Thanks for joining me. Motorists should prepare for another year of rising insurance premiums as the industry grapples with rising costs.

EY said prices will rise 16pc this year and 11pc next year, with insurers forecast to spend £108.50 for every £100 taken in premiums in 2023.

5 things to start your day 

1) National Grid plots ‘honeypots’ to catch hackers as cyber attacks ramp up | Infrastructure provider advertises contract of more than a million pounds for advanced technology

2) Meta deletes 8,000 Facebook accounts linked to Chinese disinformation campaign | Covert network targeted more than 50 social media platforms and online forums

3) Don’t want to go to a meeting? Send Google’s AI instead | Duet AI will act as a meeting companion that will take notes and present talking points

4) Working from home ‘is probably not going to work out’, Amazon chief warns staff | Retail giant’s official policy requires staff to work from office at least three days a week

5) Wilko job losses paused amid last minute rescue bids | PwC receives two eleventh-hour bids for the low-cost retailer

What happened overnight 

Asian shares rose as they were boosted by a Wall Street rally that came on positive reports on consumer confidence and job openings.

Japan’s benchmark Nikkei 225 added 0.9pc to 32,529.72. South Korea’s Kospi rose 0.6pc to 2,567.44. Hong Kong’s Hang Seng gained 0.4pc to 18,563.39, while the Shanghai Composite inched up less than 0.1pc to 3,137.72.

Australia’s S&P/ASX 200 jumped 1.4pc to 7,310.60, after the Australian Bureau of Statistics reported the monthly  consumer prices index indicator rose 4.9pc in the 12 months to July.

That was lower than the expected 5.2pc, marking the first time since February 2022 that the indicator fell below 5pc.

Wall Street stocks rose on Tuesday after fresh data revealed a surprise decline in the number of job openings, raising the chances of softer Federal Reserve interest rate policy going forward.

The Dow Jones Industrial Average finished 0.9pc higher at 34,852.67.

The broad-based S&P 500 climbed 1.5pc to 4,497.63, while the tech-heavy Nasdaq Composite Index surged 1.7pc to end the day at 13,943.76.

Bond yields retreated, with the 10-year Treasury yield falling as much as 9.8 basis points to 4.104pc.