Thanks for joining us on a huge day as the Bank of England prepares to announce its next decision on interest rates.
This morning, the latest data from the Office for National Statistics showed that public sector borrowing increased in August compared to the same time a year earlier.
The Treasury borrowed £11.6bn last month, which was the fourth highest August borrowing figure since monthly records began in 1993.
5 things to start your dayÂ
1) Why delaying the petrol ban risks denting confidence in Britain’s car industry | Carmakers fear rolling back net zero targets will scare off much-needed investment
2) Inside Sunak’s plan to free Britain’s electricity grid from a tangle of red tape | Many renewable energy projects vital for net zero are held up by bureaucracy and delays
3) Brussels to crack down on greenwashing with ban on ‘carbon neutral’ labels | New regulations will make the EU’s stance the world’s strictest
4) Fed leaves rates unchanged but hints at future hike | US central bank holds interest rates steady at 5.25pc to 5.50pc
5) Bets on interest rate rise slashed after surprise inflation fall | Bank of England expected to hold rates at 5.25pc after consumer prices defy expectations
What happened overnightÂ
Asian stocks dipped across the board as investors interpreted the US Federal Reserve’s latest policy statements as signalling higher-for-longer interest rates.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4pc by early afternoon Hong Kong time. Japan’s Nikkei slid 0.6pc. China’s blue-chip dipped 0.6pc, while Hong Kong’s benchmark shed 1.3pc.
Wall Street stocks slumped on Wednesday after the Federal Reserve held its main interest rate steady at its highest level in more than two decades as expected.Â
The S&P 500 fell 41.75 or 0.9pc to 4,402.20. The Dow Jones Industrial Average lost 76.85 or 0.2pc to 34,440.88, and the Nasdaq composite dropped 209.06 or 1.5pc to 13,469.13.
The yield on the 10-year Treasury rose to 4.39pc from less than 4.32pc shortly before the Fed’s announcement and from 4.37pc late Tuesday. It’s back to where it was in 2007.
