Thank you for joining me. Motorists should anticipate another year of increasing insurance premiums as the industry grapples with growing expenses.
EY predicts a 16% rise in prices this year and an 11% increase next year. In 2023, insurers are projected to spend £108.50 for every £100 collected in premiums.
5 things to kickstart your day
1) National Grid plans ‘honeypots’ to catch hackers as cyber attacks intensify | The infrastructure provider is advertising a contract of over a million pounds for advanced technology.
2) Meta removes 8,000 Facebook accounts linked to Chinese disinformation campaign | A covert network targeted more than 50 social media platforms and online forums.
3) Don’t want to attend a meeting? Send Google’s AI instead | Duet AI will serve as a meeting companion, taking notes and presenting talking points.
4) Working from home ‘is probably not going to work out’, warns Amazon chief to staff | The retail giant’s official policy requires employees to work from the office at least three days a week.
5) Wilko job losses paused amid last-minute rescue bids | PwC has received two eleventh-hour offers for the low-cost retailer.
What happened overnight
Asian shares rose, bolstered by a Wall Street rally fueled by positive reports on consumer confidence and job openings.
Japan’s benchmark Nikkei 225 climbed 0.9% to 32,529.72. South Korea’s Kospi rose 0.6% to 2,567.44. Hong Kong’s Hang Seng gained 0.4% to 18,563.39, while the Shanghai Composite inched up less than 0.1% to 3,137.72.
Australia’s S&P/ASX 200 surged 1.4% to 7,310.60 after the Australian Bureau of Statistics reported that the monthly consumer prices index indicator rose 4.9% in the 12 months to July.
This figure was lower than the expected 5.2%, marking the first time since February 2022 that the indicator fell below 5%.
Wall Street stocks advanced on Tuesday after new data revealed a surprising decline in the number of job openings, increasing the likelihood of a more relaxed Federal Reserve interest rate policy in the future.
The Dow Jones Industrial Average closed 0.9% higher at 34,852.67.
The broader S&P 500 climbed 1.5% to 4,497.63, while the tech-heavy Nasdaq Composite Index surged 1.7% to end the day at 13,943.76.
Bond yields retreated, with the 10-year Treasury yield falling as much as 9.8 basis points to 4.104%.
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