Thanks for joining us. A survey by Lloyds has shown that bosses are facing a fall in demand equivalent to levels seen during the pandemic and in the wake of the global financial crisis.
The slump comes as businesses prepare for the Bank of England to potentially announce a 15th consecutive rate hike to 5.5 percent on Thursday.
5 things to start your day
1) ‘Sandwich generation’ is paying for Britain’s inactivity crisis, says former Bank of England chief | Andy Haldane warns about the burden of long-term illness on middle-aged workers
2) Tax cuts would otherwise affect the electric car industry, ministers warned | Car manufacturers blame a lack of incentives for weakening demand for battery-powered vehicles
3) Elon Musk calls Tesla factory claims in Saudi Arabia ‘completely false’ | Reports come as the billionaire is “playing the field” for a new manufacturing facility
4) Sainsbury’s is slaughtering cattle months early as part of its net zero targets | The supermarket says improved efficiency on farms has led to an “optimum consumption point”.
5) British farmers are “fighting for survival”, celebrity chefs warn | British farmers are “fighting for survival”, warn Rick Stein and Hugh Fearnley-Whittingstall
What happened overnight?
Asian stocks fell as worries about China’s real estate sector weighed on markets from Hong Kong to Australia, while Japanese investors sold chip stocks after a long holiday weekend.
Benchmark U.S. Treasury yields hovered near their 16-year peak and the dollar held near six-month highs as traders prepared for a Federal Reserve interest rate decision on Wednesday, in a week that also saw the Bank of Japan and the Bank of England make monetary policy decisions.
Crude oil continued its rally amid tighter supplies, fueling concerns of stagflation.
MSCI’s broadest index of Asia-Pacific stocks fell 0.3 percent.
Japan’s Nikkei fell 1.1 percent, weighed down by big losses in chip stocks such as Tokyo Electron and Advantest.
Japanese markets were closed on Monday as Asian technology stocks sold off following a Reuters report that TSMC had asked its key suppliers to delay deliveries.
U.S. markets closed slightly higher on Monday, with the S&P 500 gaining 0.1% to 4,453.53, ending its second straight week of losses.
The Dow Jones Industrial Average rose less than 0.1 percent to 34,624.30, while the Nasdaq Composite gained less than 0.1 percent to 13,710.24.
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