Good morning,
The FTSE 100 is set for more losses today after a global tech rout deepened and wiped trillions from the value of US and Asian markets.
Meanwhile, UK house prices suffered their biggest fall in more than three years in October - and buyers’ confidence could slump again after Thursday’s interest rate hike.
So, here’s everything you need to know this morning. We’ll be back in your inbox at noon with Midday Markets.
Charlie
House prices suffer biggest drop in three years
House prices suffered their biggest fall in more than three years in October, with buyers’ confidence now in danger of slumping again after Thursday’s interest rate hike.
The average house price in the UK fell by 1.2 per cent to £296,285 in the 12 months to October, according to the Lloyds house price index, the biggest drop in prices recorded since October 2023.
FTSE 100 Live: Stocks to sink as tech rout deepens
London’s blue-chip index is shaping up for another big loss after the tech rout deepened on global markets overnight.
South Korea’s Kospi index tumbled more than five per cent and saw a halt in trading on the exchange, while Japan’s Nikkei 225 index fell around six per cent. Taiwan’s benchmark Taiex index also dropped just over six per cent.
Festus Akinbusoye: I’m more fun than Cleverly
The Conservatives are on the hunt for a candidate for the London mayoral elections in 2028.
Mauricio Alencar speaks to one Sir James Cleverly’s challengers, Festus Akinbusoye.
Burnham urges firms to publish pay in job adverts ahead of new law
Andy Burnham has called on businesses to publish salaries in job adverts ahead of a new law which will force them to do so.
The government said it is planning to bring forward legislation to make it compulsory for salaries to be visible on job adverts before people apply to them.
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The City is starved of cool spots. This restaurant changes that
There aren’t enough of this sort of thing in the City. We’re big fans of Luma Omakase’s cosmic sushi counter, and for a quick lunch there’s Koya in Bloomberg Arcade, while there’s always Sushisamba if you want to get squiffy while eating your sushi to the accompaniment of live DJs. But in purely culinary terms, the Square Mile is under-represented when it comes to raw sliced fish.
Wild Izakaya helps to redress the balance.
Betfred ditches Derby sponsorship and blame Healey Budget tax hikes
Betfred have pulled out of sponsoring the Derby, citing Chancellor John Healey’s tax hikes at last month’s Budget.
The gambling firm signed a deal, in two parts, to sponsor five major racing meets in the United Kingdom known as the British Classics. But tax hikes issued by both Rachel Reeves and Healey at consecutive Budgets have squeezed available spend on horse racing, according to the company.
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