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Thanks for joining us. Food prices have fallen compared to the previous month for the first time in two years, bringing grocery inflation down to single digits, according to industry figures.
Food inflation decelerated to 9.9pc in September, a significant drop from 11.5pc in August, according to the British Retail Consortium Shop Price Index. It is at its lowest point since August last year.
5 things to start your day
1) John Lewis considers part-time chairman role as Sharon White prepares to stand down | Partnership expected to change requirements of top role to help attract high-quality talent
2) Donald Trump offered to sit out presidential election for $5bn, book claims | Excerpts from new book claim crypto tycoon explored possibility of buying off former president
3) AI will let people live to 100 and work shorter weeks, says JP Morgan boss | Jamie Dimon highlights potential of new technology amid fears over existential threat
4) ‘John Lewis was our ‘go to’ store – not anymore’: Telegraph readers react to Sharon White’s decision to step down | Readers complain quality of service offered by the group has gone downhill
5) TalkTalk sells business division to shell company as it prepares to split in three | The deal comes amid a scramble to raise cash to pay down the group’s £1.1bn debt pile
What happened overnight
Asian markets declined following a mixed session on Wall Street, where buying was pressured by rising bond yields.
Hong Kong’s Hang Seng dropped more than 3pc as investors unloaded property shares. However, China Evergrande was up nearly 16pc as it resumed trading.
Its shares were suspended last week as the troubled real estate developer announced that its chairman was under investigation. Earlier in the session it’s shares soared more than 60pc.
By midday, the Hang Seng was down 3pc at 17,278.37. Markets in mainland China and South Korea remained closed for holidays.
Tokyo’s Nikkei 225 index fell 1.5pc to 31,282.32, while Australia’s S&P/ASX 200 skidded 1.1pc to 6,953.60. India’s Sensex declined 0.7pc to 65,408.18.
Bangkok’s SET was down 1.5pc and Taiwan’s Taiex fell 0.3pc.
Wall Street stocks ended lower on Monday amid trader concerns that the Federal Reserve will need to hold interest rates higher for longer.
The Dow Jones Industrial Average fell 74.15 points or 0.22pc to finish at 33,433.35.
The S&P 500 gained 0.34 points or 0.01pc to close at 4,288.39, while the Nasdaq Composite added 88.45 points or 0.67pc at 13,307.77.
The yield on the 10-year Treasury climbed again Monday, up to 4.67pc from 4.58pc late Friday, and is near its highest level since 2007.
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