Greetings and welcome to this morning’s update. Today, we have the latest insights from the Office for National Statistics regarding the labor market, including pay growth, unemployment numbers, and sickness data. Pay growth has reached unprecedented levels, posing a challenge for the Bank of England in their efforts to control inflation. This suggests that we can expect further difficulties from rate hikes.
5 Engaging Topics for Your Morning
1) Sam Bankman-Fried Accused of Using Stolen Funds for Political Donations | Prosecutors allege that the FTX founder spent over $100 million on political lobbying.
2) YouGov Contemplates Move from London to New York Amidst Increasing City Exodus | Listings in the U.S. would further harm the struggling UK stock market.
3) Residents of Home Counties in England Receive the Least NHS Funding, Claims IFS | Londoners received £312 more funding than their counterparts in the South East.
4) Tesla Sparks Price War after Chinese Carmaker Vows to ‘Demolish’ Western Competitors | The electric carmaker continues to decrease prices amidst fierce competition.
5) ‘Bob the Builder’ Tycoon’s Holiday Parks Fall into Administration | Robert Bull, previously recognized as one of Britain’s wealthiest individuals, faces financial difficulties.
Highlights from Overnight
Wall Street stocks closed on a positive note yesterday in anticipation of upcoming US retail sales data and earnings reports from major retail chains. These indicators will shed light on whether consumer spending can prevent the economy from slipping into a recession.
The broad-based S&P 500 gained 0.6% to reach 4,489.72, while the Dow Jones Industrial Average inched up 0.1% to 35,307.63. The tech-heavy Nasdaq Composite experienced a more substantial increase of 1.1% to 13,788.33.
In the bond market, the yield on the 10-year Treasury note rose to 4.19% from 4.16% on Friday. The shorter-term two-year yield, which is influenced by Fed expectations, climbed to 4.96% from 4.90%.
Asian shares advanced following a rebound in US tech shares. Australia and Japan saw modest gains, with official data revealing stronger-than-expected expansion in their respective economies, indicating resilience.
The benchmark Nikkei 225 index in Japan rose by 0.84%, or 270.43 points, to settle at 32,330.34, while the broader Topix index increased by 0.49%, or 11.13 points, to reach 2,292.02.
However, Hong Kong stocks opened lower, as the Hang Seng Index slipped by 0.93%, or 174.35 points, to 18,599.20.
The Shanghai Composite Index in China grew by 0.07%, or 2.13 points, to 3,180.56, and the Shenzhen Composite Index on China’s second exchange increased by 0.03%, or 0.55 points, to 2,000.19.
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