Thanks for joining us. The Chancellor’s Autumn Statement has imposed measures which could increase food price inflation, retail chiefs have warned.

Helen Dickinson, chief executive of the British Retail Consortium (BRC), said changes to pay and taxes introduced by Jeremy Hunt in the Autumn Statement risk sending prices higher.

She pointed to increases in the minimum wage and business rates for supermarkets, which will increase costs for the businesses.

5 things to start your day 

1) Central bank spending is like ‘heroin’ for households, says Jamie Dimon | JP Morgan boss says US economy is addicted to debt

2) Twitter loses 3 million monthly UK visitors after Musk takeover | Users switch to rival platforms amid concerns over looser moderation and falling quality

3) Sunak’s net zero backsliding ‘deeply damaging’ for Britain, warns Lord Stern | Interview: Former chief economist on why the PM’s climate policy is a diplomatic disaster

4) The OpenAI soap opera is a lesson in why greed is good | The ChatGPT creator’s radical experiment in corporate governance has unambiguously failed

5) Crazy environmental standards risk turning Britain into a nation of green ghost towns | Heavy-handed regulation is accelerating a downturn in commercial property

What happened overnight 

Shares were mixed in Asia after Wall Street benchmarks edged lower as investors waited for updates on inflation and how American consumers are feeling about the economy.

Tokyo and Hong Kong fell while Shanghai, Seoul and Sydney gained.

Later, the Conference Board will issue its latest report on consumer confidence, which has remained solid throughout the year. Economists polled by FactSet expect another solid reading for the October report.

The Hang Seng in Hong Kong slipped 0.6pc to 17,419.42. Sensetime’s shares sank 5.6pc, having fallen as much as 9pc, after short-seller Grizzly Research accused the artificial intelligence software company of inflating its revenue figures. 

In a notice to the Hong Kong Stock Exchange, Sensetime said the allegations were “without merit” and showed a lack of understanding of the company’s business and its financial reporting.

Elsewhere, Japan’s benchmark Nikkei 225 index closed down 0.1pc at 33,408.39, while the broader Topix index slipped 0.2pc to 2,376.71.

South Korea’s Kospi jumped 0.8pd to 2,514.45 and the Shanghai Composite index edged 0.1pc higher, to 3,034.80.

Australia’s S&P/ASX 200 added 0.3pc to 7,011.10 and India’s Sensex was up just 18 points at 65,980.48. Bangkok’s SET gained 0.4pc.

The Dow Jones Industrial Average of 30 leading American companies dropped 0.2pc on Monday to 35,333.47. The S&P 500 – much loved by index fund investors looking for a broad base of American companies – dipped 0.2pc to 4,550.43, while the Nasdaq Composite index, which is heavily skewed towards technology companies, dropped 0.1pc to 14,241.02.

The benchmark 10-year US Treasury bonds were down nine basis points to 4.394pc.