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Thanks for joining me. The triple lock is in focus this morning after the latest employment figures from the Office for National Statistics.
The state pension is expected to rise by 8.5pc in April next year in line with the figure for average earnings growth in the three months to July.
5 things to start your day
1) Jeremy Hunt says November Budget tax cuts ‘unlikely’ | The Chancellor has played down hopes of tax cuts in the November Autumn Statement
2) Bank rate-setter warns further interest rate rises needed to crush inflation | Comments come shortly after Bank of England Governor said rates were nearing their peak
3) Mini jump starts Britain’s electric car industry – but a bumpy road lies ahead | Investment provides vote of confidence in UK manufacturing despite looming threat of tariffs
4) AI supercomputer could boost Tesla’s valuation by $480bn, City predicts | Shares surge as ‘Dojo’ driverless system poised to make cars significantly more valuable
5) Wizz Air forced to ground planes after fault uncovered with engines | Airline warns of reduced service over Christmas while engines are checked
What happened overnight
US stocks advanced after rally on Big Tech companies helped Wall Street claw back half of its losses from last week.
The S&P 500 rose 0.7pc to 4,487.46. The Dow Jones Industrial Average climbed 0.3pc to 34,663.72. The Nasdaq Composite jumped 1.1pc to 13,917.89.
The benchmark 10-year Treasury yield climbed up to 4.28pc from 4.26pc late Friday. The two-year Treasury yield, which moves more closely with expectations for the Fed, rose to 5.00pc after drifting through the day, up slightly from 4.99pc late Friday.
Asian stocks edged higher after Wall Street rose, with Tokyo stocks opening with gains on Tuesday.
The benchmark Nikkei 225 index was up 0.75pc, or 243.56 points, at 32,711.32 in early trade, while the broader Topix index was up 0.70pc, or 16.41 points, at 2,376.89.
However, the Hang Seng Index slipped 0.45pc, or 80.89 points, to 18,015.56, the Shanghai Composite Index edged down 0.08pc, or 2.44 points, to 3,140.34 and the Shenzhen Composite Index on China’s second exchange lost 0.10pc, or 1.86 points, to 1,951.05.
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