The FTSE 100 falls as markets hit fears of a recession
There are early signs that the UK housing boom may finally end.
The median home price rose 1.1 percent in April to £ 286,079, according to Halifax. This is a new record and the tenth consecutive month of growth.
However, the increase dropped to 10.8%. on an annual basis, compared to 11.1 percent. in last month.
Halifax warned that rising interest rates and rising inflation would soon weaken demand and predicted a slowdown in growth until the end of the year.
5 things to start your day with
1) Rising unemployment and soaring inflation: Britain’s bleakest economic forecast in a decade The UK economy will be hampered by the Bank increasing the cost of credit and reducing fiscal support by Chancellor Rishi Sunak
2) Homeowners faced developers to deal with “generational rent” Developers warn that the planned reforms will be “a death bell for the shopping street”
3) The UK faces recession and 10 percent inflation as interest rates rise Ominous outlook for growth and unemployment as the Bank pushes rates to 1pc
4) Nadine Dorries will continue to fight competition on high technologies The Secretary of Culture launches a Digital Markets Unit with the power to impose multi-billion dollar fines
5) The climate change crisis will cause “dwarf” costs of living pain, says Mark Carney The former governor of the Bank of England believes governments must seize the moment and move away from fossil fuels
What happened last night?
Asian equities fell to their lowest level in seven weeks and the dollar remained high as investors around the world avoided riskier assets amid concerns that higher US interest rates and China’s strengthening of Covid’s zero policy could hurt growth heavily .
The broadest MSCI index for Asia-Pacific equities outside of Japan fell by 2.7 points. and fell to its lowest level since March 16, when Chinese Deputy Prime Minister Liu He strengthened equities, pledging to support the markets and the economy.
The Japanese Nikkei resisted the trend, rising 0.6%. after returning from a three-day vacation. Chinese blue chips lost 2 percent, the Hong Kong benchmark lost 3.4 percent and the Chinese yuan fell to its lowest level in 18 months in both onshore and offshore markets.
Coming up today
- Collective: Apax Global Alpha, Beazley, International Consolidated Airlines Group (temporary); InterContinental Hotels Group, Spirent Communications (commercial statement)
- Economy: Construction PMI (Great Britain)wages outside agriculture (US)average weekly earnings (US)unemployment rate (US)