UK construction output declined at the fastest rate in six years as firms faced higher energy, fuel and transport costs. S&P Global data showed sharp drops across housebuilding, commercial work and civil engineering in May, with residential activity weakest due to weak market conditions and higher borrowing costs. New orders fell sharply, leading firms to cut jobs. The construction PMI dropped to 38.2, the quickest contraction since May 2020. Input costs rose at the fastest pace since June 2022 amid higher fuel and material prices. Tesla sales in the UK jumped 45% to 2,934 vehicles in May, while the overall car market grew 7.1%. Battery electric vehicles accounted for 27.3% of sales. Chinese brands BYD and Chery also recorded strong gains. Concerns were raised over SpaceX valuation ahead of its IPO, with changes to index rules potentially forcing passive funds to buy shares quickly. The FTSE 100 edged up 0.13% to 13,346 points as oil prices eased.
