Global stocks reach record highs; BP annual profits slump 16% – business live

2026-02-10 - 07:55

Japan’s Nikkei jumps to new peak in extended rally after Sanae Takaichi’s party secures election victory; London-listed oil giant BP suspends share buyback Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Global stocks hit a new record in Asian trade, led by a three-day rally in Tokyo where the Nikkei jumped to a fresh peak, after Japan’s conservative governing coalition strengthened its grip on power. So, the US dollar kicked off the week on the back foot, and upcoming US data from today through Friday will determine whether the pressure continues or whether the greenback finds some relief. US retail sales today are expected to show slowing growth in December — not great news for the most festive month of the year. On Wednesday, the official jobs report is expected to come in soft, with around 70k non-farm job additions, a steady unemployment rate and slower wage growth at 3.6%. We are reducing capital expenditure for 2026 to the lower end of the guidance range, while continuing to drive down our cost base. We are also taking decisive action to high-grade our portfolio and strengthen our company, including the execution of our $20bn disposal programme and the decision to suspend the share buyback and fully allocate excess cash to our balance sheet. 9.45am GMT: UK Treasury committee to question Treasury and housing ministers on affordability of home ownership 1.30pm GMT: US Retail sales for December 2.45pm GMT: UK Business and trade committee hearing on US-UK trade deal Continue reading...