FTSE 100 futures are about flat, with the index having sailed through the UK market turmoil of recent days unscathed. It is up by 1.2% for the week so far. Stay with us for Sainsbury’s trading update, rounding out a week of reporting from the retail sector, and everything else that matters to UK markets.

The yield on 10-year UK gilts rose by three basis points to 4.82%, having this week hit their highest level since 2008.

The Greggs PLC (LSE:GRG) update has seen its shares crumble 10% to the lowest since October 2023. Analyst Darren Shirley at Shore Capital says the year-end statement "is softer than our expectations" as it reflects what the company calls "more subdued" high street footfall.

Eva Sun-Wai, a fund manager at M&G Investments, told Bloomberg Radio that the drop for the pound even as gilt yields rise could be interpreted as a sign of capital flight, as normally higher returns on bonds would make a currency more attractive.