Thanks for joining me. Britain’s economy returned to growth in August as the services sector bounced back into expansion.
The Office for National Statistics said the gross domestic product (GDP) grew by 0.2pc as had been predicted by economists.
5 things to start your day
1) Oil and gas cannot be ‘shut down overnight’ on path to net zero, says Carney | Economies must ‘build up alternatives’ before winding down fossil fuel production
2) Aga sales fall as soaring energy prices chill country kitchens | The company’s cookers are among the most expensive on the market
3) Biden borrowing binge driving ‘unsustainable’ rise in global debts, warns IMF | US borrowing forecast to remain close to 7pc of GDP until the end of the decade
4) Hamas terrorists were sent millions in crypto in months before Israel attack | Electronic currencies have been used by terrorist groups to evade financial sanctions
5) Birkenstock shares slump almost 13pc in New York debut | The sandal-maker recorded the worst opening for a listing of $1bn or more in New York in over two years
What happened overnight
Asian stocks extended the week’s gains, undeterred by forecast-beating US wholesale inflation data as investors grew increasingly hopeful the Federal Reserve would not hike interest rates further.
The mood was enhanced by news that China’s massive sovereign wealth fund had bought stakes in the country’s biggest banks, fuelling speculation it could broaden its reach to support beleaguered mainland markets.
Tokyo and Seoul rose by more than one percent, while Sydney, Singapore, Taipei and Jakarta were also on the front foot.
Hong Kong and Shanghai also rallied on news that China’s Central Huijin Investment – an arm of the $1.4trillion China Investment Corp – had bought $65m of shares in the country’s banking giants.
Analysts said the purchase of stakes in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial and Commercial Bank of China was aimed at boosting sentiment in mainland markets, which have been hit by worries over the stuttering economy.
Huijin was also said to be planning to further boost its holdings.
There has been plenty of optimism on trading floors in recent days after a US jobs report Friday was neither too hot nor too weak, while a string of central bank decision-makers have lined up to suggest they backed a pause in any more monetary tightening.
