Thanks for joining me. Inflation was unchanged in September in a reading that heaps pressure on the Bank of England to raise interest rates again to tackle stubborn price rises.
The consumer prices index stood at 6.7pc last month.
5 things to start your day
1) Shut down Britain’s gas network and roll out heat pumps, Sunak told | Sir John Armitt warns natural gas supply must end by 2050 for UK to hit climate targets
2) Rupert Murdoch under pressure to break up media empire behind the Times | Investor assault comes a month after Murdoch announced he was standing down as News Corp chairman
3) Watering down CMA’s powers will undermine efforts to tackle Big Tech, Lords warn Sunak | Industry leaders oppose current plans and maintain that they ‘risk chilling investment’
4) America takes dead aim at China’s plan for global AI domination | America takes dead aim at China’s plan for global AI domination
5) Musk cuts price of entry-level Tesla in UK by £3,000 | EV makers are increasingly competing on price as the market becomes more crowded
What happened overnight
Shares have fallen in Asia after China reported that its economy grew at a 4.9pc annual pace in the three months to September, down from 6.3pc in the previous quarter.
China’s National Bureau of Statistics said the world’s second-largest economy slowed in the summer as global demand for exports faltered and the ailing property sector sank deeper into crisis.
The Chinese government has acted to help the economy with various policies, raising spending on building ports and other infrastructure, cutting interest rates and easing curbs on home-buying.
But economists say wider reforms are needed to address longer-term problems, such as a fast-aging population and falling productivity, that are hindering growth.
Hong Kong’s Hang Seng shed 0.1pc to 17,755.25 and the Shanghai Composite index dropped 0.6pc to 3,064.76.
The Nikkei 225 in Tokyo also was down 0.1pc at 32,003.18. South Korea’s Kospi added less than 0.1pc, to 2,461.78 and Australia’s S&P/ASX 200 was up less than three points, at 7,060.50.
Bangkok’s SET rose 0.5pc and India’s Sensex was down less than 0.1pc.
Wall Streets delivered a mixed performance after new data showed that shoppers spent more-than-expected at US retailers, fuelling concerns that the economy remains rebust despite high interest rates.
The S&P 500 dipped to close less than 0.1pc lower at 4,373.20 after flipping between small gains and losses through the day.
The Dow Jones Industrial Average added less than 0.1pc to 33,997.65, while the Nasdaq Composite finished 0.3pc lower at 13,533.75.
The yield on the 10-year Treasury climbed to 4.83pc from 4.69pc late Monday.