Elon Musk has said he plans to alter the BBC’s new Twitter label from “government funded media” after a row with the broadcaster. Meanwhile, one-in-four UK parents has been forced to give up their job due to childcare costs. Later, we are expecting a speech from Andrew Bailey, governor of the Bank of England.
5 things to start your day
1) World leaders race to prevent new banking crisis | Andrew Bailey and Jeremy Hunt to discuss stability risks in Washington as IMF warns over threat of global recession
2) Britain to remain world’s worst-performing large economy in 2023 | UK’s growth on track to contract more than Russia’s, warns IMF
3) Police to investigate alleged sexual misconduct at CBI after boss sacked | Investigation comes as Tony Danker hits back over ‘distorted’ claims
4) Tesla to build battery storage site in Milton Keynes | Elon Musk seeks to accelerate sales of its electric cars in Britain
5) EY abandons break up plans after internal turmoil | Announcement marks another climbdown by the Big Four firm’s senior leadership
What happened overnight
Wall Street stocks delivered a modest performance on Tuesday as investors eagerly await new inflation data set to be released this week.
The latest US consumer price index data will be released today, while the producer price index is due Thursday and bank earnings on Friday.
Asian stocks climbed on Wednesday morning, with shares opening higher in Japan and Australia. Japan’s benchmark Nikkei 225 rose 0.6pc in early trading, Australia’s S&P/ASX 200 added 0.6pc and South Korea’s Kospi edged less than 1 point lower, to 2,547.27.
Meanwhile, Hong Kong’s Hang Seng index shed 0.7pc and the Shanghai Composite index added 0.3pc.
The Dow Jones Industrial Average rose 0.3pc to 33,684.79. The broad-based S&P 500 dipped less than 0.1pc to 4,108.94, while the tech-rich Nasdaq composite dropped 0.4pc to 12,031.88.
Yields on US government bonds advanced as traders price in one further interest rate hike.
The two-year Treasury yield, which typically moves in step with interest rate expectations, rose 2.7 basis points to 4.035pc. The benchmark 10-year Treasury yield rose 1.3 basis points to 3.428pc.
