Thanks for joining me. According to official figures, wage rises have slowed down from the record pace they set in the three months to July.
Pay including bonuses rose by 8.1% in the three months to August, easing off from the 8.5% jump in the previous period.
5 things to start your day
1) Israel to boycott Europe’s biggest tech conference after founder accuses country of ‘war crimes’ | Dozens of companies pull out of Lisbon event following a wave of protest from tech bosses
2) Sunak’s stealth tax raid equivalent to an extra 6p on income tax, IFS says | Think-tank says the government is in a ‘fiscal bind’ amid low growth and high debt servicing costs
3) Rolls-Royce to cut 2,500 jobs | Redundancies come amid a wider drive to trim costs
4) King Charles hands start-up right to mine gold and silver in Cornwall | Cornish Tin celebrates ‘significant win’ as the region looks to revive mining heritage
5) Too early to declare victory in the inflation fight, warns the Bank of England | Persistent wage growth could keep interest rates higher for longer
What happened overnight
Asian stocks rose in cautious trading, with investors choosing to focus on corporate earnings prospects and the resilience of the US economy ahead of tensions in the Middle East.
MSCI’s broadest index of Asia-Pacific shares outside Japan increased by 0.4%. Tokyo’s Nikkei 225 was up 1% at 31,988.40, and the Hang Seng in Hong Kong added 0.7% to 17,763.41.
The Shanghai Composite index gained 0.3% to 3,081.75. In Australia, the S&P/ASX 200 climbed 0.5% to 7,059.00. India’s Sensex advanced 0.5%, and the SET in Thailand rose 0.5%.
It has been confirmed that US President Joe Biden will visit Israel on Wednesday as the country prepares to escalate an offensive against Hamas militants that has set off a humanitarian crisis in Gaza and raised fears of a broader conflict with Iran.
Iran’s Foreign Minister said Israel would not be allowed to act in Gaza without consequences, warning of “pre-emptive action” by the “resistance front” in the coming hours.
Israel’s shekel weakened beyond four-to-the-dollar for the first time since 2015 on Monday as it bears some of the brunt of worry and uncertainty about the Gaza situation.
On Wall Street Monday, the S&P 500 climbed 1.1%, marking its best day since the surprise attack on Israel by Hamas on October 7. It closed at 4,373.63. The Dow rose 0.9% to 33,984.54, and the Nasdaq Composite added 1.2% to 13,567.98.
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