Thank you for your participation. Wage growth remains near record highs but has fallen in a sign that interest rates, at 5.25%, are slowing the UK economy.
Total payroll increased by 7.2% in the three months to October, but below the 8.5% increase in the three months to July. This also meant that real wages increased by 1.3% over the year, well below the inflation rate of 4.6%.
5 things to start your day
1) Majority of workers stuck in unproductive companies as UK economic engine stalls | More than 7 in 10 Brits work for an employer with below average productivity
2) Billionaire boss of Triumph Motorcycles pays himself £13m | Real estate mogul John Bloor, 80, saved iconic 1960s motorcycle brand
3) Pre-Christmas nightmare as retailers grapple with soaring crime rates | Shoplifting has changed from a crime of desperation to an organized crime
Four) Judge gives green light to use ChatGPT in court judgment | AI summarizes reports despite tendency to fabricate fake cases
Five) Ben Marlow: Overzealous banks are squeezing the life out of UK businesses | Lenders risk repeating the same devastating mistakes made during the financial crisis
what happened overnight
Asian stocks rose on Tuesday, while the dollar fell as investors remained cautious ahead of a crucial U.S. inflation report later in the day that will set the tone for a week packed with central bank meetings.
The Federal Reserve is widely expected to keep interest rates on hold on Wednesday, with the focus on Chairman Jerome Powell’s press conference comments, the central bank’s dot plot and the economic outlook.
Before that, the Consumer Price Index (CPI) report released by the U.S. Department of Labor later today shows that while inflation remains cool, core CPI is expected to reach 4%, well above the Fed’s annual target of 2%. has been done.
In Asia, Chinese blue-chip stocks fell 0.1% as investors looked for signs of policy support after data showed China’s consumer prices fell by the most in three years in November. Meanwhile, Hong Kong’s Hang Seng Index rose 0.6%.
Tokyo’s main Nikkei stock average ended higher, but pared some of its early gains as traders focused on a major government corruption scandal.
The benchmark Nikkei 225 index rose 0.2%, or 51.90 points, to end at 32,843.70, while the broader Topix index fell 0.2%, or 5.39 points, to 2,353.16.
Japan’s cabinet ministers at the center of the funding scandal survived a no-confidence motion, and embattled Prime Minister Fumio Kishida has said he wants his chief cabinet secretary to remain in office despite reports of an impending cabinet reshuffle.
On Monday, the Dow Jones Industrial Average, made up of 30 major U.S. companies, rose 0.4% to 36,404.93, while the broader S&P 500 index, a favorite of index fund investors, rose 0.4% to 4,622.44. Ta. Meanwhile, the Nasdaq Composite Index, which includes major technology and health care companies, fell 0.2% to 14,432.49.
US Treasury yields were little changed. The yield on the benchmark 10-year U.S. Treasury note last rose to 4.24% from 4.25% on Friday.