters-reported step occurs as established competitors and new Chinese makers offer cheaper options across Europe.

In 2016 Nissan pledged to produce an EV Qashqai at Sunderland, the UK's biggest car plant, after official assurances on Brexit effects.

In 2020 the firm confirmed the £400m project despite repeated warnings on post-Brexit tariffs harming European output.

The maker later launched broad global cuts and now discusses UK government aid for a revised factory plan due in coming months, per Reuters.

Nissan builds the electric Leaf at the site and revealed an electric Juke crossover for production there in April.

Electric Qashqai work stopped quietly early last year. Even if restarted, launch would not occur until the early 2030s.

In a statement Nissan avoided direct comment on a full electric Qashqai but reaffirmed plans to grow its electrified range including hybrids.

The firm noted major EV demand swings in Europe and a balanced electrification approach.

Nissan said earlier it would stop two electric SUVs at its Mississippi plant to focus on hybrids instead. Worldwide it plans to reduce models from 56 to 45.

The Qashqai sells as petrol and hybrid versions, making up about 45% of 330,000 European sales in 2025.

Any new UK funding would likely require new model commitments and job protection at Sunderland, which employs around 6,000 in the northeast.

Nissan announced a deal this month with Chery to study building Chinese vehicles on one Sunderland line.

Britain is also reviewing rules with makers to relax EV sales targets or fines.

Ticket reseller StubHub UK told to repay 50,000 buyers over hidden charges

Mark Sweney

Ticket reseller StubHub UK faces an almost £900,000 fine and must repay over 50,000 fans for failing to show full ticket prices upfront, an illegal drip pricing tactic.

The UK competition watchdog, which probed eight firms including rival Viagogo UK last year, said StubHub must refund more than £590,000.

The Competition and Markets Authority noted average refunds of about £10.33 for each of the 51,350 affected buyers who faced added fees late in checkout.

The CMA levied an £889,200 fine for consumer law breaches. Executive director Emma Cochrane stated:

Adding hidden fees breaks the law. It misleads people with apparent bargains only for extra unavoidable charges to appear at payment.

The CMA review of StubHub gig and sports ticket buys found that from 6 April to 7 December last year some buyers faced mandatory delivery and service fees.

These charges appeared only at final checkout, not in initial prices, violating rules.

The watchdog said the near £900,000 penalty includes a 40% cut for StubHub admitting the breach and settling. Cochrane added:

Our advice to firms is clear: show costs openly or face action. Live events matter to many savers, and today's steps return money taken unfairly via hidden fees.

UK grid operator downplays blackout risks this winter

Mark Sweney

Great Britain's grid operator has reduced concerns over winter power cuts even as European gas storage falls below 2022 crisis levels, according to colleagues Mark Sweney and Jillian Ambrose.

The National Energy System Operator (Neso) forecasts UK electricity supply will exceed demand by nearly 8.8% this winter, with levels near a five-year peak.

Neso noted surplus levels fell to around 6% the winter after Russia's Ukraine invasion four years ago, while this year nears 2025's 9% mark, a five-year high.

Yet Neso's report highlighted EU gas storage at a four-year low, 7% below the same point in 2022.

Gas plants often support supplies in cold months when demand spikes or renewables fall short.

European gas storage hit 41% capacity on 3 June, 13 points below the 10-year average, eight points under last year and seven below 2022. Neso stated:

This requires strong summer injection rates to hit regulatory goals before winter starts.

The government-acquired firm from National Grid two years ago directs daily power plant, battery and renewable output to balance supply and demand.

Deborah Petterson, Neso whole energy system resilience director, said:

Energy markets faced turbulence and geopolitical shifts this year. Yet Great Britain's electricity system maintains strong reliability. Adequate margins are expected all winter. Homes and firms can trust secure supplies.

The buffer should hold even if Middle East conflict causes gas shortages for UK plants.