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Thanks for joining me. Wage growth remains close to record highs but is falling in a sign that interest rates of 5.25pc are slowing down Britain’s economy.
Total pay grew by 7.2pc in the three months to October, but this was below the 8.5pc in the three months to July. It also meant real pay grew by 1.3pc over the course of the year, well below inflation of 4.6pc.
5 things to start your day
1) Vast majority of workers stuck at unproductive companies as Britain’s economic engine stalls | More than seven in 10 Britons work for employers where productivity is below average
2) Billionaire boss of Triumph Motorcycles pays himself £13m | Property baron John Bloor, 80, rescued the brand behind iconic 1960s motorbikes
3) Nightmare before Christmas as retailers grapple with soaring crime rates | Shoplifting has transformed from a crime of desperation into an organised operation
4) Judges given green light to use ChatGPT in legal rulings | AI will summarise reports despite the technology being prone to making up bogus cases
5) Ben Marlow: Overzealous banks are squeezing the remaining life out of British business | Lenders risk repeating the same ruinous mistakes they made during the financial crisis
What happened overnight
Asian shares rose on Tuesday while the dollar drifted lower as investors stayed cautious ahead of a crucial U.S. inflation report later in the day that will set the tone for a week filled with central bank meetings.
The U.S. Federal Reserve is widely expected to hold rates on Wednesday, with the spotlight squarely on comments from Chair Jerome Powell during his press conference as well as the central bank’s dot plot and economic projections.
Before that, the US Labor Department’s consumer price index (CPI) report later today is expected to show inflation still cooling but staying well above the Fed’s 2pc annual target, with core CPI expected to come in at 4pc.
In Asia, China’s blue-chip stocks eased 0.1pc, while Hong Kong’s Hang Seng index rose 0.6pc as investors looked for signs of policy support after data showed China’s November consumer prices posted their fastest fall in three years.
Tokyo’s key Nikkei 225 index closed higher but trimmed some early gains as traders eyed a major government corruption scandal.
The benchmark Nikkei 225 index added 0.2pc, or 51.90 points, to end at 32,843.70, while the broader Topix index slipped 0.2pc, or 5.39 points, to 2,353.16.
A top Japanese minister at the centre of allegations of missing funds survived a no-confidence motion, with embattled Prime Minister Fumio Kishida saying he wanted his cabinet chief to stay in his role despite reports of an imminent reshuffle.
On Monday, the Dow Jones Industrial Average of 30 leading US companies rose 0.4pc, to 36,404.93, while the broader-based S&P 500, much loved by index fund investors, gained 0.4pc to reach 4,622.44. Meanwhile, the Nasdaq Composite index, which contains main technology and healthcare companies, dropped 0.2pc to 14,432.49.
US Treasury yields were little changed. The benchmark 10-year Treasury bonds last rose to yield 4.24pc, from 4.25pc on Friday.
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