Welcome aboard! Let’s kick off the week with insights on the UK economy. EY economists have adjusted their growth projections for next year, forecasting a 0.7% increase in gross domestic product (GDP), revised down from the previous estimate of 0.8%. However, they have upgraded their 2023 GDP forecast from 0.4% to a more optimistic 0.6% following the stronger-than-expected performance of Britain’s economy at the beginning of this year.
Here are 5 things to start your day:
1) Sunak paves the way for driverless cars in four years | The UK government is considering plans that could see driverless cars delivering groceries and transporting passengers on British roads within four years.
2) Private schools prepare for wave of mergers after Starmer confirms VAT raid | Thomas’s Battersea, an independent preparatory school in south-west London renowned for educating royalty and future celebrities, is among several private schools bracing for mergers.
3) Vogue owner Conde Nast posts 20% decline in sales of glossy magazines | Conde Nast’s accounts reveal a 20% decrease in sales of lifestyle magazines last year as readers shift away from such titles.
4) The airline parts scandal sparking panic and introspection in aerospace | A minor incident involving a faulty part identified in a Portuguese repair center has escalated into a larger crisis within the aerospace industry.
5) How Labour could sabotage its big play for business | The Labour Party, historically championed by workers and unions, is now seeking to appeal to a different constituency under Keir Starmer’s leadership.
Here’s what happened overnight:
Crude oil remains above $90 per barrel, while stocks have declined and the US dollar remains strong amid growing concerns over escalating violence in Gaza. There are fears that the conflict between Israel and Hamas could spread further across the region.
Israel’s shekel has reached an eight-year low following Prime Minister Benjamin Netanyahu’s vow to retaliate against Hamas for the October 7 attack, which resulted in the deaths of 1,300 civilians – the deadliest attack on Israeli civilians in history.
US Secretary of State Antony Blinken is set to return to Israel after talks with Arab officials.
Brent crude futures briefly reached $91.20 before settling just below $91, following a 5.7% surge on Friday.
The Nikkei share average in Japan has fallen by 2%, while Hong Kong’s Hang Seng and mainland blue chips have dropped by 0.4% and 0.7%, respectively.
Australia’s S&P/ASX 200 index has experienced a 0.4% decline, and New Zealand’s equity benchmark has slid by approximately 1%.
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