Thank you for joining us. The housing market continues to face challenges as house prices have declined for the eighth consecutive month. This decline is due to buyers facing higher borrowing costs.
In September, property values dropped by 5.3%, which is the same rate of decline as the previous month, according to Nationwide.
Start Your Day with These 5 Things
1) BP pensioners protest payout reductions | Pensioners from BP are considering legal action against the company after experiencing a 17% decrease in their income.
2) BAE secures £4 billion contract for Aukus attack submarines | Rolls-Royce and Babcock will also be involved in the manufacturing and design process of the submarines.
3) Concerns arise over the risk of an oil spill in the English Channel | Russia’s shadow fleet, consisting of 23-year-old tankers, bypasses the G7’s price cap on oil exports, raising fears of an environmental catastrophe.
4) News publishers warn about the negative impact of AI on human knowledge | There is growing concern about the cumulative danger posed by generative models that use AI data instead of human-created content.
5) Roger Bootle argues in favor of stopping HS2 construction | Bootle believes that halting the HS2 project would be a compassionate decision given the current circumstances.
Overnight Developments
In thin trading, Asian shares were mostly higher, as many markets were closed for holidays.
China’s markets are closed for a weeklong holiday, as are South Korea’s markets.
Oil prices increased and U.S. indexes rose in premarket trading as the threat of a federal government shutdown diminished. Congress approved a temporary funding bill that will keep federal agencies open until November 17.
Japan’s Nikkei 225 index rose after a central bank survey revealed improved business confidence.
The Bank of Japan’s quarterly “tankan” survey showed that major manufacturers have a sentiment score of plus 9, up from plus 5 in June. Major non-manufacturers also saw a four-point increase, reaching plus 27. This marks the sixth consecutive quarter of improvement and the most positive result in about three decades.
In Tokyo, the Nikkei 225 index was up 0.7% at 32,098.40. Australia’s S&P/ASX 200 lost 0.2% at 7,037.90. Taiwan’s Taiex gained 1.2%, while the SET in Bangkok saw a 0.1% dip.
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