Thank you for joining us. A recent survey from Lloyds has revealed that bosses are currently facing a significant decrease in demand, comparable to levels experienced during the pandemic and in the aftermath of the global financial crisis. This decline comes as businesses anticipate a potential 15th consecutive increase in interest rates by the Bank of England, expected to be announced on Thursday, bringing rates to 5.5%.
Here are 5 things to start your day:
- ‘Sandwich generation’ paying for Britain’s inactivity crisis, says ex-Bank of England chief – According to former Bank of England chief, Andy Haldane, the middle-aged workforce is being burdened by the pressures of long-term sickness, as they are required to fund Britain’s inactivity crisis.
- Cut taxes or electric car industry will suffer, ministers warned – Carmakers are attributing the declining demand for battery-powered vehicles to a lack of incentives, urging the government to reduce taxes to support the electric car industry.
- Elon Musk brands Saudi Arabia Tesla factory claims ‘utterly false’ – Reports suggesting a potential Tesla factory in Saudi Arabia have been dismissed by Elon Musk, who labeled them as “utterly false.” Musk is currently exploring options for a new manufacturing site.
- Sainsbury’s slaughters beef cattle months earlier as part of net zero ambitions – As part of their net zero goals, Sainsbury’s supermarket has implemented improved efficiency measures on farms, resulting in the earlier timing for beef cattle consumption.
- British farmers are ‘struggling to survive’, warn celebrity chefs – Renowned chefs Rick Stein and Hugh Fearnley-Whittingstall have raised concerns about the survival of British farmers, emphasizing the challenges they currently face.
Here’s what happened overnight:
- Asian shares experienced a decline due to concerns surrounding the Chinese property sector, impacting markets from Hong Kong to Australia. In Japan, investors sold chip stocks following a holiday-extended weekend.
- Benchmark US Treasury yields remain near 16-year highs, and the dollar maintains its position close to six-month highs as traders anticipate rate decisions from the Federal Reserve, the Bank of Japan, and the Bank of England.
- Crude oil prices continue to rise as supply tightens, leading to worries about stagflation.
- MSCI’s broadest index of Asia-Pacific shares decreased by 0.3%.
- The Nikkei in Japan declined by 1.1% due to significant losses in chip-related stocks, including Tokyo Electron and Advantest.
- US markets closed slightly higher, with the S&P 500 edging up 0.1% and the Dow Jones Industrial Average and Nasdaq Composite showing minimal increases.
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