Thanks for joining me. Wage rises slowed down from the record pace they had set in the three months to July, according to official figures.
Pay including bonuses rose by 8.1pc in the three months to August, easing off from the 8.5pc jump in the previous period.
5 things to start your day
1) Israel to boycott Europe’s biggest tech conference after founder accuses country of ‘war crimes’ | Dozens of companies pull out of Lisbon event following a wave of protest from tech bosses
2) Sunak’s stealth tax raid equivalent to extra 6p on income tax, IFS says | Think-tank says the Government is in a ‘fiscal bind’ amid low growth and high debt servicing costs
3) Rolls-Royce to cut 2,500 jobs | Redundancies come amid a wider drive to trim costs
4) King Charles hands start-up right to mine gold and silver in Cornwall | Cornish Tin celebrates ‘significant win’ as region looks to revive mining heritage
5) Too early to declare victory in inflation fight, warns Bank of England | Persistent wage growth could keep interest rates higher for longer
What happened overnight
Asian stocks rose in cautious trading, with investors choosing to focus on corporate earnings prospects and the resilience of the US economy ahead of tensions in the Middle East.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4pc. Tokyo’s Nikkei 225 was up 1pc at 31,988.40 and the Hang Seng in Hong Kong added 0.7pc to 17,763.41.
The Shanghai Composite index gained 0.3pc to 3,081.75. In Australia, the S&P/ASX 200 climbed 0.5pc to 7,059.00. India’s Sensex advanced 0.5pc and the SET in Thailand rose 0.5pc.
It has been confirmed that US President Joe Biden will visit Israel on Wednesday as the country prepares to escalate an offensive against Hamas militants that has set off a humanitarian crisis in Gaza and raised fears of a broader conflict with Iran.
Iran’s Foreign Minister said Israel would not be allowed to act in Gaza without consequences, warning of “pre-emptive action” by the “resistance front” in the coming hours.
Israel’s shekel weakened beyond four-to-the-dollar for the first time since 2015 on Monday, as it bears some of the brunt of worry and uncertainty about the Gaza situation.
On Monday on Wall Street, the S&P 500 climbed 1.1pc for its best day since the October 7 surprise attack on Israel by Hamas. It closed at 4,373.63. The Dow rose 0.9pc to 33,984.54 and the Nasdaq Composite added 1.2pc to 13,567.98.
