Amazon shares surged about 11% in US trading on Friday after the tech giant reported better-than-expected third-quarter earnings, driven by a 20% rise in sales at its cloud computing division, Amazon Web Services (AWS), to $33bn. Chief executive Andy Jassy said AWS is growing at a pace not seen since 2022, citing strong demand for artificial intelligence computing power.
In the UK, Princes Group, the nearly 150-year-old tinned tuna and Napolina tomato maker, began trading on the London Stock Exchange with a valuation of nearly £1.2bn. However, shares fell 1% in early trading after launching at the bottom end of its target range, highlighting the challenges facing London's flotation market.
Analysts at Barclays and Goldman Sachs have predicted that the Bank of England will cut interest rates next week, contrary to market expectations. Barclays' Jack Meaning expects a 5-4 vote for a 0.25 percentage point reduction to 3.75%, citing recent data showing inflation at 3.8% and rising unemployment.
Southern Water lifted its three-month hosepipe ban covering most of Hampshire and the Isle of Wight after wet weather in September and October replenished supplies. However, the national drought group warned that drought conditions could persist into 2026 without consistent rainfall.
