Janet Yellen says interest rates may rise very modestly

The Market Report with Katie Pilbeam. 

FTSE 100 rallied strongly after the shock that someone in the US administration had noticed prices are rising as the economy recovers. 

US Treasury Secretary Janet Yellen said overnight that interest rates may have to rise to control inflation if it gets out of hand. London’s blue-chip index jumped 72 to 6,995.

Online fashion retailer boohoo Group PLC () said it expects revenue to jump 25% this year as trading normalises. Revenue in 2021 climbed 41% to £1.7bn as people turned to online shopping and lounging chic.

() has predicted a big rebound in advertising income in May and June driven by Love Island and the Euros football tournament. Revenues in April jumped by 68%, said the broadcaster, but May is expected to rise by 85% with June to be even better.

Sainsbury’s, and the Co-op are among a group of UK food businesses that have threatened to stop sourcing products from Brazil over proposed land reforms. An open letter has called on the country’s politicians to reject a bill that could legalise the private occupation of public land.

Among the small caps, ()() has teamed up with Takanawa Japan to find a new partner in Asia. The new company will work with them on a liver cancer drug.

i3 Energy Plc ()() said production in Canada outperformed expectations in the first quarter. The oiler has also upgraded net income forecasts to C$38mln for the full year.

() has been granted an EU patent covering the production process for its G+ graphene nanoplatelets. The group now has 48 patents confirmed and 20 pending.