Good morning from London where the FTSE 100 is once again recovering early losses, after a heavy slump at today’s open. Stock markets around the world are taking a battering this week as it becomes clear that interest rates are likely to remain at or above their current level for a while longer.
Here in the UK reports all but confirm that the northern leg of HS2 will be axed. The BBC say that Prime Minister Rishi Sunak is to announce the cut to the Birmingham to Manchester link in his Conservative Party Conference speech later today.
In other news, Tesco shares bucked the trend to open higher this morning on the back of a strong interim report - the supermarket is lifting its profit guidance and suggests that food prices will be falling in the coming months.
Another big riser today is Superdry, which announced a new licensing deal for its clothing to be sold in India, Sri Lanka, and Bangladesh.
Topps Tiles also up, after hinting at record sales figures for the full year. And finally over in the US Meta Platforms is poised to cut staff in its augmented reality technology division on Wednesday, according to a Reuters report.