UK house prices flat in June, says Nationwide; higher energy bills cap kicks in – business live

UK and eurozone manufacturing data show a modest June recovery, but the bigger market read-through is softer cost pressures and lower inflation impulse: UK factory input costs rose at the slowest pace since March, while eurozone output ended its best quarter since early 2022 as oil prices fell and supply worries eased. That combination is mildly supportive for precious metals at the margin if it helps cap real yields and preserves expectations for easier central-bank policy later in the year. In the UK, S&P Global’s final manufacturing PMI slipped to 52.5 from 53.9 in May, with output at 52.6, the strongest since September 2024, but new orders slowed sharply as stockpiling demand fades. In the eurozone, the PMI dipped to 51.4 from 51.6, with output at 51.7 and new orders only marginally positive; export demand remained a drag. Commentators highlighted lower oil prices and easing supply pressures as key drivers of the improved cost environment. For gold and silver, the immediate implication is macro-supportive but not a direct catalyst: softer energy-driven inflation should be constructive if it translates into a less hawkish BoE/ECB path and weaker front-end real rates. The risk is that a firmer growth tone and supply-chain restocking keep risk assets bid, limiting any safe-haven premium. Near term, metals will likely trade more on rate expectations and USD moves than on this data alone.