FTSE 100 falls as recession fears hit markets

GRAMHello.

There are early signs that the UK housing boom may finally be coming to an end.

The median home price rose 1.1% in April to £286,079, according to Halifax. That is a new record and the 10th consecutive month of growth.

However, growth fell to 10.8% annually, compared to 11.1% the previous month.

Halifax warned that rising interest rates and rising inflation would soon hit demand and forecast a slowdown in growth by the end of the year.

5 things to start the day

one) Rising unemployment and rising inflation: Britain’s grimmest economic forecast in a decade Britain’s economy will be hampered by rising Bank borrowing costs and Chancellor Rishi Sunak cutting fiscal support.

two) Homeowners clashed with developers to tackle ‘generation rent’ Developers warn planned renovations will be a ‘death knell for High Street’

3) Britain faces recession and 10% inflation as interest rates rise Dire predictions on growth and unemployment as Bank raises rates to 1pc

4) Nadine Dorries will go ahead with cracking down on competition against Big Tech Secretary of Culture launches Digital Markets unit with power to impose multi-million dollar fines

5) Climate change crisis will ‘dwarf’ cost-of-living pain, says Mark Carney Former Bank of England Governor believes governments should seize the moment and move away from fossil fuels

what happened during the night

Asian stocks fell to their lowest level in seven weeks and the dollar remained high as investors globally shunned riskier assets on fears that higher US interest rates could hit the market.

MSCI’s broadest index of Asia-Pacific stocks outside of Japan lost 2.7% and fell to its lowest level since March 16, the day Chinese Vice Premier Liu He pushed shares higher. commit to supporting markets and the economy.

Japan’s Nikkei bucked the trend, rising 0.6% as it returned from a three-day holiday. Chinese blue-chip stocks tumbled 2%, Hong Kong’s benchmark lost 3.4% and the Chinese yuan fell to an 18-month low in both onshore and offshore markets.

arriving today

  • Corporate: Apax Global Alpha, Beazley, International Consolidated Airline Group (interim); InterContinental Hotels Group, Spirent Communications (commercial statement)
  • Economic Sciences: Construction PMI (UNITED KINGDOM)nonfarm payrolls (US)average weekly earnings (US)unemployment rate (US)

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