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Thanks for joining me. The triple lock is in the spotlight this morning following the latest employment figures from the Office for National Statistics.
The state pension is expected to rise by 8.5 per cent next April, in line with average earnings growth in the three months to July.
5 things to start your day
1) Jeremy Hunt says November tax cut in Budget ‘unlikely’ | In November’s autumn statement, the chancellor played down hopes for tax cuts
2) Bank rates warn of further interest rate hikes needed to tame inflation | The comments came shortly after the governor of the Bank of England said that rates were approaching their peak
3) The mini jump-starts Britain’s electric car industry, but there’s a bumpy road ahead | The investment provides a vote of confidence in UK manufacturing despite the looming threat of tariffs
4) Citi predicts AI supercomputer could boost Tesla’s valuation by $480 billion | Shares are soaring if the driverless ‘Dojo’ system makes cars much more valuable
5) Wizz Air was forced to ground the planes after discovering engine malfunctions | The airline is warning of service cuts over Christmas while engines are checked
What happened at night
U.S. stocks rose after a rally in major technology companies helped Wall Street recoup half of last week’s losses.
The S&P 500 rose 0.7% to 4,487.46. The Dow Jones Industrial Average rose 0.3% to 34,663.72. The Nasdaq Composite jumped 1.1% to 13,917.89.
The benchmark 10-year Treasury yield rose to 4.28% from 4.26% late on Friday. The yield on two-year Treasuries, which is more in line with Fed expectations, rose to 5.00% after being unchanged for the day, up slightly from 4.99% late on Friday.
Asian shares rose as Wall Street rallied, with Tokyo opening higher on Tuesday.
The benchmark Nikkei 225 was up 0.75 points, or 243.56 points, at 32,711.32 in early trade, while the broader Topix was up 0.70 points, or 16, 41 points, up to 2376.89.
However, the Hang Seng was down 0.45% or 80.89 points at 18,015.56, the Shanghai Composite Index was down 0.08% or 2.44 points at 3,140.34 and the Shenzhen Composite Index was second China lost 0.10% or 1.86 points to 1,951.05.
