Thanks for joining me. Union members have been refused bonuses at Network Rail over their decision to go on strike for eight months.
RMT secretary Mick Lynch described the decision, which affects up to 20,000 staff, as “disgraceful”.
5 things to start your day
1) Michael Gove accused of punishing drivers with ‘London-centric’ building policies | Redrow boss criticises Levelling Up Secretary for impractical approach to housing
2) Shapps risks backlash by forcing ‘luxury’ heat pumps on households, warns energy boss | Fears of ‘heat hammer-style’ rebellion if expensive heating systems imposed
3) London homeowners forced to knock £23,000 off asking prices | Soaring mortgage costs hit capital but South West expected to record biggest drop
4) City AM owed thousands to upmarket hotels and restaurants ahead of takeover | Debts reveal dire state of London freesheet’s finances prior to collapse
5) Germany plans three-year rent freeze for tenants | Country’s landlords face a lock on payments and prospect of paying back ‘usurious’ rates
What happened overnight
Asian shares mostly rose as got a boost from signs China-US relations may be improving, as the nations agreed to work together to smooth out economic relations, including business and trade.
US Commerce Secretary Gina Raimondo said she and her Chinese counterpart agreed Monday to exchange information on US export controls and set up a group to discuss other commercial issues.
Japan’s benchmark Nikkei 225 edged up 0.4pc in afternoon trading to 32,287.46.
Australia’s S&P/ASX 200 added 0.5pc to 7,197.50. South Korea’s Kospi edged up 0.3pc to 2,551.54. Hong Kong’s Hang Seng jumped pc to 18,498.18, while the Shanghai Composite gained 1.1pc to 3,133.55.
On Wall Street on Monday, the S&P 500 rose 27.60 points, or 0.6pc, to 4,433.31. The benchmark index is still on track to close out August with a loss.
The Dow Jones Industrial Average rose 213.08 points, or 0.6pc to 34,559.98 and the Nasdaq Composite rose 114.48 points, or 0.8oc, to 13,705.13.
US Treasuries extended overnight gains, driving two-year yields down 6.5 basis points to 4.9855pc and 10-year yields down to 4.1843pc.
