Thank you for joining me. The Halifax house price index reveals a significant decline in house prices, with a 4.6% drop in the year ending August. This decline is the steepest since 2009, leaving average property values at £279,569, down from £285,044 in July.
5 intriguing updates to kick-start your day
1) Bank of England governor predicts a notable decrease in inflation by the end of the year | Andrew Bailey suggests that interest rate hikes are nearing their peak
2) Tech companies claim a victory as ministers concede that scanning private messages is not feasible | Online Safety Bill empowers Ofcom to request apps to identify child abuse imagery
3) NatWest appoints a new chairman nicknamed ‘Slick Rick’ following the Farage scandal | Rick Haythornthwaite will assume the role in April next year, replacing Sir Howard Davies
4) BBC Good Food blocks ChatGPT to address concerns about the ‘robot chef’ | Restrictions imposed as cooking publishers fight for survival in the wake of the chatbot’s launch
5) Waitrose warns employees of potential job losses due to company restructuring | The retailer states that staff will have to make “sacrifices and compromises”
Overnight developments
Asian stocks continue to decline as evidence of sustained inflationary pressures arises in the United States.
The US dollar remains close to its highest level since mid-March against major currencies, and even reaches a fresh 10-month high against the yen.
Brent crude remains above $90 per barrel, further exacerbating concerns about inflation due to tightening supply.
The Asia-Pacific shares, as represented by MSCI’s broadest index, dropped by 0.5%, following the downward trend in Wall Street and Europe.
Hong Kong’s Hang Seng declined by nearly 1%. Mainland Chinese blue chips fell by 0.8%. Australia’s benchmark lost 1.1%.
Although Japan’s Nikkei dropped a milder 0.2%, it is at risk of ending its eight-session winning streak.
On Wednesday, Wall Street stocks experienced a decline while Treasury yields rose following the release of data showing faster-than-expected growth in the US service sector last month.
The S&P 500 fell 0.7% to 4,465.48. The Dow Jones Industrial Average sank 0.6% to 34,443.19. The Nasdaq composite dropped 1.1% to 13,872.47.
The yield on the 10-year Treasury, which affects interest rates on mortgages and other loans, increased to 4.3% from about 4.25% prior to the report’s release.
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