Thanks for joining me. Inflation remained unchanged in September, increasing pressure on the Bank of England to raise interest rates and address persistent price rises. The consumer prices index stood at 6.7% last month.
5 things to start your day
1) Sunak urged to shut down Britain’s gas network and promote heat pumps | Sir John Armitt emphasizes the need to end natural gas supply by 2050 for the UK to meet climate targets.
2) Pressure mounts on Rupert Murdoch to break up media empire behind the Times | Investors are calling for a breakup of Murdoch’s media empire shortly after his resignation as News Corp chairman.
3) Lords warn Sunak against weakening CMA’s powers to tackle Big Tech | Industry leaders oppose current plans, stating they could deter investment.
4) America challenges China’s global AI domination | The United States takes aim at China’s plans for AI dominance.
5) Musk reduces the price of entry-level Tesla in the UK by £3,000 | Increasing competition and market saturation prompts EV makers to lower prices.
What happened overnight
Asia’s stock market declined after China reported a 4.9% annual growth rate in the third quarter, down from 6.3% in the previous quarter. China’s economic slowdown is attributed to weakened global export demand and a struggling property sector.
The Chinese government has implemented measures, including increased infrastructure spending, interest rate cuts, and eased home-buying restrictions, to support the economy. However, economists argue that broader reforms are necessary to address long-term issues such as an aging population and declining productivity.
In Asian trading, Hong Kong’s Hang Seng fell 0.1%, the Shanghai Composite dropped 0.6%, and Japan’s Nikkei 225 declined 0.1%. South Korea’s Kospi added less than 0.1%, Australia’s S&P/ASX 200 rose slightly, Bangkok’s SET increased by 0.5%, and India’s Sensex was down slightly.
On Wall Street, US retail data showing higher-than-expected consumer spending led to mixed performance. The S&P 500 closed slightly lower, the Dow Jones Industrial Average stayed relatively unchanged, and the Nasdaq Composite decreased. The yield on the 10-year Treasury increased.
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